THOUSANDS of building society customers are set to get a free £100 cash payment by Friday.
The money comes by way of Nationwide‘s Fairer Share scheme, which has seen 99.9% of the bonuses sent out already.
Around 3.85million customers are entitled to the £100, which started landing in accounts on June 13.
In total, the building society expects to pay out £385million to all eligible customers between June 13 and June 28.
With just two days left for payments to be made, Nationwide estimates just a few thousand are left to be sent out.
So if you haven’t had yours yet, no fear because the cash should be with you by Friday.
To qualify, members must hold a qualifying current account and either a qualifying savings or mortgage product.
However, to be eligible, you must have held the account on March 31 and still have it open this month.
If you qualify, the bank should have contacted you via the Nationwide banking app, post and email before the end of May.
The payment will show up as “Nationwide Fairer Share Payment” on your bank statement.
It is the second time that the bank has made this type of payment.
Last year, Nationwide reported profits of £2billion, this meant it distributed £344million through its first-ever Fairer Share Payment to eligible members.
The building society also launched a £200 Member Exclusive Current Account Online Switch Offer.
To qualify for the incentive, you must already be a member on March 31, 2024.
You’ll need to switch a non-Nationwide current account (including 2+ direct debits) into a new or existing FlexDirect account.
Customers will need to do this via the Current Account Switch Service.
A minimum of two active Direct Debits must be transferred to the new account.
Below, we’ve explained the qualifying criteria for the free £100 Fair Share payment, how to check if you’re eligible, and how the payment will be made.
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
To be eligible, you must have one of the following product combinations with Nationwide:
The following current accounts will qualify you for the payment:
If you have one of the current accounts above and at least £100 in total in one or more personal savings accounts or cash ISAs in March, then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you’ll qualify for the windfall.
And it’s good news if you have a joint current account, savings or mortgage because you will both qualify separately.
This means you will get a total of £200.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
Visit www.nationwide.co.uk/about-us/fairer-share/check-if-eligible to check if you qualify.
All eligible members will get the £100 payment by Friday this week – June 28.
If you qualify, you should have already been contacted.
The cash will be paid into your Nationwide current account.
You’ll just need to look out for the code “Nationwide Fairer Share Payment” on your bank statement.
Nationwide has said that it intends to make the payment annually as long as the Society continues to perform well financially.
While this means that similar payments may well be made in the future, there is, of course, no guarantee.
And there are lots of things to consider before you open a new bank account.
Remember to check all the terms and conditions and that the accounts work for you.
For example, some accounts require a monthly payment of a certain amount or may charge a monthly maintenance fee.
Or, if you require an overdraft, check the charges first.
It’s also worth weighing up whether the benefits of an instant cash boost outweigh the benefits of choosing a bank or building a society that offers better savings and mortgage rates.
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