Nationwide will begin distributing its £100 Fairer Share payments to millions of its members starting today. Approximately 4.4 million individuals will receive the payment from the building society, with funds being transferred to accounts between June 10 and June 30.
Eligible recipients will automatically receive the money without the need to apply or provide any additional information. Nationwide confirmed the distribution of these bonuses last month alongside its latest financial results, which revealed profits of £2 billion.
This year marks the fourth consecutive year that Nationwide is issuing Fairer Share bonuses. However, not all members are eligible for these payments. To qualify, individuals must have a qualifying Nationwide current account along with a savings account or mortgage with the institution.
For FlexAccount, FlexDirect, or FlexBasic account holders, receiving £500 into their account in two of the three months of January, February, and March, and making at least two payments from the account is necessary for eligibility. Alternatively, making at least ten payments from the current account in two of those three months or completing a switch to Nationwide using the Current Account Switch Service between January and March can also qualify individuals.
For FlexOne, FlexStudent, or FlexGraduate account holders, receiving at least one payment into or out of the account during March is required to be eligible. Customers who completed an account switch to Nationwide between January and March are exempt from this requirement.
FlexPlus customers only need to pay the £18 monthly fee to qualify for the £100 bonus. Savings account holders must have had at least £100 saved by the end of any day in March, while mortgage customers should have had at least £100 left to pay off by the end of the same month.
The distributed money is considered savings for tax purposes, and individuals can earn up to £1,000 in savings interest every tax year before being liable for tax payments. Dame Debbie Crosbie, Nationwide’s Chief Executive, expressed the institution’s growth in mortgages, retail deposits, and personal current accounts, leading to the Fairer Share payment and the offer of a new Member Exclusive Bond to all eligible members.
Last year, Nationwide paid out £400 million to over four million customers. Since the scheme’s inception in 2023, the building society has disbursed £1.5 billion to its members.
