MILLIONS of customers at the nation’s biggest building society will get a free £100 payment into their current account next week.
Around 3.4million Nationwide customers will get the cash payment provided they meet certain criteria.
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The Nationwide Fairer Share is for members who hold a qualifying current account, plus either a qualifying savings or mortgage account.
Payments will be sent out automatically to account holders from Tuesday, June 13 and will continue to be paid until June 30.
To be eligible for this payment you needed to have held the account on March 31 and still have the account open in June.
You should look out for it any time after this weekend as some customers will see it within just a few days’ time.
Here we explain how to check if you are eligible, and how to spot the payment in your bank account.
Will I qualify for the £100 Nationwide Fairer Share payment?
You must have one of the following product combinations with Nationwide to be eligible for the payment:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
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- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of the current accounts above and at least £100 in total in one or 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.
If you happen to have a joint current account, savings or mortgage, it’s extra good news for you, because you will both qualify separately meaning 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 directly 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.
This payment came as the company reported a 40% jump in profits.
While this means that similar payments may well be made in the future, there is of course no guarantee.
Boss Debbie Crosbie said Nationwide was able to return its profit to members “because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit”.
There are lots of things to consider before opening a new bank account.
Remember to check all the terms and conditions and that the accounts work for you.
To find the best rates, you can use websites like MoneyFacts.co.uk and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket.
This post first appeared on thesun.co.uk
