Nationwide to pay £100 to millions next month - here's who will get it

Ryan O'Neill

23 May 2024 at 4:30 am·3-min read

Nationwide Building Society in London — -Credit: (Image: Getty Images)

Nationwide is set to hand out £100 to millions of its customers next month. The building society will be paid to certain current account customers as part of its Fairer Share scheme.

Nationwide will be handing out around £385m in total to an estimated 3.85m customers after it announced profits of £2bn in the most recent tax year. It will be sent out to current account customers who also have savings or a mortgage, according to MoneySavingExpert.

Nationwide is owned by its customer members who are supposed to benefit from profits through better saving rates and other perks. It is the second time it has given money to customers after £340m was given to 3.4m people last June. To get the latest money stories straight to your inbox twice a week sign up to our newsletter here.

Who will get the £100 payment?

However, not all Nationwide customers will receive the payment. Those who are eligible will be sent an email by May 31 telling them they qualify. In order for you to get the money the following must apply:

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 ten 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.

When will I get the money?

The money will be paid directly into your Nationwide current account between Thursday June 13 and Friday June 28. It will appear on your statement as 'Nationwide Fairer Share Payment'. You won't have to do anything in order to get it if you qualify, so be sure to avoid any scams asking you to give personal details or 'apply' for the payment.

You should also note that if you close your account before the £100 is paid 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.

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Who will get the £100 payment?

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