Nationwide Building Society has issued an update on when its next bonus offer will be. The statement came after a person asked the provider over social media: “Are you currently offering the incentive to switch banks/current accounts? Not currently a customer but looking to switch soon.” The group previously offered some free cash this year with its £200 switch offer, available to certain existing members.

The funds were on offer when switching to either a FlexDirect, FlexAccount or FlexPlus account with the group. The building society also issued bonus payments to its loyal members this year in the latest round of the payment.

This involved an £100 payment going out in June and July to some four million members, in the third round of its Fairer Share Payment. Nationwide members also received a £50 payment as part of the group’s Big Nationwide Thank You, a token of gratitude after the mutual successfully took on Virgin Money.

Responding to the person thinking of switching, Nationwide said: “There are currently no active incentives running, however once one is available this will be announced on our website.”

Nationwide savers may also want to read up on the rules around tax on savings. HMRC recently provided an update to explain the rules that apply when you have to pay tax on your interest earnings.

A person asked the tax authority what they would need to do if their interest earnings were taxable. The group said: “If your income from savings is more than £10,000, it will need to be declared in self assessment, and if it is less than that, you will need to declare it in PAYE.”

Those on the basic rate for income tax can earn up to £1,000 a year in interest tax-free. Those on the higher rate get a lower allowance of just £500 while those on the additional rate get zero allowance and have to pay tax on all their interest earnings.

For those wondering how to work out their interest earnings, HMRC shared this guidance: “Your bank will usually send you a certificate at the end of the tax year with the amount of interest you have earned. You can tell us when you know how much you have.”