As the building society announced bumper annual profits, Nationwide also confirmed a £340m cash giveaway to certain members.

This £100 each shared to 3.4 million customers will be made between 13 and 30 June, but only to those who meet the eligibility criteria:

Qualifying current account open on 31 March
As well as a qualifying saving OR mortgage

This means at least £100 in total in one or more personal savings accounts or cash ISAs at the end of any day in March 2023.

Or it means owing at least £100 on a Nationwide residential mortgage on 31 March 2023.

Who won’t be eligible for the ‘Nationwide Fairer Share Payment’?

If you just have a Nationwide current account on its own, you won’t get the money as the mutual wants to reward those with the “deepest relationships” so that’s why you need to have savings or a mortgage with it to qualify.

If you switched current account to Nationwide from 1 April onwards, you also won’t get the cash as you need to have held it on 31 March 2023.

Further, if you’re considering a switch away from Nationwide, see if you can wait until 30 June when it should have completed paying out the £100. Switches out of Nationwide before the payment date won’t be eligible for the cash.

If you have a current account and a business savings account, you’ll also need to sit this one out. And if you have a current account and a buy-to-let mortgage, you also won’t be in the running for the cash as it applies to residential mortgage only.

And if you have an investment account with Nationwide, such as a stocks and shares ISA, this won’t qualify for the savings test, even if you have a current account with it.

You can see the full eligibility criteria for the Nationwide Fairer Share Payment here for more information.