Major building society paying £100 direct into millions of customer’s bank accounts – do you qualify?
MILLIONS of customers at a major building society are in line for a £100 payment directly into their bank accounts.
Around 3.4million Nationwide Building Society members will be entitled to a share of the £385million cash post.
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 next month.
It’s the second time in two years that the bank has made the payment.
But you will need to have held the account on March 31 to be eligible and still have the account open in June.
If you qualify, you’ll be contacted between now and the end of May.
Last year, Nationwide reported profits of £2billion, this meant it distributed £344million through its first-ever Fairer Share Payment to eligible members.
The building society is also launching a £200 Member Exclusive Current Account Online Switch Offer.
To qualify for the incentive, you must already be a member on March 31, 2024.
All you need to do is complete a full switch using the Current Account Switch Service.
A minimum of two active Direct Debits must be transferred to the new account.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
As part of today’s announcements, Nationwide has also confirmed it’s launching a Member Exclusive Bond offering a rate of 5.5% AER/gross (fixed) for 18 months.
It will be available to all 16million existing members.
The maximum investment is £10,000, which means £125 extra interest over a year and £193 over 18 months.
The Bond can be opened in a branch, via the banking app or Internet Bank, although eligibility criteria will apply.
Debbie Crosbie, Nationwide’s chief executive, said: “Our strong financial performance means we are able to offer more ways for our members to benefit from our success.
“This is only possible because we are owned by members and all our profits are reinvested for their benefit.”
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 next month, between June 13 and June 28.
If you’re found to qualify you’ll be contacted between today and May 31.
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 work 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.
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