Nationwide has revealed details about its upcoming round of £100 Fairer Share payments, set to benefit 4.4 million members. This marks the fourth consecutive year that Nationwide is distributing these bonuses, as confirmed in their latest annual financial report.
To qualify for the payment, individuals must hold a qualifying current account along with a savings account or mortgage with Nationwide. Specific account requirements vary, for instance, FlexAccount, FlexDirect, or FlexBasic holders need to receive £500 in their account for two out of three months (January, February, and March) and make at least two transactions.
Alternatively, eligibility can also be met by making a minimum of ten transactions from the current account during two of the three specified months or by completing a switch to Nationwide through the Current Account Switch Service between January and March.
For FlexOne, FlexStudent, or FlexGraduate account holders, receiving or making one payment during March suffices, unless a switch to Nationwide was completed earlier in the year. FlexPlus customers only need to pay the monthly fee to qualify for the bonus.
Savings account holders must have at least £100 saved by the end of March, while mortgage customers should have a remaining balance of at least £100 by the same date.
Qualified members will automatically receive the payment in their Nationwide account starting from June 10, without the need for additional application. The bonus is considered savings for tax purposes, with a tax-free savings interest allowance of up to £1,000 per tax year.
Dame Debbie Crosbie, Nationwide’s Chief Executive, expressed satisfaction with the increasing number of members choosing Nationwide and attributed the ability to offer Fairer Share payments to the society’s growth in various financial sectors.
In the previous year, Nationwide distributed £400 million to over four million customers, totaling £1.5 billion since the inception of the program in 2023.