Nationwide Building Society is in the process of providing eligible customers a £100 bonus payment in 2024 as part of its Fairer Share Payment initiative. The building society says it will share its profits with members who either have a current account, use one of Nationwide’s savings products or borrow via a mortgage.
The payment comes as many households continue to face rising costs amid the ongoing cost of living crisis. In a recent update, Nationwide revealed the date people should expect to get paid. But who is is eligible for this sum of money and when will they get their money?
Who is eligible for Nationwide’s free £100?
To qualify for the £100 bonus, the building society’s customers must hold both a qualifying current account and either a savings account or mortgage with Nationwide.
Among the qualifying accounts include the FlexPlus FlexOne, FlexStudent or FlexGraduate accounts. Current accounts must have been open on March 31, with specific requirements varying by account type.
FlexPlus account holders must have paid their monthly fee, while FlexOne, FlexStudent or FlexGraduate customers need to have made at least one payment in or out during March.
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Nationwide is offering deals for customers
GETTY / NATIONWIDE
For FlexAccount, FlexDirect or FlexBasic holders, customers must meet one of two conditions in at least two months between January and March 2024. They must either receive £500 or make two payments from their account, or complete at least 10 payments out of the account during this period.
These requirements don’t apply to customers who switched their account between January 1 and March 31. For savings accounts to qualify, customers must have at least £100 in total across personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.
Investment accounts and stocks and shares are not included in this qualification criteria. For mortgages, customers must have owed at least £100 on their residential mortgage to Nationwide on March 31.
It should be noted that mortgages with subsidiaries such as The Mortgage Works, UCB Home Loans Corporation Limited, or Derbyshire Home Loans Limited do not qualify. Commercial mortgages and mortgages not completed by March 31 are also excluded from the scheme.
When will customers be paid Nationwide’s free £100 bonus?
Nationwide plans to make the bonus payments between June 13 and June 28, 2024.
The payment will be deposited directly into customers’ Nationwide current accounts and will appear as “Nationwide Fairer Share Payment” on any building society statements.
For joint account holders, the terms apply to each person individually, meaning both parties could receive the payment if they meet the criteria. The building society has confirmed it will prioritise payments into sole-name accounts where possible.
Those managing accounts under power of attorney or third-party mandates won’t qualify for the bonus themselves, though the account holder may still be eligible. Experts suggest many banking customers could be missing out on better deals by staying with the same provider.
The building society is awarding members NATIONWIDE BUILDING SOCIETYIn recent years, various banks and building societies have rolled out incentive deals offering free cash to customers. This has been done to award existing customers and encourage people to switch banks. However, many deals have been slowly removed from the market as high street banks navigate a volatile financial market.
Alastair Douglas, the CEO of TotallyMoney, encouraged Britons to switch banks if the account they currently have is not offering as competitive a deal as others already available.
He explained: “Our research shows that just one in five adults have opened a new current account in the past year, and half have stayed with the same bank for more than four.
“This means millions of people could be missing out on better banking. Switching providers shouldn’t be daunting, and that’s because it’s made easy with the Current Account Switch Service. They’ll automatically transfer Direct Debits, payments, and income to your new provider within seven days.”
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