Nationwide Building Society is offering millions of its customers a free £100 payment but not member will be able to claim this award.
With more than 600 branches and around 16 million members, the financial institution is the biggest building society in the UK and is rewarding its customers after recent success.
What is Nationwide's £100 payment?
This sum is being handed out as part of the high street lender's "Fairer Share Payment" which launched last year.
In its role as a building society, Nationwide gives back to certain members and shares its financial success.
Some £385million in extra cash will be to around 3.85 million Nationwide customers after the provider confirmed profits of £2billion in the last tax year.
This is the second time the building society has made a similar payment after it rewarded over three million customers £340m in 2023.
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Bank customers can still get free cash by switching accounts GETTY Who is eligible for Nationwide's £100 payment?
In order to be entitled to this support, customers must have a Nationwide current account that has been open since March 31. Said accounts include:
- FlexAccount
- FlexDirect
- FlexBasic
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate.
Furthermore, current accounts must have been used in the last year. Within the first three months of this year, FlexAccount, FlexDirect and FlexBasic customers must have made at least two payments and received at least £500. Alternatively, customers can make 10 payments instead.
If someone has one or more of these accounts, payments made across all of these Nationwide products will count towards meeting the eligibility criteria. It should be noted that these requirements are not applicable if someone made the switch via the Current Account Switch Service.
FlexPlus customers can receive the extra £100m if they have paid, and continue to pay, the monthly fee attached to the account. For the other Flex products, customers need to have deposited or received money during March 2024.
On top of this, customers need to be taking advantage of Nationwide Building Society's savings or mortgage offerings to get the free £100.
Eligible members must have held at least £100 in total across one or more of the building society's personal savings accounts or cash ISAs at the end of any day in March of this year.
People will also qualify if they owed at least £3,100 on a Mortgage residential mortgage on the last day of the same month.
If customers have withdrawn their savings or paid off their mortgage since March, they will still be eligible for the lump sum as long as they remain a current account member.
When will Nationwide's £100 payment be paid?
The building society is currently in the process of handing out this cash to qualifying members.
Money will be delivered directly into a customer's Nationwide current account between June 13 and June 28 .
LATEST DEVELOPMENTS:
The building society is giving back to its customers
NATIONWIDE BUILDING SOCIETYThe £100 will appear on someone's bank statement as "Nationwide Fairer Share Payment".
Debbie Crosbie, the building society's CEO, shared that believes it to be "a joy to be part on an organisation that is mutual".
She said: “I am firmly committed and believe there is no more relevant time to be a mutual.
"There is no way the banks can compete with us in the value we are returning to members."
