Nationwide will start paying its £100 loyalty bonus to almost four million customers from tomorrow.
The Nationwide Fairer Share Payment will hit customers’ current accounts between 13 June and 28 June.
It is the second year in a row that the building society has paid £100 to certain members, following a strong set of financial results.
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Last year, Nationwide paid the bonus to 3.44 million customers. This year it is paying 3.85 million members.
To qualify, you’ll need to have a Nationwide current account plus a savings or mortgage product, and meet other criteria too.
As well as the £100 cash boost, the building society launched an exclusive 5.5% savings bond last month, available to all 16 million customers, plus a £200 switching deal. The 5.5% deal is fixed for 18 months. It could be attractive if you’re thinking about fixing your savings ahead of any Bank of England interest rate cut.
We look at how the £100 bonus will be paid, how to check if you qualify and what to do if you don’t receive the money.
When will I get the Nationwide payment?
Nationwide customers eligible for the £100 loyalty bonus should receive the payment between 13 June and 28 June 2024.
You don’t need to do anything; the building society will make the payment automatically.
You will need to have an open current account with Nationwide as this is where the cash will be transferred. Should you only have a joint current account, this is where the money will be deposited.
It will appear on your statement as “Nationwide Fairer Share Payment”.
Watch out for scams inviting you to claim or apply for the bonus, or asking for your personal details.
How do I check if I qualify for the bonus?
Nationwide says it contacted members who are eligible for the payment last month.
If you think you’re eligible but haven’t heard anything, you can check on Nationwide’s website or app.
You can either speak to an adviser using the chat function, or use the eligibility checker.
What are the criteria to get the £100 payment?
Not everyone who has an account with Nationwide will receive the £100 payment. The full criteria are similar to last year, so if you received the payment last year, and you still have several products with the building society, chances are you will get the bonus again this month.
Nationwide says it has made two small changes to the criteria so that more people receive the bonus this time. The criteria are still rather complicated, so - deep breath - here’s a run-through of what you need to do to qualify.
Customers must have had a current account with Nationwide on 31 March 2024, and the account must still be open now.
FlexPlus customers must be paying their monthly fee. FlexAccount, FlexBasic and FlexDirect account-holders must have done one of the following in two of the three months of January, February and March:
- 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
- Made at least 10 payments from the account per month (in two of the three months).
FlexOne, FlexStudent and FlexGraduate customers must have received at least one payment in or made one payment out of their account during March.
You will also need to have a savings account or mortgage with Nationwide. For the savings account, you must have had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March.
With the mortgage, you must have had at least £100 left on your Nationwide residential mortgage on 31 March.
If you've withdrawn your savings or paid off your mortgage since the end of March, you'll still be eligible provided your current account remains open.
What should I do if I haven’t received the money?
If you believe you meet the criteria and were eligible for the £100 loyalty bonus, but haven’t received the money by 28 June, don't panic.
Nationwide advises customers to contact them and they will look into it for you.
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