Nationwide Building Society customers could be set for another £100 cash bonus this summer.
For the past two years, the mutual has rewarded certain customers for their loyalty with a cash payout under its ‘Fairer Share’ scheme, funded by the building society’s profits.
Previously, the building society announced the payments in May, and customers received the money in June. If the scheme runs again, this could mean people find out if they’re set for a summer bonus in May.
Although there has been no official confirmation for this year, Martin Lewis’ MoneySavingExpert (MSE) suggested that Nationwide is “likely” to continue the bonus scheme, given its previous track record.
MSE said: “For the past two years, Nationwide has given some existing customers a £100 ‘Fairer Share’ bonus.
“It’s likely, though not guaranteed, to do the same again this year. In previous years, the scheme has been announced in May and paid in June, though whether you got it depended on if you met the qualifying criteria in the first three months of the year – so now’s the perfect time to maximise your chances.”
To be eligible for the bonus, customers have previously needed a qualifying current account, along with either qualifying savings or a qualifying mortgage.
While the specific criteria varied by account, customers generally had to keep their accounts open and active until at least March 31 to qualify.
It’s not yet clear if the criteria will remain the same, but it’s helpful to know in case the building society offers the bonus again.
If a customer qualifies, Nationwide has previously paid the money out automatically.
Last year, £385million was paid to 3.85 million Nationwide members, up from £340million distributed to 3.4 million members the year before.
