Millions of Nationwide customers receiving £100 cash into current accounts

Millions of Nationwide customers have started to receive £100 cash payments into their current accounts.

Many people who bank with Nationwide have been waking up this week to a nice surprise of finding they’re £100 up, after getting a free cash payment as part of a customer rewards loyalty scheme.

The bonus is part of the Fairer Share Payment scheme which was set up by the building society to pay out dividends from company profits to its members, provided they meet all the eligibility requirements.

Nationwide, which has 16.4 million worldwide customers, has begun rolling out the one-off lump sums to 3.4 million people who have an account with them.

After it reported record profits of £2.2 billion last year, the building society giving £340 million of that to its loyal customers. 

And its customers don’t need to lift a finger to claim the payment as the bank will deposit the 100 quid automatically.

The cash sum has already started to land in accounts as of Tuesday June 13th, and will continue to be rolled out until June 30th.

If you’ve had the payment already, you’ll notice it under ‘Nationwide Fairer Share Payment’ on your bank statement. If you’ve not had it yet but you think you’re one of the lucky ones who will get it then keep your eyes peeled over the coming weeks.

Those who are eligible for the cash reward must have a qualifying current account, savings account, or a mortgage with the building society.

Other eligibility rules also apply, such as, your current account needs to have been opened before the end of March and still open in June this year -as well as some other qualifying criteria listed on the Nationwide website.

For those with a savings account, you’ll have to have had at least £100 in it at the end of any day in March, including personal savings accounts and ISAs.

If you have a mortgage with Nationwide, you’ll have to have had at least £100 left to pay off on that product on March 31st.

And, if you have a FlexAccount, FlexBasic, or FlexDirect account, you’ll have to have received or paid in at least £500 in two out of three months from January, February and March this year. That can’t include transfers from other Nationwide accounts.

Chief executive Debbie Crosbie said: “We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society.

“Our strongest financial performance means that we are able to launch the Nationwide Fairer Share Payment, as well as the Nationwide Fairer Share Bond – with a highly competitive interest rate on savings for our existing members.

“We can do this because we’re a building society, not a bank, and our profit is reinvested for our members’ benefit.”

To find out more (including additional criteria) and see if you’re eligible for the £100, visit the Nationwide website.