Millions of Nationwide Building Society customers are set to receive a 100 euro bonus as part of the institution’s “Fairer Share Payment” scheme.
This extra money is a welcome gift, as people struggle with increasing prices and the cost of living. It said, “As a modern mutual, we can share some of our profits with members who bank and borrow or who bank and share with us.
We will do this by making a one-off payment of 100 euros to those who qualify. We have called this the Nationwide Fairer Share Payment.”
Almost a total of 385 million euros was distributed among approximately 3.85 million eligible customers, making this the second consecutive year that Nationwide has implemented this bonus program.
The payments will be made automatically between June 13 and June 28, 2024, and will appear on account statements as “Nationwide Fairer Share Payment.”.
To get this money, you have to meet some criteria. The customers must hold a qualifying current account along with either a savings account or a mortgage with Nationwide.
Specifically, the current account must have been opened by March 31, 2024, and remain active through June.
The nationwide society customers also said that customers must have owed at least 100 euros on their residential mortgage with Nationwide’s subsidiaries, such as The Mortgage Works (UK) plc, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E Mex Home Funding Limited are excluded from eligibility.
Additionally, if a mortgage application was submitted but not completed by March 31, it will not qualify for the bonus. Commercial mortgages from Nationwide are also not eligible for this payment.
The criteria for eligibility are somewhat complex; for instance, holders of FlexAccount, FlexBasic, or FlexDirect accounts must have either received at least 500 euros in their accounts or made at least ten payments in two or three months leading up to the match.
Additionally, customers with FlexPlus accounts must be paying their monthly fees to qualify.
Nationwide’s decision to distribute this bonus follows a successful financial year with almost 2 billion euros in profit. This substantial profit allowed the building society to allocate funds back to its members, reinforcing its commitment to customer satisfaction and loyalty.
Nationwide is currently offering a 200 euro incentive for customers who switch their current accounts from other banks.
The Building Society chief executive, Debbie Crosbie, highlighted that these initiatives are part of a broader strategy to reinvest profits for the benefit of its members.
For the members with a joint account, Nationwide says the terms and conditions apply to each person individually.
The bank explained, “This means that if a qualifying current account or qualifying mortgage is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment.
For example, if you hold both a qualifying current account and a qualifying mortgage jointly with someone else, you will both be eligible to receive the payment.
Similarly, qualifying savings will take account of the whole of any savings and cash ISA balances you hold in your sole name and those you hold jointly.”
As Nationwide prepares to roll out these payments, customers are advised to be vigilant against potential scams that may attempt to exploit the situation by soliciting personal information or claiming that they need to apply for the bonus.
Eligible customers who have not received their payment by the end of June are encouraged to contact Nationwide directly for assistance.
