Nationwide Updates Customers on £100 ‘Fairer Share’ Payment

Nationwide Building Society has announced important updates regarding its ‘Fairer Share’ payment initiative. This program offers loyal customers a chance to receive £100 annually, aimed at members who both save and borrow from the institution.

Overview of the ‘Fairer Share’ Payments

Launched in 2023, the ‘Fairer Share’ scheme is designed to distribute monetary rewards to eligible members. As part of this initiative, some individuals have already received a total of £300 over the past few years. The payments are scheduled annually, with updates expected in June for the years 2023 through 2025.

Eligibility Criteria for Payments

• Members must have both savings and borrowing relationships with Nationwide.
• Financial performance will determine the payment amount and eligibility each year.

The organization stated, “We share our profits with our members,” emphasizing the mutual benefits of the program. While the intention is to make payments each year, this may change based on how Nationwide performs financially.

Maximizing Your Payment Potential

To increase the likelihood of receiving the £100 payment, customers can take specific steps. Martin Lewis’ MoneySavingExpert.com provides the following recommendations:

• Use your Nationwide current account before March 31.
• Ensure your account remains open beyond this date.
• Maintain a minimum balance of £100 in a Nationwide savings account.
• Have at least £100 owed on a Nationwide mortgage.

For New Customers

For non-customers looking to benefit from the program, Nationwide is offering a £175 switching bonus. To qualify:

• Switch from a non-Nationwide account to a new or existing FlexDirect, FlexAccount, or FlexPlus account.
• Initiate a full switch using the Current Account Switch Service, which involves closing the previous account.
• Deposit at least £1,000 and complete one debit card transaction within 31 days of account opening or switching.

With a focus on member benefits, Nationwide aims to foster strong relationships with its customers through the ‘Fairer Share’ initiative, offering tangible rewards for loyalty.