Nationwide Building Society will begin distributing £100 payments to eligible members starting next week, as part of its Fairer Share scheme. The total payout for the scheme is expected to reach £410 million, benefiting approximately 4 million customers who meet certain eligibility criteria.
Members must have used their Nationwide current accounts and met specific financial conditions during the previous months to qualify for the payment.The funds will begin to be distributed on June 18, with the full amount reaching customer accounts by July 4.
According to Nationwide, these dates highlight the bank’s ongoing commitment to providing timely benefits to its members. Information regarding the specific distribution process was disclosed by GBNews, which provided limited details about the exact distribution methods.
Eligibility Criteria for the £100 Bonus
To qualify for the £100 payout, Nationwide customers must meet certain criteria related to account activity and financial standing. Eligible customers must have had a Nationwide current account open as of March 31 and have used it between January 1 and March 31. Additional requirements depend on the type of account held and how it was used during this period.
Specific Account Requirements for Qualifying Customers
Customers with FlexAccount, FlexBasic, or FlexDirect accounts must have either deposited at least £500 and made two outgoing payments in two of the three months, or made ten or more outgoing payments in two of the three months.
Alternatively, completing a full current account switch to Nationwide during the specified period also qualifies customers.
Additional Financial Conditions for Eligibility
In addition to account activity, customers must meet one of two financial conditions: holding at least £100 in Nationwide savings by the end of March or owing at least £100 on a Nationwide mortgage.
These requirements ensure that the bonus is awarded to members who engage with Nationwide products beyond just current accounts.
Other Incentives and Member Value
Beyond the £100 payout, Nationwide is also offering other financial products, such as a Member Exclusive Bond with a 5% interest rate and a £200 bonus for those switching from non-Nationwide accounts to a FlexDirect account.
The building society is committed to providing value to its members through attractive savings rates and competitive offers. The Member Exclusive Bond offers 5% interest on a fixed-term 18-month deposit, significantly outperforming their next-highest-rate bond which offers 4% interest.
In 2024, Nationwide returned a record £2.8 billion in value to its members, which included £1 billion in direct payments and £1.8 billion through better-than-average rates and incentives. Debbie Crosbie, Nationwide’s Chief Executive, said:
Nationwide has had an outstanding twelve months. We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.
Nationwide’s Record Year and Commitment to Customer Service
In addition to the £100 bonus, Nationwide has continued to focus on offering value to its customers. The society’s commitment to customer service was demonstrated by its 13th consecutive year in the top spot for service, maintaining the highest lead over its competitors in eight years.
Nationwide was also recently named Which? Banking Brand of the Year. In the previous year, Nationwide distributed £385 million to 3.85 million members through the Fairer Share scheme and paid an additional £50 to around 12 million customers.
These figures highlight the ongoing value provided by Nationwide, not just through its Fairer Share scheme but also by extending extra payments to a broader customer base.
With its continued commitment to delivering value to members and maintaining customer satisfaction, Nationwide’s record profits of £2.3 billion underscore the society’s enduring success even after direct payments to members.
