Nationwide Fairer Share Payment to pay out £340million
Nationwide has revealed they intend to pay out more than £340million to their members, as part of a ‘Fairer Share’ offer.
As the biggest building society in the UK, Nationwide made a record profit of £2.2billion (pre-tax) in the last 12 months. This has led Nationwide to offer a £100 payment to eligible customers to ‘return value back to its members’.
What is Nationwide Fairer Share?
Nationwide has launched the Nationwide Fairer Share scheme to reward members, using a portion of last years record profits. Nationwide is member owned building society not a bank. Because of this, members are meant to benefit from Nationwide’s financial strength, through better rates on financial products such as mortgages.
This year many Nationwide customers will also benefit from a £100 payment paid directly into their current account. The payment should be received between 13th- 30th June 2023 and applies to customers who were eligible as of 31st March 2023.
To qualify for a Fairer Share payment, you must have:
- A qualifying current account and savings product. (Your current account must have been open on the qualifying date and still be an open account in June. You must have had at least £100 in total in one or more Nationwide personal savings accounts or cash ISAs in March 2023)
- A qualifying current account and Nationwide residential mortgage. (Your current account must have been open on the qualifying date and still be open in June. You must have repaid Nationwide at least £100 on your mortgage by the end of March 2023)
Qualifying members will be contacted by Nationwide by the 26th May 2023, if you are eligible for a Fairer Share payment. If you have online banking, you will receive a notification when you next log in.
If you haven’t received a notification, there are a few ways to contact Nationwide Building Society to find out more. You can:
- Speak to Nationwide by sending a message via your Mobile Banking App (via the Help and Contact Us section).
- Talk to a Nationwide agent on LiveChat via the Messages option on online banking.
- Ask in branch (if you do not have online banking set up)
Are you a Nationwide member?
You are automatically enrolled as a Nationwide member if you have one of the following financial products with Nationwide:
- Current account
- Savings account
- Business savings account (sole trader, partnership, or unincorporated body)
You also must have these products through Nationwide directly and not through one of their subsidiaries (e.g. The Mortgage Works).
Being a member gives you access to benefits such as members only products, better rates, and the ability to have your say in how the business is run.
Other Nationwide announcements
In the same press release, Nationwide revealed a brand-new product. This was a 2 year Nationwide Fairer Share Bond fixed savings account (4.75% interest). This savings bond is exclusive, only available to existing members.
This could be extremely helpful for those looking to save with a steady, predictable rate of interest. As this is a fixed product, you won’t be able to access the money until after the 2 years ends.
Nationwide executives have also warned that some households might find it difficult to afford higher mortgage payments due to increased interest. Mortgage rates are still significantly higher than they have been in recent years. Nationwide have offered reassurance they will do what they can to support any struggling mortgage customers.
Note: If you are concerned about your mortgage repayments, it is best to contact your lender as soon as possible. You can also speak to a qualified mortgage specialist for advice and support.
Find out more – Nationwide – Home Support Hub
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