Nationwide shares major update on £100 customer bonus payout date
The building society operates as a mutual rather than a traditional bank, meaning it's owned by and run for the benefit of its members.
As such, Nationwide shares profits among account holders (rather than shareholders) as part of its Fairer Share Payment initiative, with almost 4 million customers nabbing a £100 bonus last summer.
'The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us,' the bank said in a statement.
The exact details of Nationwide's next one-off payout have yet to be revealed, but recently announcement offers a major update on the timeline.
And ahead of the Board's official decision, last year's eligibility criteria gives us an idea of what to expect this time around.
The bank's financial results are due to be shared with the public on Thursday May 29, along with an announcement on the Fairer Share Payment.
A Nationwide spokesperson tells Metro: 'Nationwide's Board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance.
'That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too. The decision will be announced as part of our full year results in May.'
Last year, bonuses were deposited into members' accounts between June 13 and June 28, so if the scheme does go ahead – which Martin Lewis's Money Saving Expert said is a 'likely' outcome – you'll probably have a few months to wait before you receive any cash.
However, all the hard work was done for customers in previous payouts, so you shouldn't need to make a claim or request the money yourself.
If it's confirmed and you think you qualify but haven't heard anything from Nationwide by June, get in touch. And don't forget to stay aware of fraudulent attempts at obtaining your personal information to apply for the payment.
Assuming the scheme comes with the same prerequisites as it did for 2023-2024, to be in the running, customers must hold both a qualifying current account as well as a qualifying savings or mortgage account.
Each of the bank's current accounts were eligible, providing certain criteria are met.
The first of these is that the account was open on March 31, the end of the financial year — although those who switched accounts between January 1 and March 31 were exempt from any additional requirements.
Otherwise, Nationwide explained that FlexAccount, FlexDirect or FlexBasic holders must have either received £500, made two payments from their account, or completed at least 10 payments out of the account between January and March to qualify.
Meanwhile, FlexPlus account holders must have paid their monthly fee, and FlexOne, FlexStudent or FlexGraduate customers need to have made at least one payment in or out during March.
Those with investment accounts and stocks and shares weren't included in the criteria, but savings account holders qualified if they had a minimum of £100 in total across Nationwide personal savings accounts or cash ISAs at the end of any day in March. More Trending
When it came to mortgages, customers must have owed at least £100 on their residential mortgage with the building society on March 31.
Home loans through subsidiaries such as The Mortgage Works, UCB Home Loans Corporation Limited, or Derbyshire Home Loans Limited are excluded from the bonus, as are commercial mortgages and those not completed by March 31.
If you're not sure whether you fit the bill, you can use Nationwide's eligibility checker to work it out (although be aware this criteria may change for 2025).
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A version of this article was first published on December 12, 2024.
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