Nationwide is expected to start issuing one-off payments of £100 to millions of its customers from June 13.
The building society confirmed their new Fairer Share payment would begin shelling out the amount after announcing record profits of £2.2 billion.
According to the Daily Mirror, the new payment is expected to pay out £340 million to some of its 16.3 million customers worldwide.
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3.4 million people are expected to benefit from the scheme and the good news gets even better as you do not need even need to apply for the payment. If you are entitled to the £100 installment it will automatically go into your account between June 13 and June 30.
If you are eligible, the payment will come into your account marked as 'Nationwide Fairer Share Payment' - but do you qualify?
To be entitled to the £100, you need to have a qualifying current account, plus a savings account or mortgage product with Nationwide. Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash reward.
Other current account eligibility criteria can be found below, depending on the type of account you have. 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.
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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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