Nationwide customers could soon get free £100 bonus weeks after £50 'thank you' payment
Millions of Nationwide customers could soon receive a free £100 payment, with details expected to be confirmed next month. The building society has paid out its Fairer Share bonus for the last two years in a row.
It is all dependent on how much profit Nationwide has made, with its next full-year financial results expected on May 29. There should be confirmation on whether another Fairer Share bonus is coming will be made on this day.
Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. The bonus payments were made between June 13 and June 28 - so it is likely customers would have to wait until June again to get the money, if another round is confirmed.
Not every customer will likely be eligible to get the bonus. Last year, you needed to have a Nationwide current account that was opened on or before March 31, 2024.
FlexAccount, FlexBasic and FlexDirect account holders needed to have paid in at least £500 and made two payments in two of the first three months of the year, or made at least ten payments out of the account. FlexOne, FlexGraduate, FlexStudent account holders needed to have made a payment in or out of the account in March 2024.
FlexPlus packaged accounts were also eligible and the only criteria was that you had to have paid the account fee. But as well as having one of these qualifying current accounts, you also needed to have a savings account or mortgage with Nationwide.
Last year, the savings account need to have a balance of at least £100, or you must have owed at least £100 on a mortgage with Nationwide. It comes after Nationwide recently paid a separate £50 thank you bonus following its takeover of Virgin Money.
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The building society paid out £600million to over 12 million members who had a savings or current account, or mortgage, at the end of last September. You must needed to have made at least one transaction through your current account or savings, or had a balance of at least £100 in your current account, savings or mortgage, in the 12 months to the end of September 2024.
Your account or mortgage must also still be active at the time the payment is made. Nationwide announced its intention to acquire Virgin Money in March 2024 and the deal was completed in October 2024.
The acquisition was approved by a judge at a specialist court after 90% of Virgin Money shareholders backed the scheme at a vote early last year. Debbie Crosbie, Nationwide CEO, said: 'Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
'The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It's another of the very real benefits of being a member of Nationwide and our modern mutual model.'
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