MANY people are just realising they could be eligible to get free cash worth up to £200.
Nationwide Building Society has started dishing out its fairer share payment worth £100 each to millions of customers.
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Around 3.4 million members of Nationwide are eligible for the payment that gets paid directly into their bank accounts between June 13 and June 30.
The Fairer Share scheme was introduced after the company reported a 40% jump in profits, and it intends to make the payment annually as long as the Society continues to perform well.
Scores of qualifying members have already seen the payment land in their accounts – and others are only just realising they can get payments worth £200 in total.
This applies if you have two sets of accounts qualifying for the cash.
One Nationwide customer shared in the Extreme Couponing and Bargains UK Facebook group that she had received her payment and urged others to check their accounts.
The post attracted quite a few comments from people who said that they had also received the payment and some who were confused if they qualified for the cash or not.
One person commented: “If you’re eligible it will say on the banking app also you should have received a letter, I got mine this morning.”
Another added: “Me too, got two lots as got two accounts.”
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While a third added: “Checked ours £200 went in because it was joint account lovely surprise.”
Another said: “I just have a flex account and I won’t get anything due to not having a savings account.”
While another disappointed customer questioned why it was called a “fairer share” payment when she did not think it was fair.
She said: “There are a lot of members who have not been classed as eligible for it, so why call it fair when it’s obviously not.”
Another user agreed with her and said: “Very unfair to people who have saved with them for over 20 years, have a current account as well but don’t have payments coming out.”
Will you qualify for the Nationwide Fairer Share payment?
You must have one of the following product combinations with Nationwide to be eligible for the £100 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:
- 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.
Should I open a bank account with Nationwide?
While Nationwide does intend to keep making payments to its customers, there is 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.
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.
