Less than a quarter of Nationwide's customers will get the free £100 announced by the building society last week.
The financial institution shared details of its Nationwide Fairer Share, a new reward for its members "with the deepest relationships". A £340 million pot will be distributed to eligible members holding a qualifying current account plus either a qualifying savings or mortgage product.
It comes after the society recorded its best ever financial results and pre-tax profits of £2.2 billion for the last tax year. However some 12 million customers do not meet the criteria and will therefore not be eligible for the bonus.
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Debbie Crosbie, Nationwide's chief executive, said: "We are able to do this 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."
But to be eligible for the £100, members must have had a Nationwide current account since at least March 31 and must keep it open until June, Chronicle Live reports. 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.
This means members who have saved with Nationwide for years will miss out if they don't have a current account too, and those with only a Nationwide current account will also not be eligible for the money.
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