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Millions of Nationwide customers to start receiving free £100 cash payment from tomorrow and who is eligible
Millions of building society customers will start to receive a free one-off £100 cash payment from tomorrow (June 13).
Nationwide – which has 16.3 million customers worldwide – will pay out £340million in total directly into customer accounts if they meet certain criteria. The new Fairer Share payment was confirmed after the company secured record profits of £2.2billion.
The money is being paid between June 13 and June 30 and will appear on bank statement as “Nationwide Fairer Share Payment”. The cash will be paid automatically if you are eligible to receive it and you don’t need to apply for it.
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To be entitled to the £100, you need to have a qualifying current account, plus a savings account or mortgage product with Nationwide. Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash reward.
Other current account eligibility criteria can be found below, depending on the type of account you have. Savings accounts will need to have had at least £100 in total in one or more accounts at the end of any day in March 2023 and this can include personal savings accounts and ISAs, the Mirror reports.
To have a qualifying mortgage, a customer must owe at least £100 on their Nationwide residential mortgage on March 31, 2023.
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.”
Current account eligibility criteria
If you have a FlexAccount, FlexBasic or FlexDirect account, you must have paid in or received at least £500 in two of the three months of January, February and March 2023. This doesn’t include transfers from other Nationwide accounts.
You must also have made at least two payments each month, in two of those three months. If you switched into your account using the Current Account Switch Service (CASS) between January 1 to March 31, 2023, these requirements do not apply.
FlexPlus account holders must be continuing to pay the monthly account fee to receive the £100 reward. If you have a FlexOne, FlexStudent or FlexGraduate account, you must have received at least one payment or made one payment during March 2023.
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