Nationwide to pay out free £100 loyalty bonus to customers who meet 'criteria'

James Rodger

21 May 2024 at 1:53 am·2-min read

Nationwide is to hand out a bonus "worth at least £350million" - with the announcement this week. The UK's largest building society paid £100 to around 3.4 million members last year as part of the scheme - but it has been reported that the next payout could be bigger because of higher interest rates.

After raking in a whopping £2.2 billion in profits, the building society - which is Britain's largest - launched the "Fairer Share" scheme last year, rewarding approximately 3.4 million members with £100 each, according to This is Money.

Nationwide members - of which there are 16 million - had to meet certain eligibility requirements to get the “Fairer Share” bonus payments last year. For example, you had to have at least £100 in total in one or more account.

It was available to mortgage, current account and savings customers. James Blower, founder of Savings Guru said: "Nationwide pays the Fairer Share loyalty bonus based on their profits. Its financial year ends in April and results are announced on 23rd May, so we won't know until then whether they've made a profit or not.

"However, trading conditions were very good for banks in 2023 so I'd be amazed if they didn't make a good profit and are unable to make a payout this year. Last year, members needed at least £100 in a savings account, £100 outstanding on a mortgage or a current account to be held on 31st March.

"I'd expect similar conditions this year so it's too probably too late to take action to meet qualifying conditions this year but members who qualified last year should look out on 23 May as I expect them to be receiving more good news then."

A spokesman from Nationwide said: "We're hoping that we can make a payment in 2024. It depends on how we perform financially. We will be able to confirm the payment, as well as the eligibility criteria, after the financial year ends in April.

"Look out for an announcement on 23 May."

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