Nationwide has announced a new reward for its members, but less than a quarter of the building society's customers are expected to receive the free £100. As part of its Nationwide Farer Share reward for members "with the deepest relationships", a £340 million pot will be distributed to eligible members holding a qualifying current account plus a qualifying savings or mortgage account.
This comes after the society had its best ever financial results, with a pre-tax profit of £2.2 billion for the last tax year. However, around 12 million of the bank's customers do not meet the criteria, and so will not be eligible for the bonus.
Debbie Crosbie, Nationwide's chief executive, said: "We are able to do this because of our financial strength and the fact we're a building society, not a bank, so our profit is used for our members' benefit." To be eligible, customers must have also had a Nationwide current account since at least March 31 and keep it open until June reports The Liverpool Echo.
Customers must also have held at least £100 in savings accounts with Nationwide in March or owed at least £100 on a Nationwide residential mortgage on March 31. This means that members who have saved for Nationwide for years will miss out if they don't have a current account too, similarly those with only a Nationwide current account will not be eligible.
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