Nationwide customers are set to receive £100 p.a. after the building society launches a new reward scheme for its most loyal savers.
GLOApproximately 3.4 million Nationwide Building Society members are set to receive a £100 bonus through the newly launched Nationwide Fairer Share reward program. This initiative aims to acknowledge and reward members who have strong connections with Nationwide. A total sum of £340 million will be distributed among eligible members who hold a qualifying current account along with a qualifying savings or mortgage product. The payments will be automatically sent out in June to those members who held their qualifying products on March 31, 2023.
Starting from Friday, Nationwide will begin notifying eligible members about the reward and hopes to have as many members as possible qualify for it. The society also plans to provide the payment on an annual basis, as long as it doesn’t negatively impact its financial stability. To be eligible for the Fairer Share payment, members must have had a qualifying current account open on March 31, 2023, and still maintain one in June of the same year.
For members with qualifying savings, they must have had a minimum total of £100 in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2023. Those with a qualifying mortgage must have owed the society at least £100 on their Nationwide residential mortgage as of March 31, 2023.
Nationwide has also introduced a new product called the Fairer Share bond, which offers a 4.75% interest rate and is accessible to all 16 million of its members. This two-year bond can be opened through various channels such as branches, the banking app, or the internet bank.
The Fairer Share reward scheme is a response to Nationwide’s positive financial results and profits of £2.2 billion. By prioritizing its members and giving back to them, the society aims to demonstrate its commitment to their well-being. Overall, the Nationwide Fairer Share scheme is a well-received initiative that is likely to bring joy to many members. Through the provision of an annual reward payment and an attractive bond product, Nationwide shows its dedication to delivering substantial value to its members, which is expected to attract more individuals to consider joining the society in the future.
