Millions of Nationwide customers are set to receive their share of the Fairer Share Payment from today.
They are offering a £100 cash boost to customers as part of their new scheme. A person can find out if they are eligible for the payment using a checker tool on the Nationwide website.
Nationwide has introduced the Nationwide Fairer Share scheme to share £340million worth of profits among eligible account holders in June.
Eligible members will receive a £100 savings bonus, as well as access to a 2-year fixed-rate bond offering a 4.75 percent interest rate.
The bonus will automatically be paid to eligible members between June 13 and June 30, 2023.
To qualify for the payment, a person will need a qualifying current account as well as an eligible savings account or mortgage with the provider on the day of transfer.
Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash reward.
List of accounts that are eligible for the payment:
Current Accounts
- FlexPlus – People must be paying the monthly maintenance fee for the account.
- FlexOne/FlexStudent/FlexGraduate – At least one transaction (incoming or outgoing) from their account during March 2023 is necessary (excludes charges, interest, or adjustments).
- FlexAccount/FlexDirect/FlexBasic – A minimum of £500 must be credited to one’s account, and at least two transactions must be made from their account within two of the three months from January – March 2023.
It should be noted that if someone switched to any of these accounts between January 1, 2023, and March 31, 2023, these requirements do not apply.
Saving Accounts
Britons must have a minimum of £100 in one or more personal Nationwide savings accounts or cash ISAs at the end of any day in March 2023.
Exclusions:
- Nationwide Business Savings accounts
- Money in a Nationwide Investment account e.g. Stocks and Shares ISA
- Money in an account held in someone else’s name for their benefit e.g. a trust
Mortgage
To have a qualifying mortgage, a customer must owe at least £100 on their Nationwide residential mortgage on March 31, 2023.
Exclusions:
- Mortgages with a subsidiary e.g. The Mortgage Works (UK) plc
- Mortgages that didn’t settle by 31st March 2023
- Commercial mortgages
Chief executive Debbie Crosbie said: “We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society.
“Our strongest financial performance means that we are able to launch the Nationwide Fairer Share Payment, as well as the Nationwide Fairer Share Bond – with a highly competitive interest rate on savings for our existing members.
“We can do this because we’re a building society, not a bank, and our profit is reinvested for our members’ benefit.”
If someone believes they were eligible for the bonus but did not receive it, they can reach out to Nationwide and provide details of their eligibility.
Lucinda O’Brien, personal finance expert at money.co.uk savings said: “Nationwide’s Fairer Share scheme presents a unique opportunity for eligible members to take advantage of the building society’s success and bolster their financial health.
“If you’re with Nationwide, make sure that you carefully review the eligibility criteria to ensure that you don’t miss out on this offer. Even if you don’t currently qualify, consider this a moment to re-evaluate your financial strategies.
“Whether it’s boosting your savings, managing your mortgage, or optimizing your investments, make informed decisions that align with your financial goals. Nationwide’s Fairer Share scheme is a reminder of the importance of banking institutions giving back to their members, especially during the current cost of living crisis.”
