MILLIONS of customers at a major building society are in line for a £100 payment direct into their bank accounts.
Around 3.4 million Nationwide Building Society members will be entitled to a share of the £340million cash post.
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The mutual lender has launched the Nationwide Fairer Share – a new reward for millions of its members who meet certain eligibility criteria.
To be eligible, members will need to hold a qualifying current account, plus either a qualifying saving or mortgage product.
Payments will be sent out automatically to account holders between June 13 and June 30.
But you will need to have held the account on March 31 to be eligible and still have the account open in June.
Nationwide will start to inform eligible members about the payment between now (Friday, May 19) and Friday, May 26.
The Society said it hopes as many members as possible will become eligible for the reward, and it intends to make the payment annually.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said that the cash will be a welcome boost to people struggling to keep up with soaring prices.
She said: “Nationwide will be hoping it reminds people of what makes a building society stand out from the banks, and its focus on the interests of its members rather than also having shareholders to reward.”
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Below we explain the qualifying criteria, how you can check if you’re eligible and how the payment will be made.
Will I get the £100 Nationwide Fairer Share payment?
To be eligible, you must have one of the following product combinations with Nationwide:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of current accounts above and at least £100 in total in one of more personal savings accounts, or cash ISAs, in March then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you’ll qualify for the windfall.
And it’s good news if you have a joint current account, savings or mortgage because you will both qualify separately.
This means you will get a total of £200.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
How will the payment be made?
All eligible members will get the £100 payment between June 13 and 30.
The cash will be paid into your Nationwide current account.
You’ll just need to look out for the code “Nationwide Fairer Share Payment” on your bank statement.
Should I open an account with Nationwide?
Nationwide has said that it intends to make the payment annually as long as the Society continues to perform well financially.
While this means that similar payments may well be made in the future, there is of course no guarantee.
And there are lots of things to consider before you open a new bank account.
Remember to check all the terms and conditions and that the accounts works for you.
For example, some accounts require that you pay in a certain amount a month or they may charge a monthly maintenance fee.
Or if you require an overdraft, check the charges first.
It’s also worth weighing up whether the benefits of an instant cash boost outweigh the benefits of choosing a bank or building society that offers better savings and mortgage rates.
Personal finance expert Sarah said people with a very small mortgage, and those with significant savings, will benefit the most.
But people with with significant savings and a larger mortgage would be likely to benefit more in the long term form better savings rates.
To find the best rates, use research websites like MoneyFacts.co.uk and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket.
These will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
Meanwhile, a major housebuilder is giving first-time buyers up to £20,000 in free cash – we explain how to get it.
Plus, we list all the best savings accounts available now.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
