Nationwide customers to get Fairer Share Payment worth £100
Nationwide will pay £100 directly into eligible customers’ accounts with its Fairer Share scheme.
Nationwide customers who have a qualifying Nationwide current account and a qualifying Nationwide savings account or mortgage are to get a windfall of £100 in June.
It’s all part of Nationwide’s newly launched Fairer Share initiative, which looks to pass on its profits to its customers.
As a building society – rather than a bank – Nationwide doesn’t have shareholders to pay. Instead, it’s chosen to distribute £340 million among its members after it made a profit of £2.2 billion in the year ending 4 April 2023.
Will I get a Fairer Share Payment?
Only eligible members will qualify for the £100 payment, which will land in their accounts some time between 13 and 30 June, 2023.
You can check if you’re eligible on Nationwide’s website. However, Nationwide will also be contacting eligible members before 26 May to let them know if they’re getting a payment.
To qualify for the payment you’ll need a Nationwide current account that was opened on or before 31 March 2023. The eligibility checker also asks if you’ve paid in a minimum of £500 and made a minimum of 2 payments for at least 2 of the months between 1 January and 31 March, 2023.
In addition to this, you’ll need a qualifying savings account or mortgage. You’ll be eligible if you had at least £100 in Nationwide savings accounts or cash ISAs at the end of any day in March 2023, or if you have a Nationwide residential mortgage where you owed at least £100 on 31 March 2023.
What’s the Fairer Share Online Bond?
Nationwide has also launched a Fairer Share Bond. It’s exclusively available to existing members for a limited time – although it isn’t clear how long this will be.
It’s a 2 year fixed-rate bond at 4.75%. To be eligible to apply for the bond, you must have been a member on 18 May 2023 and still be a member when you apply.
As it’s a fixed rate bond, you’ll only get access to your money at the end of the 2 year term. There’s no option to close the bond early to withdraw your money. So make sure you’re comfortable with that before you apply.
To compare savings accounts, view our full comparison guide.