Nationwide Building Society unveils exact date customers will get free £100 bonus - but who is eligible?

Nationwide Building Society is set to offer a £100 bonus to qualifying customers in 2024 as part of its Fairer Share Payment program. The building society has announced that it will distribute some of its profits among members who hold a current account, use any of Nationwide's savings options, or have a mortgage with them.

The payment arrives at a time when numerous families are struggling with increasing expenses due to the ongoing cost of living crisis. In a recent announcement, Nationwide shared when individuals can anticipate receiving their payments. So, who qualifies for this financial assistance and when can they expect to see the funds?

Who can qualify for Nationwide's complimentary £100?

To be eligible for the £100 bonus, customers of the building society need to have a qualifying current account as well as either a savings account or a mortgage with Nationwide.

Eligible accounts include the FlexPlus, FlexOne, FlexStudent, and FlexGraduate accounts. To qualify, these current accounts need to have been active as of March 31, and each account type has its own specific requirements.

To qualify for this, FlexPlus account holders need to have settled their monthly fee. Meanwhile, customers with FlexOne, FlexStudent, or FlexGraduate accounts must have conducted at least one transaction, either a payment or withdrawal, in March.

Do you have a financial experience you'd like to talk about? Feel free to reach out by sending an email to [email protected].

Nationwide is providing special offers for its customers.

If you have a FlexAccount, FlexDirect, or FlexBasic account, you'll need to fulfill one of two requirements for at least two months between January and March 2024. You can either receive a total of £500 into your account or make two outgoing payments, or you can complete at least 10 payments from your account during that timeframe.

These conditions do not affect customers who changed their account from January 1 to March 31. To be eligible for the savings accounts, customers need to have a minimum total of £100 across their personal savings accounts or cash ISAs with Nationwide by the end of any day in March 2024.

Investment accounts, stocks, and shares do not meet the qualification requirements. For mortgage applications, customers need to have had a minimum balance of £100 on their residential mortgage with Nationwide as of March 31.

It's important to keep in mind that mortgages associated with companies like The Mortgage Works, UCB Home Loans Corporation Limited, or Derbyshire Home Loans Limited are not eligible. The program also does not cover commercial mortgages or any mortgages that were not finalized by March 31.

When can customers expect to receive Nationwide's complimentary £100 bonus?

Nationwide intends to distribute the bonus payments from June 13 to June 28, 2024.

The payment will be credited straight into customers' Nationwide current accounts and will show up on building society statements as "Nationwide Fairer Share Payment."

For those who share a joint account, the rules apply to each account holder individually. This means that both individuals may qualify for the payment if they satisfy the requirements. The building society has stated that it will give preference to payments made into accounts held in a single name whenever feasible.

People who handle accounts through power of attorney or third-party arrangements will not receive the bonus themselves, but the account owner might still qualify. Experts believe that a lot of banking customers might be passing up better offers by remaining with their current bank.

The building society is giving rewards to its members at NATIONWIDE BUILDING SOCIETY.

Lately, numerous banks and building societies have introduced promotional offers that provide customers with free money. These incentives aim to reward current clients and attract new ones to switch their banking services. Nevertheless, many of these offers have increasingly vanished from the market as traditional banks deal with an unpredictable financial environment.

Alastair Douglas, the head of TotallyMoney, urged people in the UK to consider changing banks if their current account isn't providing a competitive offer compared to what's on the market.

He stated: "Our findings indicate that only 20% of adults have opened a new checking account in the last year, and around half have remained with the same bank for over four years."

This suggests that countless individuals might not be experiencing improved banking options. Changing banks shouldn’t feel overwhelming, and the Current Account Switch Service simplifies the process. They will handle the transfer of your Direct Debits, payments, and income to your new bank within a week.