MILLIONS of building society customers will receive a £100 cash bonus in a matter of weeks.
For the second year running, Nationwide has announced it will share its profits among members.
The building society is transferring a £100 “Fairer Share Payment” into 3.4million customers’ current accounts next month.
To be eligible, you need to hold a qualifying current account, plus either a qualifying savings or mortgage product.
But you will need to have held a qualifying account on March 31 to be eligible and still have the account open in June.
The £100 payments will be sent out automatically between June 13 and June 28.
If you are eligible, you will be contacted before the end of May.
Customers are receiving notice of the £100 payment via the Nationwide banking app and email.
The payment will show up as “Nationwide Fairer Share Payment” on your bank statement.
It comes as the building society launched a £200 Member Exclusive Current Account Online Switch Offer.
You need to have been a member on March 31 to qualify.
You can start making the switch within a matter of minutes using the Current Account Switch Service (CASS).
At least two direct debits have to be transferred to the new account, which can be opened on Nationwide’s website or via its app.
The switch must be completed within 28 days of first applying.
This week Nationwide has also launched a new Member Exclusive Bond offering a rate of 5.5% AER-gross (fixed) for 18 months.
It is available to 16million existing customers and a maximum of £10,000 can be invested.
Will I get the £100 Nationwide Fairer Share payment?
To be eligible, you must have one of the following product combinations with Nationwide:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of current accounts above and had at least £100 in total in one or more personal savings accounts, or cash ISAs, in March then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you’ll qualify for the windfall.
It’s good news if you have a joint current account, savings or mortgage because you will both qualify separately.
This means you will get a total of £200.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
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