Nationwide Building Society in the United Kingdom has unveiled a £100 bonus for customers with specific accounts.
As the cost-of-living crisis continues, this payment is a welcome gesture for eligible account holders, reports The Mirror UK.
The bonus, known as the Nationwide Fairer Share Payment, is part of the bank’s initiative to reward members.
To ensure you receive this payment, follow these simple steps:
Confirm You Have a Qualifying Current Account
Your current account must have been opened on March 31, 2024. Eligible accounts include FlexPlus (if the monthly fee is paid), FlexOne, FlexStudent, or FlexGraduate. For these accounts, at least one payment must have been made in or out of the account in March. However, if you switched your account to Nationwide between January 1 and March 31, this payment requirement does not apply.
Check Eligibility for Other Current Accounts
If you have a FlexAccount, FlexDirect, or FlexBasic account, you must meet at least one of the following conditions:
You received at least £500 or made at least two payments in two of the three months of January, February, and March 2024. Alternatively, in two of those three months, you must have made at least 10 payments from the account.
Confirm Your Savings Account Balance
To qualify through savings, you must have had at least £100 in total across one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024. Nationwide does not count funds in investment accounts, accounts in someone else’s name, or other excluded categories.
Verify Your Mortgage Status
If you have a residential mortgage with Nationwide, you must have owed at least £100 on March 31, 2024. Mortgages held with subsidiaries such as The Mortgage Works or Derbyshire Home Loans do not qualify. Additionally, incomplete mortgage applications as of March 31 are excluded.
Understand Joint Account Rules
Nationwide explains that for joint accounts, the eligibility criteria apply to each account holder individually. This means that if a qualifying account or mortgage is held jointly, the balance will count towards the eligibility of both account holders. Savings held jointly will also be considered for both individuals.
Note Ineligible Accounts
Accounts operated under a power of attorney, third-party mandate, or court order will not qualify. Nationwide states that funds in these accounts will only count for the person whose name the account is in, not for the person managing it.
Know Nationwide’s Intentions
Nationwide describes this bonus as a way to share profits with its members:
“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.”
