Anish Vij
Millions of customers banking with Nationwide will be delighted to welcome a free £100 bonus into their accounts very soon.
Through its 'Fairer Share' scheme, the UK financial institution is offering many of its current account customers a whopping £385 million payout.
Last year, £340 was paid out to 3.4 million customers, while an increase of 3.85 million customers are set to benefit this time.
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Now, according to Martin Lewis' MoneySavingExpert, not all Nationwide customers will get the payout, and you'll need to make sure you qualify via the criteria below:
-Make sure you have a Nationwide account
-Your account must be open as of 31 March 2024
-You must have used your current account earlier this year
-For two out of the three months of January, February and March 2024, you must have either received at least £500 into the account and made at least two payments out of the account - or made at least 10 payments from the account
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-You'll also need a savings or a mortgage with Nationwide within March 2024
If you qualify, you should expect payment between Thursday 13 June and Friday 28 June.
The payment should appear on your statement as 'Nationwide Fairer Share Payment'.
Though, as a result, Nationwide's profits have taken a hit following the scheme.
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The company revealed lower earnings over the past year but said it handed out a record amount of money to its members.
Nationwide reported a statutory pre-tax profit of £1.8 billion for the year to 4 April, down about a fifth from the £2.2 billion reported this time last year.
Chris Rhodes, Nationwide’s finance chief, said: “As we look forward, we do expect the market to gradually improve, both as affordability improves from falling interest rates, and with wage inflation running ahead of CPI (Consumer Prices Index) inflation.”
Debbie Crosbie, Nationwide’s chief executive, said: "We’ve been really pleased with how robust the customers in our society have been, we’ve seen arrears remain low, a very slight uptick, but we’ve seen people continuing to spend."
Last year, she echoed: "We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society.
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"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."