Nationwide is giving account holders a £100 bonus, but there are some conditions.
In a time when many households face rising costs, this initiative offers a timely financial boost.
The “Fairer Share Payment” is a £100 bonus designed to share profits with eligible members.
The payments will be made between June 13 and June 28, 2024, but only to those who meet specific criteria.
To qualify, members must hold both a current account and either savings or a mortgage with Nationwide.
Current account eligibility depends on the type of account and its activity as of March 31, 2024.
For accounts such as FlexPlus, the monthly fee must have been paid. FlexOne, FlexStudent, or FlexGraduate account holders must have made or received at least one payment during March, unless the account was switched between January and March 2024.
Other current accounts, including FlexAccount, FlexDirect, or FlexBasic, require members to meet one of two conditions during at least two months of the first quarter of 2024: either receiving £500 into the account or making two payments, or completing 10 or more transactions.
Savings accounts also play a role in eligibility.
Members must have held at least £100 in personal savings accounts or cash ISAs at the end of any day in March 2024.
However, investments such as stocks and shares or accounts held in another person’s name are excluded.
Mortgage holders can qualify if they owed at least £100 on a residential mortgage with Nationwide as of March 31.
Mortgages with subsidiaries like The Mortgage Works or those applied for but not completed by this date are not eligible.
Nationwide has clarified that eligibility is assessed individually, even for joint accounts.
This means both account holders can qualify for the bonus if they meet the criteria. However, accounts managed under arrangements such as power of attorney will count toward the beneficiary’s eligibility, not the manager’s.
The payment will be deposited directly into a qualifying current account.
If members hold multiple current accounts, the bank will select one, prioritizing sole-name accounts where possible.
The transaction will appear on statements as “Nationwide Fairer Share Payment.”
Nationwide acknowledged the potential for errors and promised to rectify any mistakes.
A spokesperson explained: “If we find you were wrongly excluded, we will make the payment. However, we cannot guarantee how quickly new account applications are processed, and delays may affect eligibility.”
This initiative is part of Nationwide’s commitment to sharing profits with its members.
The spokesperson added: “As a modern mutual, we’re able to share some of our profits with members who bank and save or bank and borrow with us.”