Nationwide has disclosed its upcoming round of £100 Fairer Share payments, set to be distributed among 4.4 million members. This announcement marks the fourth consecutive year in which Nationwide is issuing these bonuses, as confirmed in the building society’s latest annual financial report.
To qualify for this payment, individuals must hold a qualifying current account alongside either a savings account or mortgage with Nationwide. Customers with FlexAccount, FlexDirect, or FlexBasic accounts need to have received £500 in their account during any two of the months of January, February, and March, and conducted at least two transactions from their account.
Alternatively, qualifying criteria also include making a minimum of ten transactions from the current account within two of the aforementioned months. Those who did not fulfill the above conditions can still be eligible if they switched to Nationwide using the Current Account Switch Service between January and March.
For FlexOne, FlexStudent, or FlexGraduate account holders, receiving or making at least one payment from the account during March suffices. The same applies if a customer switched their account to Nationwide between January and March.
FlexPlus customers only needed to pay the monthly £18 fee to qualify for the £100 bonus. Savings account holders were required to have a minimum of £100 saved by the end of any day in March, while mortgage customers should have had at least £100 outstanding on their mortgage by the end of March.
Eligible individuals will receive the payment automatically into their Nationwide account from June 10 without the need for any application. The payment is categorized as savings for taxation purposes, with individuals allowed to earn up to £1,000 in savings interest annually before incurring tax liabilities.
Dame Debbie Crosbie, the Chief Executive of Nationwide, expressed, “More individuals are opting for Nationwide. Our growth in mortgages, retail deposits, and personal current accounts is setting the pace, enabling us to distribute another Fairer Share payment to eligible members and introduce a new Member Exclusive Bond to all members.”
In the previous year, Nationwide disbursed £400 million to over four million customers. Since the inception of the scheme in 2023, the building society has paid out a total of £1.5 billion to date.