Nationwide will announce its full-year results on May 29 – so confirmation on whether another Fairer Share bonus is coming will also be made on this day
The exact date when Nationwide will reveal if its £100 Fairer Share bonus will be paid out again has been shared. The bonus is based on the building society’s financial performance.
Nationwide will announce its full-year results on May 29 – so confirmation on whether another Fairer Share bonus is coming will also be made on this day. Last year, a total of £385million was paid out in June to 3.85 million customers after the building society announced profits of £2billion.
But not every customer received the bonus. Last year, needed to have a current account that 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.
The savings account must have had at least £100 in it, or you must have owed at least £100 on a mortgage with Nationwide. Last year, Nationwide paid its Fairer Share bonus between June 13 and June 28. It comes after Nationwide announced a separate £50 thank you bonus to its customers following its takeover of Virgin Money.
Nationwide is to pay out more than £600million to over 12 million of its members. The £50 bonus will be made from April 9 to anyone who had a savings or current account, or mortgage, at the end of last September. You must also 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. The payment will be made automatically, meaning you don’t need to do anything or contact Nationwide to get it. 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.”
If you’re considering moving to Nationwide, you can currently get a switch bonus of £175. To qualify, you must transfer a minimum of two active direct debits, deposit a minimum of £1,000 and make one debit card payment within 31 days. You also get access to a linked regular saver paying 6.5% variable interest for a year.
You can get the bonus when switching to a FlexPlus, FlexDirect, or a FlexAccount. Even existing Nationwide customers with one of these accounts can bag the extra cash by switching from another non-Nationwide account to the account, provided they adhere to the qualifying rules.
The £175 is paid within 10 days of meeting all the criteria. You won’t be entitled to the bonus if you switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.
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