NATIONWIDE, the largest building society in the UK, has informed many of its customers that they will be receiving £100 next month as part of its new share offer. The financial institution confirmed this announcement on Friday, revealing that the money will be distributed to customers with savings or current accounts who meet specific criteria.

As a building society owned by its customer members, Nationwide aims to ensure that its members benefit from profits through improved saving rates and other advantages. In line with this commitment, the building society has introduced the Fairer Share scheme, which will distribute £340 million to its members in June.

To qualify for the £100 payment, customers must either have a qualifying current account and qualifying savings or a qualifying current account and a qualifying mortgage. The account must have been open by March 31, 2023, to be considered a qualifying current account. The following types of accounts meet the criteria:

• FlexPlus: Customers must pay the monthly fee for maintaining the account.
• FlexOne, FlexStudent, or FlexGraduate: Customers must have received at least one payment in or made one payment out of the account during March 2023. Charges, interest, or balance adjustments do not count.
• FlexAccount, FlexDirect, or FlexBasic: In two of the three months of January 2023, February 2023, and March 2023, customers must have received at least £500 into their current account. Transfers from other Nationwide accounts are not considered. Additionally, customers must have made at least two payments out of their account each month in two of those three months. Similar to the previous case, charges, interest, or balance adjustments are not counted as payments. Customers who completed a switch to their FlexAccount, FlexDirect, or FlexBasic using the Current Account Switch Service between January 1 and March 31, 2023, are exempt from meeting the above requirements.
• Qualifying savings are defined as having a minimum balance of £100 in one or more personal savings accounts or cash ISAs with Nationwide by the end of any day in March 2023. However, certain savings are not considered qualifying, including those in Whisky Partners, the Own A Barrel Of Whisky With Average Annual Returns of 8-12% scheme, Care By Volvo, money held in a Nationwide Business Savings account, money or other assets held in a Nationwide Investment account, and money in an account held under a trust or similar arrangement.

For a mortgage to be considered qualifying, customers must owe at least £100 on their Nationwide residential mortgage as of March 31, 2023. However, mortgages with subsidiaries such as The Mortgage Works (UK) PLC, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E-Mex Home Funding Limited, mortgages that were applied for but not completed by March 31, 2023, and Nationwide commercial mortgages are not included as qualifying mortgages.

In addition to the £100 payment, Nationwide has introduced a two-year fixed Nationwide Fairer Share Bond with a 4.75% interest rate. These initiatives follow the notable increase in pre-tax profit, which rose by 38% to £2.2 billion in the year leading up to April, compared to £1.6 billion the previous year.

Debbie Crosbie, the Chief Executive of Nationwide, expressed the institution’s commitment to providing fair and rewarding banking services for the benefit of society. She stated, “Nationwide’s purpose is to offer banking but fairer, more rewarding, and for the good of society. That’s why we have introduced the Nationwide Fairer Share, which will see us return even more value back to members. We are able to do this because of our financial strength