Millions of Nationwide customers will receive a one-off cash bonus of £100 from tomorrow.
The building society will issue the Fairer Share payment for up to 3.4 million of its customers after it confirmed it secured record profits of £2.2 billion. In total, it will pay out £340 million directly into customer accounts.
The payments will be issued from June 13 until June 30 and will appear in eligible customers' bank account statements under the reference of "nationwide Fairer Share Payment". The cash will be paid automatically to all eligible customers so there is no need to apply, the Mirror reports.
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In order to qualify for the extra cash, customers must have a qualifying current account as well as a savings account or mortgage product with Nationwide. Eligible current accounts must have been opened on or before March 31, 2023, and remain open in June.
Meanwhile, savings accounts must have at least £100 in total in one or more accounts at the end of the day in March 2023 and can include personal savings accounts or ISAs. Qualifying mortgage products must have customers 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."
Customers with a FlexAccount, FlexBasic, or FlexDirect account must have paid in or received at least £500 in two of the three months of January, February, and March in 2023 and doesn't include transfers from other Nationwide accounts. FlexPlus account holders must be continuing to pay the monthly account fee to receive the £100 reward.
However, if you switched your account using the Current Account Switch Service (CASS) between January 1 and March 31, 2023, then these requirements do not apply. 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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