Nationwide has issued a 10-day warning over £100 payments into customer accounts. Members may be wondering if they will receive another payment this year through the Fairer Share payment scheme.
There have previously been three rounds of £100 payments through the scheme, over each of the past three years. This bonus scheme is where Nationwide shares out its profits with members.
More than four million customers were paid the £100 amount last year. Nationwide was asked when it will announce if there will be another payment going out to customers this year.
A Nationwide spokesperson said: "Nationwide aims to make a Fairer Share payment again this year, subject to financial performance and Board approval. Any announcement, including eligibility criteria and amount, will be made on 21 May at Nationwide's end-of-year financial results."
While it is still yet to be decided if there is a payment and what the eligibility rules will be, you can look at last year's qualifying criteria to get a sense of what the rules could be. To qualify for last year's payment, you needed to have a qualifying current account with Nationwide, which has Birmingham branches, along with either a qualifying savings account or a mortgage. You also needed to have certain account activity between January and March of that year. You can read the full qualifying rules on the Nationwide website.
Last year's payment was paid into customers' Nationwide current accounts between June 18 and July 4. The payment showed on statements as 'Nationwide Fairer Share Payment'.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, was asked if she thinks there will be another edition of the payment. She said: "Nationwide have consistently offered the Fairer Share payment over the past three years, and they hope to do it again. However, it is all down to the performance of the mutual, so this is what members need to be aware of this year. It is also important that members check if they meet the terms to be eligible for the payment moving forward."
