Nationwide Offers £100 Bonus to Eligible Customers – Here’s How You Could Benefit

Nationwide customers could soon receive a welcome £100 bonus payment, provided they meet specific eligibility criteria. The building society has announced a new initiative called the Nationwide Fairer Share Payment, a one-off payment designed to reward loyal customers who engage with the bank through qualifying current accounts, mortgages, or savings. These payments will be made into qualifying accounts in June next year, offering a substantial boost for those who qualify.

What is the Nationwide Fairer Share Payment?

Nationwide has emphasized that as a mutual organization, it can share some of its profits with its members. The bank stated, "As a modern mutual we are able to share some of our profits with members who bank and borrow or who bank and save with us. We will do this by making a one-off payment of £100 to those who qualify." This initiative reflects the bank's commitment to rewarding its customers and providing tangible benefits to those who are actively engaged with its products.

This Fairer Share Payment is a way for Nationwide to give back to its customers by making a payment to those who meet the required criteria. The bank has laid out specific guidelines on how customers can qualify for this bonus, including details about joint accounts and shared balances.

Who is Eligible for the £100 Payment?

To qualify for the Fairer Share Payment, customers must have a qualifying current account, mortgage, or savings product with Nationwide. For joint accounts, the eligibility is based on the combined balances of both account holders. As the bank explains, “This means that if a qualifying current account, or qualifying mortgage is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment.”

For example, if two people hold a qualifying current account and a qualifying mortgage together, both individuals would be eligible for the £100 payment. The bank also clarifies that qualifying savings and cash ISAs will also contribute to eligibility, taking into account both individual and joint accounts. "Qualifying savings will take account of the whole of any savings and cash ISA balances you hold in your sole name and those you hold jointly."

Once eligibility is confirmed, the payment will be made into the account that the customer uses most frequently – typically their current account. The bank also mentioned, “We will pay the money into your Nationwide current account. If you hold more than one current account with us, we may pay the money into any of those accounts.” If you have multiple accounts, the payment will likely appear in one of your current accounts, and if you don’t have a sole account, the payment will be made into a joint account. The transaction will show up on the account statement as Nationwide Fairer Share Payment.

What You Need to Know About the Payment Process

Nationwide has made it clear that, although they aim to ensure accurate eligibility checks, there may be situations where customers could be wrongly excluded. In these instances, the bank has promised to correct the error if it is found, but it will not be liable for any other losses incurred as a result of this mistake. The bank added, “We always do our best to ensure that the information is accurate and complete, but incomplete, inaccurate, or out of date information may mean we wrongly exclude you from the payment.”

Furthermore, Nationwide cannot guarantee the speed at which new product applications will be processed. This means that if there are delays in opening a qualifying account or product, customers may miss out on the payment. If you believe you should be eligible but were wrongly excluded, the bank encourages customers to reach out, and if an error is found, it will take steps to rectify it.

Why is This Payment Significant?

The Nationwide Fairer Share Payment is a significant step for the bank in terms of customer relations. As a mutual organization, Nationwide is uniquely positioned to offer such incentives, with profits being shared among its members rather than external shareholders. This bonus will be particularly beneficial for long-term customers who use Nationwide’s full range of services, including current accounts, mortgages, and savings.

The offer also highlights a broader trend in the banking industry, where more financial institutions are seeking to differentiate themselves by offering customer-focused benefits rather than focusing solely on profit. Nationwide’s initiative is designed not only to reward existing customers but also to attract new customers who may be looking for additional value in their banking relationships.