Millions ofNationwide customers will receive £100 cash from tomorrow (June 13). Around 3.4 million of the building society's customers will get the Fairer Share payment after they secured record profits of £2.2 billion.
Nationwide will pay out a total of £340 million directly into people's accounts. The money will appear on your bank statement as "Nationwide Fairer Share Payment" and will be paid between tomorrow and June 30. As reported by The Mirror, you don't need to apply to get the money. If you're eligible, it will be paid automatically.
To be entitled to the £100, you need to have a qualifying current account as well as a savings account or mortgage product with Nationwide. Current accounts must have been opened on or before March 31, 2023, and still be open in June.
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Savings accounts will need to have had at least £100 in total in one or more accounts at the end of any day in March 2023. This can include personal savings accounts and ISAs.
To have a qualifying mortgage, a customer must owe at least £100 on their Nationwide residential mortgage on March 31, 2023. 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."
Current account eligibility criteria
If you have a FlexAccount, FlexBasic or FlexDirect account, you must have paid in or received at least £500 in two of the three months of January, February and March 2023. This doesn't include transfers from other Nationwide accounts.
You must also have made at least two payments each month, in two of those three months. If you switched into your account using the Current Account Switch Service (CASS) between January 1 to March 31, 2023, these requirements do not apply.
FlexPlus account holders must be continuing to pay the monthly account fee to receive the £100 reward. If you have a FlexOne, FlexStudent or FlexGraduate account, you must have received at least one payment or made one payment during March 2023.
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