More than three million people will start to receive payments of £100 into their bank accounts from today (June 13). Nationwide has launched Nationwide Fairer Share – a new reward for its members “with the deepest relationships”.
A £340 million pot will be distributed to eligible members holding a qualifying current account plus either a qualifying savings or mortgage product. Payments will be sent out automatically to account holders from June 13, assuming they held their qualifying products on March 31 2023.
Nationwide - which has 16.3 million customers worldwide - will pay out £340 million in total, directly into customer accounts. The money is being paid between June 13 and June 30 and will appear on your bank statement as “Nationwide Fairer Share Payment”.
To have a qualifying current account for a Fairer Share payment, it must have been open on March 31 2023. Qualifying members must still have a current account in June. Those with qualifying savings will have had at least £100 in total in one or more personal savings accounts or cash Isas with Nationwide at the end of any day in March 2023.
To have a qualifying mortgage, a Nationwide member must owe the Society at least £100 on their Nationwide residential mortgage on March 31 2023. The new Fairer Share payment was confirmed after the building society secured record profits of £2.2 billion.
People don’t need to apply for it - the money should go directly into the accounts of those who are eligible. 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.”
Nationwide has also launched a new Fairer Share Bond, paying 4.75%, which is available to all the Society’s 16 million members. The two-year bond can be opened in branch, via the banking app or internet bank.
Britain’s biggest building society said it is giving back to its members following a strong set of financial results and profits of £2.2 billion.
