Members can also earn an additional £200 with a new, exclusive current account switching deal.
Nationwide BS customers are set to be £100 better off in time for summer after the building society announced it’s rolling out its third Fairer Share Payment from next month.
The mutual has a history of distributing some of its earnings to eligible members; this latest payment comes as it reported pre-tax profits rose to £2.3 billion in the year to 31 March.
“Nationwide has had an outstanding 12 months,” said Debbie Crosbie, Group CEO at Nationwide BS. “We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances.”
Over four million eligible customers will receive the £100 bonus paid directly into their Nationwide BS current account between 18 June and 4 July. The building society is further rewarding its members with an exclusive £200 current account switching incentive and 18-month fixed bond paying 5.00% AER.
Are you eligible?
In addition to a current account, members will also need to hold a qualifying savings account or mortgage deal with Nationwide BS (as last checked on 31 March) to be eligible for its £100 Fairer Share Payment.
“This will of course perplex customers who have been loyal for many years and may not have realised that they had to meet certain eligibility criteria,” said Rachel Springall, Finance Expert at Moneyfactscompare.co.uk. She encouraged customers to read the terms and conditions carefully, adding that those who feel they should be getting payments “would be wise to contact Nationwide to find out where they stand”.
Importantly, Springall also highlighted that the £100 payment will be treated as taxable savings income and, as such, will be reported to HMRC. “Therefore, savers need to ensure they keep within their Personal Savings Allowance (PSA) for any savings interest they take home,” she added.
