Millions of customers of Nationwide are set to learn this week if they will receive a one-off payment of £100 through the lender’s “Fairer Share” bonus scheme. This announcement is anticipated alongside the full-year financial results release, scheduled for Thursday, May 21. If approved, this will be the fourth consecutive year that Nationwide has distributed profits directly to its eligible members.
Nationwide’s Bonus Scheme History
Last year, Nationwide shared £400 million among over four million customers after achieving a pre-tax profit of £2.3 billion. The previous year, £385 million was distributed to about 3.85 million people. These initiatives emphasize Nationwide’s commitment to rewarding its customers.
Eligibility Criteria for the £100 Payment
The exact criteria for the upcoming payments will be confirmed shortly. However, previous years provide a clear framework for determining eligibility. To qualify, members typically need a combination of the following:
- Savings Accounts: A minimum balance of £100 by the end of March.
- Mortgages: A remaining balance of at least £100 on their mortgage.
- FlexPlus Accounts: Automatic eligibility upon payment of the standard £18 monthly fee.
- Standard Current Accounts: A deposit of at least £500 and multiple outbound transactions during the qualifying period.
Furthermore, customers who switched accounts just before the qualifying deadline were previously excluded from some criteria. Nationwide has indicated that the new bonuses may follow similar guidelines, with minor adjustments.
Timing and Tax Implications
If confirmed this week, eligible members should see the £100 payments deposited into their accounts between June and July. For tax purposes, this bonus is treated as savings interest, which falls under the Personal Savings Allowance. Consequently, most basic-rate taxpayers can earn up to £1,000 in interest tax-free each year.
With anticipation building around the announcement, eligible customers are hopeful for another rewarding year from Nationwide’s bonus scheme. Stay updated by checking El-Balad for the latest news on this significant financial benefit.
