Millions of Nationwide customers are in line for a one-off £100 payment by the end of June 2024, thanks to the building society’s unique “Fairer Share Payment” scheme. To be eligible, customers must have had an active current account on March 31, 2024, and held either a qualifying savings or mortgage product during March of that year.
Nationwide has already contacted those due to receive the payment, following its recent announcement of £2 billion profits over the last financial year. The building society is sharing £385 million with nearly 4 million customers, marking the second year of the ‘Fairer Share Payment’.
Last year, it distributed a total of £340 million to 3.4 million customers.
To qualify for the £100 payment, customers must have had a current account open on March 31, 2024, and still hold one in June. Those with qualifying savings must have had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024, reports the Daily Record.
Nationwide has outlined specific criteria for customers who used their current account earlier this year. The exact requirements vary depending on the type of current account held, with full details available on the Nationwide website.
For FlexAccount, FlexBasic or FlexDirect holders, in two of the three months of January, February and March 2024, you must either have received at least £500 into the account and made at least two payments out of the account, or, have made at least 10 payments from the account. If you hold more than one of these accounts, Nationwide confirmed that payments made across all those accounts will count towards meeting the requirements.
However, these requirements do not apply if you completed a switch into the account using the official switch service between January 1 and March 31, 2024.
FlexPlus account holders must have paid, and continue to pay, the monthly account fee.
For FlexOne, FlexStudent or FlexGraduate account holders, you must have received at least one payment in or made one payment out of your account during March 2024. You also need to have had savings or a mortgage with Nationwide in March 2024 to qualify.
Savings account holders must have held at least £100 in total across one or more Nationwide personal savings accounts or cash ISAs at the end of any day in March 2024.
Mortgage holders must have owed at least £100 on a Nationwide residential mortgage on March 31, 2024.
Even if you’ve withdrawn your savings or cleared your mortgage since the end of March, you will still be eligible as long as your current account is still active.
More details can be found on the Nationwide website.