Nationwide £100 bonus: how to make sure you don't miss out on the next Fairer Share payment

Nationwide is hoping to pay millions of customers another Fairer Share payment this year.

While Nationwide has been known for having some of the best savings accounts, such as its former 8% regular saver, it has also become popular for paying its members a £100 annual bonus.

The building society has made the payment to eligible customers for two years now, but not everyone qualified.

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If it does pay the bonus this year, it will follow a surprise £50 "thank-you bonus", which about 12 million customers will receive next month (April), following the building society's takeover of Virgin Money.

Nationwide has managed to win thousands of new current account customers over the past year, partly thanks to its £175 switching offer. (Note that Nationwide's switching perk will be withdrawn on 31 March).

The building society saw the highest net switching gains compared to other providers between July and September 2024, according to the latest data from the Current Account Switch Service.

There were 22,622 net switchers to Nationwide during this period, while Barclays and TSB took second and third place (with 18,053 and 12,282 respectively).

These new customers might want to check if they would be eligible for a Fairer Share payment, if the scheme goes ahead this year.

We look at how the payments work, whether they'll be made this year, and who usually qualifies.

What are Nationwide Fairer Share payments?

Nationwide has shared profits with members by giving eligible people a £100 Fairer Share payment in recent years. The money is automatically paid into their Nationwide current account.

Since the scheme was launched in 2023, the building society has paid £729 million via two Fairer Share payments to customers.

The building society has more than 17 million customers, but less than four million qualified for Fairer Share in 2024.

Current account customers with a savings account or a mortgage who met certain criteria were eligible for the payment last year.

As well as the £100 cash boost, Nationwide also launched a 5.5% savings bond last year, available to all customers, plus a £200 switching deal.

Will Nationwide make another Fairer Share payment in 2025?

Nationwide has said several times that it hopes to make the Fairer Share payment this year.

Most recently, on 11 March, the building society said it wants "to repeat the Fairer Share payment this year".

On 3 March, Nationwide said it intends to make the payment annually, "providing it would not be detrimental to the society’s financial strength and subject to board approval, and hopes as many members as possible are eligible for the reward in the future".

Towards the end of last year, the mutual’s chief executive Debbie Crosbie said they were “well positioned” to repeat a Fairer Share payment to qualifying customers.

However, the building society stresses that its ability to pay the bonus again will depend on its financial performance.

When are Nationwide Fairer Share payments announced?

Nationwide has announced Fairer Share payments in May for the past two years, and it will be the same again this year.

The building society said this week: "A decision [about Fairer Share] will be made in May, when we publish our results for the 2024/25 financial year".

The scheme was first announced on 19 May 2023. The payment was made to customers who had unknowingly met qualifying conditions in March of that year.

The money was paid between 13 and 30 June 2023. Nationwide distributed £340 million with members via Fairer Share at the time.

Nationwide announced the second £100 Fairer Share Payment on 23 May 2024, and payments were sent between 13 and 28 June.

Customers had to have met the eligibility criteria in March 2024.

In 2024, the building society distributed £385 million to members who chose Nationwide for their everyday banking and had a qualifying savings or mortgage product.

How to get the Nationwide £100 bonus

While it's still not certain there will be a payment in 2025 (although it does seem likely), it's worth looking at the eligibility criteria last year, as it may be similar this year.

In 2024, to qualify for a Fairer Share payment, customers must have had either:

• A qualifying current account and qualifying savings, or
• A qualifying current account and a qualifying mortgage

The qualifying current account had to have been open on 31 March, 2024, and any extra requirements depended on the type of current account held on that date.

What is a qualifying current account?

For the FlexOne, FlexStudent, FlexGraduate, FlexAccount, FlexDirect or FlexBasic eligibility rules, charges, interest, or adjustments to the account balance did not count. People who completed a switch to one of these accounts using the Current Account Switch Service between 1 January 2024 and 31 March 2024 didn’t need to meet the above requirements.

What are qualifying savings?

Customers had qualifying savings if they held at least £100 in total in one or more Nationwide personal savings account(s) or cash ISA(s) at the end of any day in March 2024.

There were some exceptions, however, with qualifying savings not including:

• Money held in a Nationwide Business Savings account (including money held in BusinessInvestor, PortfolioInvestor and Treasurer’s Trust accounts)
• Money or other assets held in a Nationwide Investment account, such as a stocks and shares ISA
• Money in an account in the name of someone else that is being held for your benefit under a trust or similar arrangement

What is a qualifying mortgage?

Nationwide said borrowers must have owed the building society at least £100 on their Nationwide residential mortgage on 31 March, 2024.

Qualifying mortgages don’t include:

• A mortgage with a Nationwide subsidiary - such as The Mortgage Works (UK) plc, UCB Home Loans Corporation, Derbyshire Home Loans, or E-Mex Home Funding
• A mortgage you applied for, but which had not completed by 31 March 2024
• Nationwide commercial mortgages

The building society also launched a Fairer Share payment eligibility checker tool, which people could use to see if they qualified for the 2024 payment.