Nationwide is the world's largest building society (Image: Mike Kemp, In Pictures via Getty Images)

Nationwide has provided an update following the distribution of £100 cash bonuses to tens of thousands of its members. The building society previously announced that select new members would receive a £100 cash gift, in addition to £120 in vouchers, and potentially an extra £60 for referrals.

These incentives were made available through Nationwide's FlexStudent current account, designed for first-year university students specifically. In a recent update, the financial institution said that more than 80,000 students have now opened a FlexStudent account, accounting for approximately 46% of the total market.

The account also offers an interest and fee-free arranged overdraft of up to £1,0

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