Nationwide has announced the upcoming distribution of £100 Fairer Share payments to 4.4 million members. This marks the fourth consecutive year that Nationwide is issuing these bonuses, as revealed in their latest full-year financial report.
To qualify for the payment, individuals must hold a qualifying current account along with a savings account or mortgage with Nationwide. For account holders of FlexAccount, FlexDirect, or FlexBasic, they must have received £500 deposited into their account in two of the three months of January, February, and March, and conducted at least two transactions from their account.
Customers who did not meet the above criteria may still be eligible if they completed a switch to Nationwide using the Current Account Switch Service between January and March or made a minimum of ten transactions from their current account in two of those three months.
For FlexOne, FlexStudent, or FlexGraduate account holders, qualifying involves receiving or making at least one payment in March. Alternatively, if they switched their account to Nationwide during the specified period, they could also qualify.
FlexPlus customers only needed to pay the £18 monthly fee to be eligible for the £100 bonus. Savings account holders were required to maintain a minimum balance of £100 by the end of any day in March, while mortgage customers needed to have at least £100 outstanding on their mortgage by the end of March.
The payment will be automatically credited to eligible Nationwide accounts starting from June 10, with no application necessary. While the money is considered savings for tax purposes, individuals can earn up to £1,000 in interest on savings annually before being subject to taxation.
Dame Debbie Crosbie, Nationwide’s Chief Executive, expressed the institution’s commitment to its members: “More people are choosing Nationwide, and our performance in mortgages, retail deposits, and current accounts is industry-leading, enabling us to once again distribute Fairer Share payments and introduce a new Member Exclusive Bond for all members.”
Last year, Nationwide disbursed £400 million to over four million customers, bringing the total payout since the initiative’s inception in 2023 to £1.5 billion.
