Nationwide has given the exact dates many customers can expect to see a £100 bonus land in their accounts. The world’s largest building society said because it is a “modern mutual”, it will share some of its profits with members who meet certain criteria.
It added: “We will do this by making a one-off payment of £100 to those who qualify. We have called this the Nationwide Fairer Share Payment.” To be eligible for the cash, you’ll need to hold both a qualifying current account alongside either a qualifying savings or qualifying mortgage account.
Eligible current accounts include ones that were open on March 31, with additional specifications varying based on account type at that date. The qualifying accounts which have the possibility of being sent the £100 bonus are: FlexPlus when the monthly fee is paid, the FlexOne, FlexStudent or FlexGraduate but you must have received or made one payment in or out of your account in March.
However, those requirements don’t apply if you have switched your account between January 1 and March 31. The FlexAccount, FlexDirect or FlexBasic are also eligible under the following conditions.
On top of this, either in two of the three months of January, February and March 2024 you received at least £500 in your current account or made at least two payments out of your current account – or, in two of those three months you have made at least 10 payments out of the account.
Having £100 or more across personal savings accounts or cash ISAs with Nationwide on any day in March 2024 counts as qualifying savings. Investment accounts and money in another person’s name are not included.
A “qualifying mortgage” means you must have owed the baking society at least £100 on your residential mortgage on March 31, and does not include a mortgage with one of the bank’s subsidiaries such as The Mortgage Works (UK) plc, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E-Mex Home Funding Limited.
A mortgage which was applied for but wasn’t completed by March 31, as well as Nationwide commercial mortgages, are not eligible. For those who have a joint account, Nationwide says the terms and conditions apply to each person individually.
The building society 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.”
People who are running an account for others that in someone else’s name – under a power of attorney, third-party mandate or court order for example – won’t be counted as a qualifying current account of mortgage. As a result, the money and any savings won’t qualify towards savings for you, but will for the person whose name the account is in.
Nationwide said eligible customers can expect to see the cash land in their accounts between June 13 and June 28 next year.
