Nationwide customers should check their bank accounts as it begins dishing out £100 bonus payments to millions of people from today.
Last month, Britain’s biggest building society made bumper profits and announced it would hand out £100 to customers through its new Fairer Share scheme.
However, many Nationwide customers have been left disappointed as fewer than a quarter of its 16million members qualify.
But those who do will get £100 between 13 and 30 June – and joint account holders can get £100 each.
Cashback: Millions of Nationwide customers get £100 this month
Who qualifies for the £100?
To be eligible, Nationwide customers – known as ‘members’ – must have had a Nationwide current account since at least March 31 and have kept it open until June.
They must also have held at least £100 in savings accounts with Nationwide in March or owed at least £100 on a Nationwide residential mortgage on March 31.
The rules mean loyal members who have saved with the building society for years or even decades will miss out if they don’t have a Nationwide current account too.
What should I do if I don’t get my £100?
The first thing to do is sit tight, as the payments are being made throughout June.
Nationwide has already written to all customers it thinks are due the cash meaning you should have had a letter through the door.
If you haven’t had your £100 by June 30, and you think you qualify, check the criteria above and contact Nationwide.
Those who only have Nationwide joint accounts will have it paid into that.
What is Fairer Share?
Nationwide launched its Fairer Share Payment after posting a strong set of financial results and profits of £2.2billion.
Because Nationwide is a mutual, it can choose to share profits with its customers – all of whom are members of the building society – rather than handing them over to shareholders as banks do.
The payments will automatically go into current accounts of eligible members in June.
Nationwide says it intends to make the payment annually if profits allow it.
You can find out more on the Nationwide Fairer Share payment website.
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