Nationwide has reported its strongest financial results on record and said that a £340 million pot will be distributed to eligible members this month. Some 3.4 million members are set to benefit from the £100 payment, which the building society said was the first of its kind for the group.
The ‘strong financial performance’ has allowed it to launch the Nationwide Fairer Share Payment where members holding a qualifying current account plus either a qualifying savings or mortgage product will receive £100 automatically into their current account in June. To be eligible people need to have held their qualifying products on March 31, 2023.
Members of the Daily Record Money Saving Facebook group shared that Nationwide had started to inform eligible members about the payment on Friday, May 19 and that you can check on the Nationwide app if you are due to receive the payment.
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 and hopes as many members as possible will become eligible for the reward. It also said it intends to make the payment annually, provided this would not be detrimental to the Society’s financial strength.
Eligibility for the £100 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.
Nationwide Fairer Share Bond
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 through internet banking.
The building society is also sticking by its pledge to not leave any town or city in which it is based without a branch until at least 2024.
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