Nationwide has revealed its latest series of £100 Fairer Share payments, set to be distributed among 4.4 million members. This marks the fourth consecutive year that Nationwide is issuing these bonuses, as confirmed in the building society’s most recent full-year financial report.
To be eligible for the payment, individuals must hold a qualifying current account along with a savings account or mortgage with Nationwide. For FlexAccount, FlexDirect, or FlexBasic account holders, it is necessary to have received £500 into the account in two out of the three months between January and March, and made at least two transactions from the account.
Customers who have made at least ten payments from their current account in two of the mentioned three months or completed a switch to Nationwide using the Current Account Switch Service during the same period also qualify for the payment.
FlexOne, FlexStudent, and FlexGraduate account holders must have either received or made a payment from their account in March, except for those who completed an account switch to Nationwide from January to March.
FlexPlus customers are simply required to pay the monthly £18 fee to meet the criteria for the £100 bonus. Savings account holders need to have had 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.
The payment will be automatically deposited into eligible Nationwide accounts starting from June 10, and it is classified as savings for tax purposes. Customers can earn up to £1,000 in annual savings interest before being subject to taxation.
Dame Debbie Crosbie, Nationwide’s Chief Executive, highlighted the increasing popularity of Nationwide among customers and the market-leading performance in mortgages, retail deposits, and personal current accounts. Last year, Nationwide disbursed £400 million to over four million customers, bringing the total payout under the Fairer Share scheme to £1.5 billion since its inception in 2023.