Nationwide pronounces £100 buyer bonus – see if you happen to qualify and whenever you’ll be paid
Nationwide has confirmed which accounts are eligible for the new £100 bonus and who will be receiving them. Here are the full details of the accounts that are eligible
Nationwide is set to dish out a £100 bonus to its customers, but there’s a catch.
To grab the free cash, account holders must have one of the qualifying current accounts plus a qualifying savings or mortgage account. Nationwide said: “As a modern mutual we are able to share some of our profits with members who bank and borrow or who bank and save with us. We will do this by making a one-off payment of £100 to those who qualify. We have called this the Nationwide Fairer Share Payment.”
Eligible accounts include the likes of FlexPlus with paid monthly fees, FlexOne, FlexStudent, or FlexGraduate – as long as there was at least one transaction going or out in March.
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However, these stipulations are waived for those who switched their account between January 1 and March 31. The FlexAccount, FlexDirect or FlexBasic are also eligible under certain conditions. One of these requirements must be met.
Either in two of the three months of January, February and March 2024 you received at least £500 in your current account or made at least two payments out of your current account. Or, in two of those three months you have made at least 10 payments out of the account.
Nationwide has outlined that qualifying savings are those where you 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 2024. This does not include money held in your savings accounts, money or other assets in an investment accounts such as stocks and shares, or money in an account in the name of someone else.
A qualifying mortgage is defined as owing the banking society at least £100 on your residential mortgage on March 31. It does not include a mortgage with one of the bank’s subsidiaries such as The Mortgage Works (UK) plc, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E-Mex Home Funding Limited.
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Mortgages which were applied for but weren’t completed by March 31, as well as Nationwide commercial mortgages are not eligible.
Nationwide has issued a statement for joint account holders, clarifying the terms and conditions of their latest offer. The bank said: “This means that if a qualifying current account, or qualifying mortgage is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment. For example, if you hold both a qualifying current account and a qualifying mortgage jointly with someone else, you will both be eligible to receive the payment. Similarly, qualifying savings will take account of the whole of any savings and cash ISA balances you hold in your sole name and those you hold jointly.”
They also made it clear that individuals managing accounts for others, like under a power of attorney, won’t benefit personally from these accounts for payment purposes; only the named account holder will.
Nationwide plans to dish out payments to members between June 13 and June 28 next year. Customers were informed by Nationwide: “We will pay the money into your Nationwide current account. If you hold more than one current account with us, we may pay the money into any of those accounts. We will pay the money into an account in your sole name if you have one and will pay it into a joint account if you do not. The payment will appear on your current account statement as Nationwide Fairer Share Payment.”
A spokesperson remarked: “We always do our best to ensure that the information is accurate and complete, but incomplete, inaccurate, or out of date information may mean we wrongly exclude you from the payment. We will make the payment if we find out you were wrongly excluded, but we will not be liable for any other loss you may incur if this happens.”
They followed up by saying, “We also cannot guarantee how quickly an application for a qualifying product might be completed and therefore will not be responsible if you miss out on the payment because of a delay in opening a relevant product. If, after checking your eligibility, you think you have been wrongly excluded, please get in touch and if we have got it wrong, we will take steps to put it right.”
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