February 11th 2025.
Are you a Nationwide customer? If so, you may be in for a pleasant surprise! That's because the building society operates as a mutual, meaning it's owned and run for the benefit of its members, rather than shareholders. And as part of its Fairer Share Payment initiative, Nationwide shares profits among its account holders. Last year, almost 4 million customers received a £100 bonus as a result.
"The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us," stated the bank in a recent announcement. While the exact details of the next one-off payout have yet to be revealed, the eligibility criteria from last year can give you an idea of what to expect. So when will this bonus be paid out? Well, last time around, eligible members were notified by May 31 and the bonuses were deposited into their accounts between June 13 and June 28. Nationwide plans to release information about the amount and exact payout dates in May of this year. So don't worry, you won't have to wait too long to find out.
But what if you haven't heard anything from Nationwide by June? Don't worry, you can still get in touch with them to inquire about your eligibility. And as always, be cautious of any fraudulent attempts to obtain your personal information for the purpose of claiming the payment.
According to Martin Lewis's Money Saving Expert, it is likely that Nationwide will run the bonus scheme again this year. In previous years, the scheme was announced in May and paid out in June. But whether or not you receive the bonus depends on if you met the qualifying criteria in the first three months of the year. So now is the perfect time to make sure you meet those criteria and maximize your chances of receiving the bonus.
So who is eligible for this bonus? If the scheme follows the same guidelines as last year, customers must hold both a qualifying current account and a qualifying savings or mortgage account. All of Nationwide's current accounts are eligible, as long as certain criteria are met. For example, the account must have been open on March 31, the end of the financial year. However, switching accounts between January 1 and March 31 exempts customers from any additional requirements.
For FlexAccount, FlexDirect, or FlexBasic holders, they must have received £500, made two payments from their account, or completed at least 10 payments out of the account between January and March. FlexPlus account holders must have paid their monthly fee, while FlexOne, FlexStudent, or FlexGraduate customers must have made at least one payment in or out during March. Investment accounts and stocks and shares are not included in the criteria, but customers with savings accounts must have a minimum of £100 in total across Nationwide personal savings accounts or cash ISAs at the end of any day in March. And for mortgages, customers must have owed at least £100 on their residential mortgage with the building society on March 31.
If you're not sure whether you meet the eligibility requirements, you can use Nationwide's eligibility checker to find out. And if you have a story to share about your experience with the bonus, you can get in touch by emailing them. This article was first published on December 12, 2024, so stay tuned for more updates and information about the Fairer Share Payment.
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