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Nationwide customers: £100 bonus to land in accounts from today

Nationwide customers: £100 bonus to land in accounts from today
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
13/06/2024
Updated:
13/06/2024

Millions of Nationwide members will share a £385m bonus – that’s £100 each – being paid out directly to current accounts from today.

As part of Nationwide’s second annual ‘Fairer Share Payment’, £385m will be distributed to eligible current account customers with a qualifying savings or mortgage account with the mutual.

That’s £100 each to 3.85 million customers, paid directly into current accounts from today, Thursday 13 June, to Friday 28 June 2024. Last year, Nationwide distributed £344m to 3.4 million customers.

Are you eligible for the Nationwide Fairer Share Payment?

If you qualify for the £100 bonus, Nationwide should have contacted you by 31 May to let you know to expect it.

To get the £100, your current account must have been open on 31 March 2024, and you must also hold it in June when the payment is made.

As for qualifying savings, that means 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 2024.

Meanwhile, an eligible mortgage account means you must owe the society at least £100 on a Nationwide residential mortgage on 31 March 2024.

You can only qualify once for the payment, while joint account holders who meet the eligibility criteria can both qualify separately for the Fairer Share Payment.

You can visit the Nationwide eligibility checker here.

Bumper bonus as profits rise

The move to reward existing customers came as the mutual published its results last month, showing strong financial performance over the year.

Its annual financial report for the year ending 4 April revealed statutory profit of £1.77bn.

It also announced a record £2.2bn bonanza for members as part of three offers launched in May, including the Fairer Share Payment, £200 current account switch offer and 18-month bond paying 5.5% AER/gross, which are still available today.

At the time, Debbie Crosbie, Nationwide’s chief executive, said: “Our strong financial performance means we are able to offer more ways for our members to benefit from our success. This is only possible because we are owned by members and all our profits are reinvested for their benefit.”

Related: Nationwide extends branch promise – including Virgin Money