Nationwide Building Society has announced a generous scheme to share its profits with eligible customers by offering a £100 bonus. Branded as the “Nationwide Fairer Share Payment”, this initiative rewards active and loyal members who meet specific criteria. Here’s everything you need to know, including eligibility requirements, key dates, and additional details.
Who is Eligible for the Nationwide £100 Bonus?
To qualify for this one-off payment, customers must meet criteria across three main areas: current accounts, savings, or mortgages.
Current Accounts
Customers must hold a qualifying current account with Nationwide as of 31 March 2024, and meet activity requirements. Eligible accounts include:
- FlexPlus: Monthly fee must be paid.
- FlexOne, FlexStudent, and FlexGraduate: At least one transaction (in or out) must have been made in March 2024.
- FlexAccount, FlexDirect, and FlexBasic:
- Customers must have received at least £500 or made at least 10 payments in two of the three months between January and March 2024.
Exception: If you opened or switched to a Nationwide current account between 1 January and 31 March 2024, the activity requirements are waived.
Savings
To meet the savings criteria, customers must hold at least £100 in personal savings or a cash ISA with Nationwide at some point during March 2024. Joint savings or ISAs are also considered, provided the account is in the customer’s name.
Mortgages
Customers must owe a minimum of £100 on a Nationwide residential mortgage as of 31 March 2024. Mortgages from subsidiaries such as The Mortgage Works or UCB Home Loans are excluded.
Exclusions
- Accounts held under power of attorney or in another person’s name are ineligible.
- Mortgages not completed by 31 March 2024 or commercial loans do not qualify.
Key Dates for the Payment
Eligible customers will automatically receive the £100 payment between 13 June and 28 June 2024. Nationwide has clarified that no action is required from members, as payments will be credited directly to their accounts.
Why is Nationwide Doing This?
Nationwide prides itself on being a modern mutual, where profits are reinvested for the benefit of members. Chief Executive Debbie Crosbie explained: “Our mutual status sets us apart from traditional banks. Sharing our success with members who contribute to it is a core part of our values.”
This initiative highlights the society’s commitment to rewarding its members while reinforcing its customer-centric approach.
A Nationwide-Exclusive Initiative
The scheme is only available to members of Nationwide in the UK. Customers from across England, Scotland, Wales, and Northern Ireland are eligible, provided they meet the outlined criteria.
Customer Testimonials
John Wilkins, a Nationwide customer from Cardiff, said: “It’s refreshing to see a financial institution genuinely reward loyalty. This bonus makes Nationwide stand out.”
Emma Robinson, a FlexDirect account holder in Manchester, shared: “With rising living costs, this £100 bonus is a welcome relief.”
Summary of Eligibility Criteria
Criteria | Details | Exclusions |
---|---|---|
Current Account | Active as of 31 March 2024; regular transactions required between January and March 2024. | Inactive or closed accounts. |
Savings | Minimum balance of £100 in personal savings or cash ISA during March 2024. | Accounts held solely on behalf of others. |
Mortgage | Residential mortgage balance of £100+ with Nationwide by 31 March 2024. | Commercial or subsidiary mortgages. |
Payment Dates | Automatic payment between 13 and 28 June 2024. | No early or late payments outside this window. |
This initiative from Nationwide offers a rare opportunity to benefit directly from the success of a customer-focused financial institution. Current members need to ensure their accounts meet the eligibility requirements by March 2024. Prospective customers may still have time to join and meet the criteria to qualify for the payment.