Millions of bank customers are set to receive £100 payment within days

Nationwide is urging millions of its banking customers to check if they are eligible for a £100 payment, which is set to be distributed within the next few days.

This is part of Nationwide's Fairer Share scheme, which occasionally offers perks such as one-off cash payments and enhanced saving rates to its customer members, depending on profit levels. Last month, Nationwide announced profits exceeding £2bn for the 2023-24 tax year and confirmed it would distribute around £385m in total to an estimated 3.85m customers in June.

This means that certain current account customers who meet specific criteria will receive £100. Nationwide will begin distributing the money in the coming days, with all eligible customers expected to receive it within the next few weeks.

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To qualify for the Nationwide £100 payment, customers should have received an email or app notification before May 31 informing them of their eligibility, reports WalesOnline. The following criteria must also be met:.

1) You must have a Nationwide current account and it must have been open on March 31, 2024.

2) For FlexAccount, FlexBasic or FlexDirect accounts, you must have received at least £500 into the account (excluding transfers in from other Nationwide accounts) and made at least two payments out of the account in two of the three months of January, February and March 2024 or made at least 10 payments from the account.

If you have more than one of the above accounts payments made across all those accounts will count towards your total. These requirements do not apply if you completed a switch into the account using the official switch service between January 1 and March 31, 2024.

For FlexPlus you must be continuing to pay the monthly account fee. For FlexOne, FlexStudent, or FlexGraduate you need to have received at least one payment in or made one payment out of your account during March 2024.

3) You must either have held at least £100 across one or more Nationwide personal savings account or cash ISA at the end of any day in March 2024 or you must have owed at least £100 on a Nationwide residential mortgage on March 31, 2024.

If you qualify you'll get the funds directly into your Nationwide current account between Thursday, June 13, and Friday, June 28. It will show on your statement as 'Nationwide Fairer Share Payment'.

You get the money automatically if you fall under the above criteria so be wary of anything asking you to input personal details or 'apply' for the money as this is likely to be a scam. Another thing to note is that if you shut your account before the £100 is sent out and you don't have another Nationwide current account you won't qualify for the money as Nationwide says it won't make the payment any other way.

The £100 payment is taxable savings income and will be treated in the same way as any interest you earn on your savings account or current account. It means most people won't have to pay tax on it as the majority of people don't pay tax on savings.

To check your eligibility in more detail click here.