NATIONWIDE has closed its Simply Rewards scheme which offers customers cashback when they used their cards at selected retailers.
The scheme is ending on April 1, 2019, but the bank has stopped new customers from registering.
PA:Press Association Nationwide axes cashback rewards on current accounts
If you’re one of the around 400,000 customers that has already registered, you’ll be able to keep earning cashback until the April deadline.
Any cashback you earn will be transferred into your bank within five working days from when you made the qualifying purchase.
Nationwide has said that it is axing the scheme because it is too labour intensive and not serving all its customers.
A spokesperson said: “A review of the scheme concluded that considering the ongoing investment of time and resource required it was not sufficiently meeting the wider needs of all our members.
“We have decided to simplify our service so we can focus this time and resource on serving our members through our range of products and services.”If you like getting rewards from your bank, there are still some accounts that offer these.
The Lloyds Bank Choice Rewards allow customers to earn points for every pound they spend.
These can then be swapped for a host of benefits including vouchers and gift cards, magazine subscriptions, Avios points or cashback into your account.
The Club Lloyds current account offers up to 15 per cent cashback with selected retailers.
How to switch bank accountNOT sure how it works? Here’s all you need to know and what you should check before:
Under the Current Account Switching Service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
You have to activate the offers in advance from a selection in the app or online.
The account costs £3 a month, but this is waived if you pay in £1,500 each month.
You also get six cinema tickets a year or an annual magazine subscription or Gourmet Society membership.
The NatWest Reward Account and Royal Bank of Scotland Reward Account both cost £2 a month.
In return, you can earn two per cent cash back on seven kinds of household bills, as long as you pay by direct debit.
You also get one per cent cashback on purchases.
To earn rewards you need to log into online or mobile banking at least once every three months and pay £1,500 into an eligible account every month.
Barclays Blue Rewards offers up to £7 a month and cashback from selected partners.
The account costs £3 a month.
To get the £7 you need to set up two direct debits. You can also get cash rewards on selected products including mortgages and cashback from partner retailers.
Our pick of the best cashback current accountsTHERE are still plenty of current accounts where you can get cashback. Here’s our pick of the best.Club Lloyds current account
15 per cent cashback with selected retailers
activate the offers in the app or online
six cinema tickets a year, an annual magazine subscription or Gourmet Society membership
Costs: £3 a month, waived if you pay in £1,500 or more each month.
Natwest Reward Account and Royal Bank of Scotland Reward Account
two per cent cashback on seven kinds of household bills, as long as you pay by direct debit
one per cent cashback with selected retailers.
log into online or mobile banking every three months and pay £1,500 into an eligible account each month to qualify
Costs: £2 a month
Barclays Blue Rewards
£3.50 a month each for the first two direct debits you set up
Cash rewards on selected financial products (including mortgages)
Cashback from partner retailers
Costs: £3 a month.
Halifax Reward Current Account
£2 a month as long as you pay in £750
15 per cent cashback when you shop
activate offers through the app or online
The Halifax Reward Current Account pays you £2 a month as long as you pay in £750 or more and its free.
It also offers up to 15 per cent cashback when you shop.
You have to activate offers through the mobile banking app or online.
Lots of banks will also offer switching bonuses if you move, so it’s worth checking before you decide.
Most will expect you to meet certain requirements such as sticking with the bank for a period of time or putting several direct debits in place.
If your account is often in credit, you may want to look for a bank that offers good interest or has good linked savings accounts.
If you tend to slip into the red each month you need to carefully consider what overdraft fees you might have to pay.
If you’re happy where you are, it might be worth recommending your bank to friends.
Santander will pay you up to £250 if your friends switch to them.
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