Nationwide Fairer Share Payment 2024: In 2024, Nationwide Building Society rewarded millions of its members with a £100 bonus under the Fairer Share Payment initiative. The scheme was introduced to give back to loyal members who actively used Nationwide’s current accounts and either saved with or borrowed from the society.
This payment was a direct profit-sharing gesture and was issued without requiring any application from customers.
Eligibility Criteria for the £100 Nationwide Bonus 2025
To qualify for the 2024 Fairer Share Payment, members had to meet specific conditions by 31 March 2024:
1. Nationwide Current Account Requirements
Members needed an open and active current account with qualifying activity. For most accounts like FlexAccount, FlexDirect, or FlexBasic, they must have:
- Received at least £500 (excluding internal transfers) and made two or more outgoing payments in at least two of the three months from January to March 2024, or
- Made 10+ outgoing transactions during those months.
Other account types had slightly different criteria:
- FlexPlus users must have paid their monthly fee.
- FlexOne, FlexStudent, or FlexGraduate account holders needed at least one transaction in March.
2. Savings or Mortgage Engagement
In addition to an active current account, customers needed to:
- Have £100 or more in a Nationwide savings or cash ISA account at any time during March 2024, or
- Owe at least £100 on a Nationwide residential mortgage as of 31 March 2024.
3. New Customers (January to March 2024)
Members who switched to a Nationwide current account using the Current Account Switch Service between January 1 and March 31, 2024, were still eligible even if other activity requirements weren’t met.
When Was the Payment Made?
The £100 Fairer Share bonus was automatically credited to qualifying members’ current accounts between 13 June and 28 June 2024. No form or manual request was required.
Is the Payment Taxable?
Yes. The £100 bonus is considered taxable savings income under UK law. Although Nationwide does not deduct tax at source, the amount is reported to HMRC. If you exceed your Personal Savings Allowance, this income must be declared on your tax return.
What About 2025?
Nationwide has indicated plans to continue the Fairer Share Payment in 2025, subject to board approval and the society’s financial health. To stay eligible for a future payment, members should ensure their accounts are active and meet the required usage and savings or mortgage criteria before 31 March 2025.
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FAQs – Nationwide Fairer Share Payment 2024
Q1. Who received the £100 Fairer Share Payment in 2024?
Members with active current accounts and either qualifying savings or a mortgage as of March 31, 2024.
Q2. What happens if I closed my account before June 2024?
If your Nationwide current account was closed before the payment window, you may have missed the bonus.
Q3. Do I need to pay tax on the Fairer Share bonus?
Yes. It’s considered taxable income. You may need to report it depending on your overall interest earnings for the year.
Q4. Will Nationwide offer this payment again?
Nationwide has signaled that the Fairer Share Payment could return in 2025. Final confirmation is expected by late May 2025.
Final Words
The Nationwide Fairer Share Payment 2024 reflects the society’s goal to reward customer loyalty and maintain its mutual values. By maintaining an active current account along with savings or a mortgage, members not only gain financial services but may also enjoy direct bonuses like this £100 reward.
To stay eligible in future years, keep your account active and monitor announcements from Nationwide in early spring.
As a finance news writer at sirfal.com, I specialize in breaking down complex economic trends, market updates, and investment strategies into clear, actionable insights. My mission is to empower readers with the knowledge needed to make informed financial decisions. Thank you for engaging with my articles; I hope they add value to your financial journey.