The British building society has announced it will be issuing another "Fairer Share" loyalty payment to its members. Additionally, it is introducing an exclusive 5.5% savings bond.
GLONationwide is issuing a £100 payment to eligible customers for the second consecutive year. The “Fairer Share” cash bonus will distribute £385 million among current account holders with either a savings account or a mortgage. This means 3.85 million customers will receive the bonus, compared to last year when Nationwide paid £344 million to 3.44 million customers through the loyalty bonus.
This announcement follows the building society’s £2 billion profit in the last financial year and the approval of Virgin Money’s takeover by 89% of voting shareholders on May 22. Alongside the £100 bonus, Nationwide is launching a 5.5% savings bond for its 16 million customers and a £200 switching offer. The 5.5% savings bond could be advantageous if you’re considering fixing your savings before any potential Bank of England interest rate cuts.
Debbie Crosbie, Nationwide’s chief executive, stated, “Our strong financial performance means we are able to offer more ways for our members to benefit from our success.”
Here’s how the £100 payment works:
Eligibility for the £100 Bonus
Not all Nationwide account holders will receive the £100 payment. To qualify, customers must have had a current account with Nationwide on March 31 and still have an open account in June. Additional criteria depend on the type of current account held:
- FlexPlus customers must be paying their monthly fee.
- FlexAccount, FlexBasic, or FlexDirect customers must have either received at least £500 (excluding transfers from other Nationwide accounts) and made at least two payments or made at least 10 payments from the account in two of the three months (January to March).
- FlexOne, FlexStudent, and FlexGraduate customers must have made at least one payment in or out of their account in March.
Customers must also have a savings account with at least £100 in total in personal savings accounts or cash ISAs by the end of any day in March or have a residential mortgage with at least £100 left as of March 31. Even if savings are withdrawn or mortgages paid off since then, eligibility remains as long as the current account is open.
Myron Jobson, a senior personal finance analyst at Interactive Investor, describes the payment as “a welcome cash boost to eligible customers with no strings attached, which is particularly appealing in today’s economic climate.” He also notes that the initiative could attract more business for the building society.
To check eligibility, customers can log in to their online banking or use Nationwide’s eligibility checker.
Criteria Compared to Last Year
The criteria are largely the same, with two updates to make the Fairer Share Payment more inclusive. These updates include:
- Eligibility if customers make at least 10 payments from their current account in two of the three months (January to March 2024).
- Payments in and out of multiple current accounts (if held) count towards meeting the criteria.
Payment Schedule
Eligible customers will be notified by May 31, with payments made directly into Nationwide current accounts between June 13 and June 28, appearing as “Nationwide Fairer Share Payment.” No application is needed, and customers should beware of scams.
Annual Payments
Nationwide intends to make this an annual payment, provided it doesn’t harm the society’s financial strength and receives board approval, hoping more members will qualify in the future.
Nationwide’s 5.5% Member Exclusive Bond
Nationwide has introduced a Member Exclusive Bond with a 5.5% AER/gross (fixed) rate for 18 months. Withdrawals are not permitted until the term ends, with interest paid annually. This rate is among the highest, topping best-buy tables. The bond has a maximum investment limit of £10,000 and can be opened in branches, via the banking app, or online.
£200 Switching Offer for Existing Customers
Nationwide has also launched a £200 switching deal exclusively for existing members. Customers who were members on March 31 can receive a £200 “Member Exclusive Current Account Online Switch Offer” by switching their current account to Nationwide. They must complete a full switch using the Current Account Switch Service and transfer at least two active Direct Debits. Customers can also switch an account from another provider to an existing Nationwide account.
Source: Nationwide
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