Nationwide Building Society has announced it is sharing its £340m profit to eligible account holders in June. The Building Society has introduced the Nationwide Fairer Share scheme that sees eligible members get a £100 payment and access to a 2-year fixed-rate bond paying 4.75% interest.
Debbie Crosbie, Chief Executive of Nationwide Building Society said: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society. That is why we have introduced The Nationwide Fairer Share, which will see us return even more value back to members. We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is reinvested for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”
In this article, we explain the Nationwide Fairer Share scheme, who is eligible and how to get the Fairer Share Payment or bond.
What is the Nationwide Fairer Share scheme?
Nationwide has launched its Fairer Share scheme in a bid to give back to its customers. Nationwide says that it wants to reward and support its customers 'in a way others can't' and is able to do this by reinvesting its profits offering members a £100 one-off payment and access to an exclusive savings account. We explain the benefits in more detail below, including who is eligible and whether you qualify.
What is the Nationwide Fairer Share Payment?
The Nationwide Fairer Share Payment is a one-off £100 payment that will be paid automatically to eligible members between 13th and 30th June 2023.
The payment will be paid into your Nationwide current account as long as the account is open on the day that the payment is due to be paid. If you have more than one Nationwide current account, the payment can be paid into any one of these accounts. If you have a joint account, the money will be paid there. Joint account holders may each be eligible for the payment as long as all eligibility criteria is met.
It is worth considering that the Nationwide Fairer Share Payment is classed as taxable savings income which means you could pay tax on the payment if you exceed the Personal Savings Allowance, which is £1,000 of interest on savings for basic rate taxpayers. For higher-rate taxpayers, this allowance is reduced and you could therefore be more likely to pay tax on the payment.
Who is eligible for the Nationwide Fairer Share Payment?
In order to receive the Nationwide Fairer Share Payment you must have a qualifying Nationwide current account and savings account or have a qualifying Nationwide current account and mortgage.
Below we explain which accounts and products must be held in order to qualify for the Nationwide Fairer Share Payment.
Qualifying current accounts
- FlexPlus - Must be paying the monthly fee to maintain the account
- FlexOne/FlexStudent/FlexGraduate - Must have received at least one payment in or made a payment out of your account during March 2023 (excludes charges, interest or adjustments)
- FlexAccount/FlexDirect/FlexBasic - Must have received at least £500 into your account and made at least two payments out of your account within at least two of the three months between January - March 2023. If you completed a switch to any of these accounts between 1st January 2023 and 31st March 2023 these requirements do not apply.
Qualifying saving accounts
You must have at least £100 in one or more personal Nationwide savings accounts or cash ISAs at the end of any day in March 2023.
Excluded savings accounts:
- Nationwide Business Savings accounts
- Money held in a Nationwide Investment account e.g Stocks and Shares ISA
- Money in an account in someone else's name held for your benefit e.g a trust
In order to have a qualifying mortgage you must owe a minimum of £100 on a Nationwide residential mortgage on 31st March 2023.
- Mortgages with a subsidiary e.g The Mortgage Works (UK) plc
- A mortgage that did not compete by 31st March 2023
- Commercial mortgages
How to get the Nationwide Fairer Share Payment
The Nationwide Fairer Share Payment will be paid automatically to Nationwide current account holders between 13th June 2023 and 30th June 2023.
If your account is not open on the day the payment is due then you will not be eligible to receive the money. If you do not want to receive the payment you can call Nationwide on 0330 123 9734 by 7th June 2023.
If you believe that you should have been eligible for the payment, but do not receive it, you can contact Nationwide and explain your eligibility.
What is the Nationwide Fairer Share Bond?
The Nationwide Fairer Share Bond is a savings account that is exclusive to eligible Nationwide members. The interest rate is fixed at 4.75% for 2 years and the money saved cannot be accessed until the account matures.
The account is not designed for those who wish to deposit money into the account regularly as there is a 14-day deposit window once the account has been opened. As a result, this account is better for those who have a larger deposit amount. If you will need access to the money, it is not advisable to open the account as it will be locked away for 2 years with no ability to withdraw money early.
Who is eligible for the Nationwide Fairer Share Bond?
In order to be eligible for a Nationwide Fairer Share Bond you need to meet all of the following criteria:
- Be a UK resident
- Aged 16+
- Hold a Nationwide current account, savings account or mortgage on 18th May 2023 and still have the account or mortgage
- Be registered for internet banking
- Have a valid email address
- Deposit money within 14 days of the account opening
- Have a minimum of £1 to open an account
- Be willing to lock away your money for 2 years
How to get the Nationwide Fairer Share Bond
You can open a Nationwide Fairer Share Bond online using Internet banking or via the Nationwide banking app.
Alternatives to Nationwide
If you don't qualify for the Nationwide Fairer Share benefits or are looking for additional ways to earn interest on your money take a look at our Savings Best Buy Tables or our article, 'Which is the best savings account?' which are regularly updated with the latest savings rates.
You may also wish to switch current accounts, where you may be able to benefit from a bonus of up to £200. We round up some of the best offers in our article, 'Best current account switching offers'.