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Who qualifies for Nationwide’s £100 reward? Everything you need to know

Nationwide customers are in line for the £100 windfall after the mutual launched Nationwide Fairer Share

Tara Cobham
Friday 19 May 2023 14:46 BST
Nationwide will distribute a £340 million pot to eligible members, with information about the payment set to be revealed to them on Friday
Nationwide will distribute a £340 million pot to eligible members, with information about the payment set to be revealed to them on Friday (Matt Cardy/Getty Images)

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As many as 3.4 million people are in line for a £100 reward from their bank.

Members of Nationwide Building Society that have “the deepest relationships” with the bank will be sent a £100 windfall after it launched Nationwide Fairer Share.

A £340 million pot will be distributed to eligible members, with information about the payment set to be revealed to them on Friday.

Below we outline all you need to know about this payment, including whether you will be one of the fortunate ones who are eligible.

Who is eligible?

The £340 million pot will be distributed to eligible members holding a qualifying current account plus either a qualifying savings or mortgage product.

To have a qualifying current account for a Fairer Share payment, it must have been open on March 31 2023. Qualifying members must still have a current account in June.

Those with qualifying savings will have had 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 2023.

To have a qualifying mortgage, a Nationwide member must owe the Society at least £100 on their Nationwide residential mortgage on March 31 2023.

How do you receive the payment?

Nationwide will start to inform eligible members about the £100 windfall from Friday.

Payments will be sent out automatically to account holders in June, assuming they held their qualifying products on March 31 2023.

Why is the reward being made?

Britain’s biggest building society said it is giving back to its customers following a strong set of financial results and profits of £2.2 billion.

“The fact that we’re building society, not a bank, means our profit is used for the benefit of our members,” said chief executive Debbie Crosbie, who joined the firm from TSB last June. “That’s why we have introduced ‘Fairer Share’, which will see us return even more value back to our members.”

Can you expect more payments?

The society said it intends to make the payment annually, provided this would not be detrimental to the Society’s financial strength.

Nationwide has also launched a new Fairer Share Bond, paying 4.75 per cent, which is available to all the Society’s 16 million members. The two-year bond can be opened in branch, via the banking app or internet bank.

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