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Nationwide £100 Fairer Share Bonus Returns: Check if You’re Eligible

Nationwide Building Society has once again unveiled its ‘Fairer Share’ bonus scheme, offering eligible members a £100 payout this summer, totalling £385 million.

The bonus will be directly credited to the accounts of 3.85 million qualifying members in June. This move follows Nationwide’s announcement of a pre-tax profit of £1.77 billion for the fiscal year ending April, down from £2.2 billion in the previous year.

To qualify for the Fairer Share payment, Nationwide members must meet specific criteria outlined by the building society. Members eligible on 31 March 2024, will need to have both a qualifying current account and savings product or a current account and mortgage product.

The criteria include:

• Current account: To be a qualifying current account, your account must have been open on 31 March 2024. Qualifying members must still have a current account in June.

• Savings: You will have had qualifying savings if 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.

• Mortgage: To be a qualifying mortgage customer, you must the building society at least £100 on your Nationwide residential mortgage on 31 March 2024.

Nationwide will contact eligible customers by 31 May 2024. You can also check your eligibility here.

With Nationwide’s strong financial performance enabling such rewards, James Blower of the Savings Guru commended the building society’s initiative to recognise and reward its members. Nationwide’s chief executive, Debbie Crosbie, emphasised that the benefits are a result of reinvesting profits for the members’ advantage.

Last year, Nationwide allocated over £1.8 billion towards better rates and incentives for members, including a £344 million Fairer Share Payment to qualifying members.

Nationwide’s commitment to supporting its members also extends to the launch of a new savings account, the ‘Member Exclusive Bond,’ offering an attractive fixed rate of 5.5% for 18 months. Exclusive to existing members, this account can be opened online, via internet banking, the Nationwide mobile app, or through a branch. Additionally, Nationwide is offering a £200 switching bonus for members who switch their main current account to Nationwide, positioning them for potential Fairer Share payments in the future.

Building societies like Nationwide often offer such benefits to members due to their mutual ownership structure, where the members themselves are the owners. This setup allows building societies to prioritise the interests and benefits of their members above profit generation for external shareholders, fostering a customer-centric approach and reinforcing customer loyalty within the member community.

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