Nationwide has confirmed which customers will receive an extra £100 in their accounts. As the cost of living crisis continues to bite, the world’s largest building society has said which members can expect the cash – and when it is likely to arrive.
Nationwide said: “As a modern mutual we are able to share some of our profits with members who bank and borrow or who bank nd 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.”
Members must own one of a qualifying current account and qualifying savings or a qualifying account and qualifying mortgage to be eligible, the Mirror reports. To be a qualifying current account, your account must have been open on March 31 and any additional requirements depend on the type of current account you had on that date.
Accounts which have the possibility of being sent the £100 bonus are: FlexPlus when the monthly fee is paid, the FlexOne, FlexStudent or FlexGraduate but you must have received or made one payment in or out of your account in March. However, those requirements don’t apply if you have switched your account between January 1 and March 31.
The FlexAccount, FlexDirect or FlexBasic are also eligible under the following conditions. One of these requirements must be met. Either in two of 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 confirmed that having a minimum of £100 across personal savings accounts or cash ISAs at any point in March 2024 counts as qualifying savings, but that this doesn’t extend to investment accounts or money in someone else’s name.
A “qualifying mortgage” means you must have owed the baking society at least £100 on your residential mortgage on March 31, and 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. For joint account holders, these conditions apply to each individual.
The building society clarified: “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.”
Those who are managing an account for others that is in someone else’s name – under a power of attorney, third-party mandate or court order for instance – won’t be considered as having a qualifying current account or mortgage. Consequently, the money and any savings won’t qualify towards savings for you, but will for the person whose name the account is in.
Nationwide stated that eligible customers can anticipate seeing the cash appear in their accounts between June 13 and June 28 next year.