Nationwide Building Society 'in position' to offer free £100 cash bonus in 2025 - are you eligible?
Greg Smith issues warning about tax on savings interest
GB NEWS
Nationwide Building Society customers could be awarded a free £100 cash boost in 2025 as part of its Fairer Share Payment. But, who is eligible for this deal and how can you claim this sum?
Outside of offering competitive savings interest rates of up to eight per cent, the building society has handed out an annual bonus to its members over the last two years. A similar payment could be given next year.
What is Nationwide's free £100 cash bonus?
Over the last couple of years, Nationwide has given back to its customers by sharing a portion of its profits. Those who have previously been eligible have been awarded £100.
Launched in 2023, the building society's Fairer Share Payment has rewarded members with extra £700million overall. As it stands, Nationwide has 16 million members but only under four million of this group qualify for the initiative.
Existing customers, who did not use Nationwide for everyday banking, were offered the £200 Member Exclusive Current Account Switch Online Offer by the building society. They were told this would "put them in prime position" to get a Fairer Share Payment in "future years".
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Nationwide has given out free £100 cash bonuses to customers - but will the building society do the same in 2025
NATIONWIDE / GETTY
Who is eligible for the Nationwide's free £100 cash bonus?
In order to access a potential payment in 2025, customers will likely need to meet previous eligibility criteria. This meant members needed to have either a qualifying current account and qualifying savings, or qualifying current account and a qualifying mortgage.
Furthermore, said current account must have been been open on March 31, 2024, and all extra requirements had to be met depended on the type of current account held by that day.
Here is a list of the qualifying current accounts people need to have with Nationwide to access the Fairer Share Payment, as well each product's requirements for customers:
- FlexPlus - Members need to pay the monthly fee to maintain the account
- FlexOne, FlexStudent or FlexStudent - Customers need to have received at least one payment in or made one payment out of the account in March 2024
- FlexAccount, FlexDirect or FlexBasic - Members need to either have received at least £500 into the account between January to March 2024 and made two payments out of the product, or have made 10 payments out of the current account.
Customers have benefited from the building society's Fairer Share
GETTY/NATIONWIDEIt should be noted that switched to one of these accounts using the Current Account Switch Service between January 1, 2024 and March 31, 2024 did not need to meet these requirements.
Members of Nationwide are considered had eligible savings if they have at least £100 in total in one or more personal savings accounts or cash ISAs at the end of any day in March 2024.
There are some notable exceptions, such as any cash being held in one of the financial institution's business savings accounts. These include BusinessInvestor, PortfolioInvestor and Treasurer’s Trust accounts.
Furthermore, money or other assets held in a Nationwide investment product do not count, which includes a stocks and shares ISA. Cash in accounts in the name of another individual that is being held in a customer's benefit under a trust or similar agreement are also not considered qualifying.
Any Nationwide borrowers need to have owed at least £100 on their residential mortgage with the building society on March 31, 2024. However, commercial mortgages, any products taken out with a subsidiary or uncompleted applications by March 31, 2024 are not considered eligible.
People were able to check their eligibility for Nationwide Building Society's Fairer Share Payment using the lender's checker tool this year.
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NATIONWIDE/VIRGIN MONEYWill there be a Nationwide £100 free cash bonus in 2025?
Currently, there has been no official confirmation by the high street building society that the scheme will continue in the New Year but there has been signs it could return.
Recently, Nationwide's chief executive Debbie Crosbie told the Mail that the financial institution was "well positioned" to repeat the loyalty initiative for members who qualify.
She explained: "We’re not ready to make those announcements. But we’re really confident that this year we can do something that’s above and beyond what you would normally expect."
These comments were made following the news that Nationwide's takeover of Virgin Money which saw the lender in receipt of a £2.3billion windfall. However, Virgin Money customers would not be entitled to the Farier Share Payment.
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