December 12th 2024.
Did you know that if you have an account with Nationwide, you could receive a £100 bonus? This is great news for those who could use a little extra cash. Unlike traditional banks, Nationwide operates as a mutual, which means it is owned and run for the benefit of its members. As part of their Fairer Share Payment initiative, Nationwide distributes profits among its account holders. The bank recently announced the details for the 2024 bonus, stating, "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."
However, not everyone is eligible for this bonus. In order to qualify, customers must have both a qualifying current account and a qualifying savings or mortgage account. Luckily, all of Nationwide's current accounts are eligible for the scheme, as long as certain criteria are met. These include having the account open on March 31, 2024, and meeting specific requirements depending on the type of account.
For example, FlexAccount, FlexDirect, and FlexBasic holders must have either received £500, made two payments from their account, or completed at least 10 payments out of the account between January and March 2024. FlexPlus account holders must have paid their monthly fee, while FlexOne, FlexStudent, and FlexGraduate customers need to have made at least one payment in or out during March. Investment accounts and stocks and shares are not included in the criteria, but savings account holders are eligible if they had a minimum of £100 in total across Nationwide personal savings accounts or cash ISAs at the end of any day in March.
When it comes to mortgages, customers must have owed at least £100 on their residential mortgage with Nationwide on March 31, 2024. It's important to note that mortgages through subsidiaries or commercial mortgages are not eligible for the bonus. If you're unsure about your eligibility, you can use Nationwide's eligibility checker to find out.
So, when will the bonus be paid out? Nationwide has stated that they will contact eligible members by May 31, 2025. The bonuses will then be deposited into members' accounts between June 13 and June 28, 2025. They will appear as "Nationwide Fairer Share Payment" on statements and will be counted as taxable savings income. While payments into sole-name accounts will be prioritised, the terms also apply to each person named on a joint account, meaning they could receive double rewards.
You don't need to make a claim or request the money yourself, as Nationwide will handle all of that for you. However, if you believe you qualify and haven't heard anything from Nationwide by June, it's best to get in touch with them. And always be cautious of fraudulent attempts to obtain your personal information in order to apply for the payment.
Do you have a story to share about your experience with Nationwide? We'd love to hear it! Get in touch by emailing us at [insert email address]. We look forward to hearing from you!
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
