Nationwide Building Society has provided clarification on its Fairer Share Payment scheme, addressing concerns from customers about eligibility and future payouts. As reported by Express.co.uk, the £100 bonus that was paid to nearly four million customers last year was part of Nationwide’s commitment to sharing profits with its members. However, the bank has now confirmed that while it intends to continue these payments, they are not guaranteed and will depend on the financial strength of the building society in future years.
In addition to this update, Nationwide has also announced a separate £50 bonus for eligible customers following its acquisition of Virgin Money, which will be distributed in the coming weeks.
£100 Fairer Share Payment – Will It Continue?
The £100 Fairer Share Payment was introduced last year as a way for Nationwide to reward its members. However, some customers who missed out on last year’s payout have questioned whether they might still be eligible for future payments.
Nationwide has confirmed that while it hopes to make the Fairer Share Payment an annual event, it is not guaranteed, as future payouts will only be issued if they do not affect the financial stability of the organisation. A spokesperson for Nationwide clarified:
“Whilst we intend to make the Nationwide Fairer Share Payment annually, provided it would not be detrimental to our financial strength, the payment itself, as well as the eligibility criteria, cannot be guaranteed.”
To qualify for the 2024 £100 payment, customers needed to hold two qualifying accounts, either:
- A Nationwide current account and a qualifying savings account, or
- A Nationwide current account and a mortgage.
Additionally, these accounts had to be held during the eligibility period between January and March 2024. Anyone who joined Nationwide after this period did not qualify for the payment.
New £50 Bonus for Customers – Who Qualifies?
Following the completion of its acquisition of Virgin Money, Nationwide is now offering a £50 bonus payment as a way to thank its existing members.
To receive this payment, customers must have been a member on September 30, 2024, and must still hold an account when the bonus is paid out. The payment will be deposited into qualifying:
- Current accounts
- Instant access savings accounts
- Limited access savings accounts
Customers who do not hold one of these accounts will have the £50 deposited into their mortgage payment account or issued as a cheque, which must be cashed by January 1, 2026.
The payment schedule is as follows:
- Direct deposits into accounts will be completed by April 30, 2025.
- Cheques will be sent out and should arrive by May 14, 2025.
How to Check If You Are Eligible
Nationwide has outlined additional criteria for the £50 bonus. To qualify, customers must have met one of the following conditions in the 12 months leading up to September 30, 2024:
- Completed at least one qualifying transaction on a Nationwide current account or savings account.
- Held at least £100 across one or more current or savings accounts.
- Owed at least £100 on one or more Nationwide residential mortgages.
- Switched to a Nationwide current account between July 1 and September 30, 2024, using the Current Account Switch Service.
