MILLIONS of customers at a major building society will receive a £100 payment direct into their bank accounts from today.
Around 3.4 million Nationwide Building Society members are entitled to a share of the £340million bonus.
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Payments will be sent out automatically to current account holders between now and June 30.
The payment will appear on your current account statement as “Nationwide Fairer Share Payment”.
The mutual lender has launched the Nationwide Fairer Share – a new reward for millions of its members who meet certain eligibility criteria.
Members will need to hold a qualifying current account, plus either a qualifying saving or mortgage product to qualify.
But you must have held the account on March 31 and still have the account open this month.
You must also meet additional requirements, such as receiving money into your account and making payments out of your account.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “This will be a welcome windfall for Nationwide customers, which should help ease the squeeze on their pockets.
“Deciding to do it this way rather than offering better savings and mortgage rates means anyone with a current account with the Building Society and a relatively low savings balance will be better off.”
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Will I get the £100 Nationwide Fairer Share payment?
To be eligible for the windfall, 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
Qualifying current accounts include:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of these current accounts and had at least £100 in one or more savings accounts or cash ISAs with Nationwide at the end of any day in March, you should be eligible.
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 – meaning you will receive £200 in total.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
