Starting today, as part of the building society's Fairer Share scheme, announced last month, millions of Nationwide customers will begin receiving a £100 bonus. However, not all customers are entitled to the payment.
Around 3.9 million customers are expected to benefit from the initiative. To be eligible, customers must hold a current account and a mortgage or savings account with Nationwide. In addition, the current account must have been opened no later than 31 March 2024.
Eligibility Criteria for Nationwide Current Accounts
Clients must meet specific criteria for their Nationwide current accounts to qualify for the £100 payment. Here are the details:
FlexOne, FlexStudent, or FlexGraduate Accounts:
- At least one transaction (either a deposit or a withdrawal) must have occurred in March 2024.
- Note that transactions related to account switches using the Current Account Switch Service between 1 January 2024 and 31 March 2024 do not count.
FlexAccount, FlexDirect, or FlexBasic Accounts:
- Customers must have received a minimum of £500 into their account (excluding transfers from other Nationwide accounts) and made at least two payments out of the account in two out of the three months: January, February, or March 2024.
- Alternatively, making at least ten payments out of the account during this period also qualifies. As with the other accounts, switches made through the Current Account Switch Service during the same period are excluded.
FlexPlus Account:
- The monthly maintenance fee for the account must be paid.
The £100 payment will be distributed between 13 June and 28 June 2024, so not all recipients will receive the payment today.
Nationwide said eligible customers should have been notified by 31 May 2024. This is the second time Nationwide has made payments under the Fairer Share scheme.
Mortgage and Savings Requirements
For Nationwide residential mortgage holders, the amount due must be at least £100 at 31 March 2024. For savings accounts, customers must have a total of at least £100 in one or more personal savings accounts or cash ISAs with Nationwide on the same date.
Debbie Crosbie, Chief Executive of Nationwide, said: "Our strong financial performance means we can offer our members more opportunities to share in our success."
"This is only possible because we are owned by our members and all our profits are reinvested for their benefit."