Barclays, hsbc, lloyds and natwest customers warned after nationwide payout

Customers of major banks such as Barclays, HSBC, NatWest, and Lloyds who are anticipating a bonus payment, following Nationwide's payout of £100 bonuses to its members, have been

cautioned that they may face a lengthy wait. Aaron Peake, a personal finance expert at the free credit score app CredAbility, stated: "I think it's fair to say this move from

Nationwide will put pressure on other banks to show their loyalty too. "Customers are fed up with rising fees, lower interest rates on savings, and limited perks, so when a building

society like Nationwide gives something back, it doesn't go unnoticed." READ MORE: TESCO ANNOUNCES 7PM 'CHARGE' Nationwide distributed a record £2.8 billion in value to

its members last year, including £1 billion in direct payments to eligible members. Additionally, it provided £1.8 billion in better-than-average rates and incentives, with deposit rates

exceeding 30 per cent higher. The company announced a new Fairer Share Payment on Thursday, with over four million members set to receive £100 each. This payment is directed towards eligible

members who utilise Nationwide for their everyday banking needs, while also holding a qualifying savings or mortgage product, reports Birmingham Live. The payment will be deposited directly

into their Nationwide current account between 18 June and 4 July. Mr Peake noted: "If one or two start doing it, it could spark a new trend in loyalty bonuses, or at least seasonal

one-offs. "But we shouldn't expect them all to suddenly hand over money. Traditional banks like Barclays, HSBC, Lloyds and NatWest are more likely to compete through switching

incentives rather than paying out to existing customers." He explained: "Sometimes these offers come with hoops to jump through, like having to pay in a set amount each month or

setting up a minimum number of direct debits. You should also check what ongoing benefits the account offers, like cashback, interest on your balance or fee-free overdrafts. A one-off bonus

is nice, but it doesn't always mean better value long term." He urged: "If you've been with the same bank for a long time and never received a perk or bonus, now's a

good time to shop around. "Some of the best current account deals right now are offering £175 or more to switch, and they can often be done in just seven days through the Current

Account Switch Service."