Martin Lewis’ MSE tells bank customers how to get share of £350 million profit going directly into Nationwide accounts
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Martin Lewis’ MoneySavingExpert has told bank customers how to get their share of a £350 million profit going directly into Nationwide accounts.
Last week, we reported how Nationwide was launching a new ‘Fairer Share’ scheme, promising to reinvest £340m in profits into its members.
To be an eligible recipient of the £100 lump sum, members need to have had 'a qualifying current account plus either qualifying savings or a qualifying mortgage' with Nationwide on the 31 March.
Explaining how it will work, Nationwide said: "We are proud to announce our financial results. As we're a building society, and not a bank, we're able to reinvest our profits for our members' benefit.
"We want to build on the existing value and benefits that our members receive – supporting them in a way others can't."
Now the team at MoneySavingExpert have broken it down further, reassuring people that it’s ‘not a scam’.
MSE explained the scheme comes after the society recorded its strongest ever financial results and posted pre-tax profits of £2.2 billion for the last tax year.
It said that Nationwide will contact those eligible by 26 May, either via online or app banking, or with an email or letter.
However, not all customers will get the payment - here's who's eligible:
You must have a Nationwide account.
Your account must have been open on 31 March 2023.
You must have used your current account earlier this year.
For FlexAccount, FlexBasic or FlexDirect customers, MSE said: “In two of the three months of January, February and March 2023, you must have received at least £500 into the account (excluding transfers in from other Nationwide accounts). Plus, you must have made at least two payments out of the account each month, in two of those three months. These requirements do not apply if you completed a switch into the account using the official switch service between 1 January and 31 March 2023.”
For FlexPlus, it said ‘you must have paid, and continue to pay, the monthly account fee’.
Meanwhile, for those with FlexOne, FlexStudent or FlexGraduate accounts, MSE said: “You must have received at least one payment in or made one payment out of your account during March 2023.”
You must ALSO have had savings OR a mortgage with Nationwide in March 2023.
For savings, you must have held ‘at least £100 in one or more Nationwide personal savings account(s) or cash ISA(s) at the end of any day in March 2023’.
For mortgage, you must have ‘owed at least £100 on a Nationwide residential mortgage on 31 March 2023’.
MSE added: “If you've withdrawn your savings or paid off your mortgage since the end of March, you'll still qualify provided your current account remains open.”
MSE said if you qualify, you’ll get the payment automatically in June, but advised watching out for scams asking you to apply.
It warned: “You DON'T need to do anything – watch out for scams inviting you to claim or apply for the payment or asking you to hand over your personal details.”