Millions of Nationwide customers will start receiving one-off £100 payments in their accounts from Tuesday.
The new Fairer Share payment was confirmed after the building society secured record profits of £2.2b. Nationwide will pay out £340m in total, directly into customer accounts.
The money is being paid between June 13 and June 30 and will appear on your bank statement as "Nationwide Fairer Share Payment". If you're eligible, the cash will be paid automatically - you don't need to apply for it.
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To be entitled to the £100, you need to have a qualifying current account, plus a savings account or mortgage product with Nationwide, reports The Mirror. Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash reward.
Savings accounts will need to have had at least £100 in total in one or more accounts at the end of any day in March 2023. This can include personal savings accounts and ISAs. To have a qualifying mortgage, a customer must owe at least £100 on their Nationwide residential mortgage on March 31, 2023.
Chief executive Debbie Crosbie said: "We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society. Our strongest financial performance means that we are able to launch the Nationwide Fairer Share Payment, as well as the Nationwide Fairer Share Bond - with a highly competitive interest rate on savings for our existing members.
"We can do this because we're a building society, not a bank, and our profit is reinvested for our members' benefit."
Current account eligibility criteria
If you have a FlexAccount, FlexBasic or FlexDirect account, you must have paid in or received at least £500 in two of the three months of January, February and March 2023. This doesn't include transfers from other Nationwide accounts. You must also have made at least two payments each month, in two of those three months.
If you switched into your account using the Current Account Switch Service (CASS) between January 1 to March 31, 2023, these requirements do not apply. FlexPlus account holders must be continuing to pay the monthly account fee to receive the £100 reward.
If you have a FlexOne, FlexStudent or FlexGraduate account, you must have received at least one payment or made one payment during March 2023.
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