Nationwide is expected to announce its next round of “Fairer Share” bonus payments this week for millions of its members.
The building society launched “Fairer Share” last year where it handed out £100 to around 3.4 million of its customers, after securing record profits of £2.2billion. Nationwide will publish its latest financial update on Thursday this week, where it will reportedly announce its next round of payments.
This is Money reports that the next payouts could be bigger because of higher interest rates, and could be worth at least £350million collectively. Nationwide said last year that it intends to issue annual “Fairer Share” rewards going forward, depending on its financial results.
Nationwide members had to meet certain eligibility requirements to get the “Fairer Share” bonus payments last year, which meant not every Nationwide customer received the money. It is likely there will be similar requirements in place this year, if payments are confirmed. Nationwide has around 16 million members.
A statement on the Nationwide website reads: "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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Nationwide 'Fairer Share' - who will get the payments?
Nationwide has not yet revealed the eligibility criteria for any future "Fairer Share" bonus payments - but if payouts are confirmed this week, it could follow a similar structure to below. Last year, you had to have a qualifying current account, plus a savings account or mortgage product with Nationwide.
The eligibility criteria for the 2023 payments stated that your current accounts must have been opened on or before March 31, 2023, and it also must have still been open in June 2023. If you had a FlexAccount, FlexBasic or FlexDirect account, you also needed to have paid in or received at least £500 in two of the three months of January, February and March 2023, plus made at least two payments each month, in two of those three months.
If you had a FlexOne, FlexStudent or FlexGraduate account, you must have received at least one payment or made one payment during March 2023. Savings accounts needed to have had at least £100 in total in one or more accounts at the end of any day in March 2023.
This included personal savings accounts and ISAs. To have a qualifying mortgage, a customer must have owed at least £100 on their Nationwide residential mortgage on March 31, 2023. Anyone who was eligible for the payments last year should have received the money automatically between June 13 and June 30.
Last year, the payments should have appeared in your bank statement as "Nationwide Fairer Share Payment". If the eligibility criteria for this year is similar to the above, keep in mind that the dates for this year will be different and most likely be relevant for 2024.
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