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Nationwide to pay £100 'Fairer Share' bonus to millions of customers from TODAY – here's who will get the payment

If you bank with Nationwide, you could get a free £100 paid into your account from today (Thursday 13 June) as part of the building society's returning 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.

A total of £385 million will be paid to 3.85 million customers, after the building society announced profits of £2 billion in the last tax year. This is the second time Nationwide has made this kind of payment – last year, it paid a total of £340 million to 3.4 million customers.

Nationwide has been facing criticism recently over its plans to buy rival lender Virgin Money, with thousands of people signing a petition calling on the building society to "give members a say" on the deal.

Here's who will get the £100 Nationwide payment

As was the case last year, not all Nationwide customers will get the payment – we've summarised the eligibility criteria below.

If you're eligible, you should've received a letter and/or email last month letting you know.

Who's eligible for the £100 Nationwide payment? 

Firstly: You must have a Nationwide current account

  • Your account must have been open on 31 March 2024.

Secondly: You must have used your current account earlier this year

  • The exact criteria depends on which current account you have:

    - FlexAccount, FlexBasic or FlexDirect: In two of the three months of January, February and March 2024, you must EITHER:

    1. Have received at least £500 into the account (excluding transfers in from other Nationwide accounts) and made at least two payments out of the account.

    OR

    2. Have made at least 10 payments from the account.

    If you have more than one of the above accounts, payments made across all those accounts in total will count towards hitting the requirements. These requirements do not apply if you completed a switch into the account using the official switch service between 1 January and 31 March 2024, though you'll still qualify for the bonus.

    - FlexPlus: You must have paid, and continue to pay, the monthly account fee.

    - FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in or made one payment out of your account during March 2024.

Thirdly: You must ALSO have had savings OR a mortgage with Nationwide in March 2024

  • Savings: You must have held at least £100 in total across one or more Nationwide personal savings accounts or cash ISAs at the end of any day in March 2024.

    OR

  • Mortgage: You must have owed at least £100 on a Nationwide residential mortgage on 31 March 2024.

    If you've withdrawn your savings or paid off your mortgage since the end of March, you'll still qualify provided your current account remains open.

For the full terms and conditions, see Nationwide's website.

If you qualify, you'll get the payment automatically – watch out for scams asking you to apply

The money will be paid directly into your Nationwide current account between Thursday 13 June and Friday 28 June and will appear on your statement as 'Nationwide Fairer Share Payment'.

If you close your account before the £100 is paid, and you don't have another Nationwide current account, you won't be eligible to receive the reward, as Nationwide says it won't make the payment any other way.

Watch out for scams inviting you to claim or apply for the payment or asking you to hand over your personal details.

The payment will be treated as savings income for tax purposes

The £100 payment is taxable savings income, which will be treated in the same way as any interest you earn on your savings account or current account.

This means most people won't have to pay tax on the reward, as thanks to the personal savings allowance most people don't pay tax on savings.

But if you're a higher-rate taxpayer and/or you have a substantial amount in non-ISA savings, you may have to pay tax on the £100 bonus – our Personal savings allowance guide has more info.

Nationwide has also launched a £200 bank switch bonus and 5.5% savings for existing customers

In addition to the Fairer Share payment, Nationwide is also offering existing customers:

  • A free £200 to switch a current account from another provider to Nationwide. To get this, you must:

    - Have had savings or a mortgage with Nationwide on 31 March 2024. We're checking what the exact criteria is and we'll update this story when we know more.
    - Complete a full switch from another provider using the Current Account Switch Service.
    - Transfer two or more Direct Debits as part of the switch.

    You can get the bonus even if you already have a current account with Nationwide by requesting the switch through your online banking.

  • A fixed-rate savings account paying 5.5% on up to £10,000 for 18 months. This beats the current top one-year and two-year fixes, which pay up to 5.16% and 5.06% respectively.

    The fixed-rate saver is available to anyone who had a Nationwide current account, savings account or mortgage account on 22 May 2024 (and still has one at the time of applying for the new savings account).

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