Nationwide reveals bonus payment details on May 29

Millions of Nationwide customers may soon receive a £100 bonus payment through the bank’s Fairer Share scheme. The bank plans to announce details about the scheme on May 29, when it releases its full-year financial results. While the bonus is not guaranteed, Nationwide's leaders have indicated they are in a strong position to continue the program. Last year, Nationwide gave £385 million to 3.85 million customers. In 2021, they paid out £340 million to 3.4 million people. Customers need to meet certain criteria within the first three months of the year to qualify. This year, it is important to note that this £100 bonus is separate from a one-off £50 payment being given to over 12 million customers next month. To qualify for the £100 payment, current customers must keep their accounts open until March 31 and meet some criteria. This includes having £100 in savings or being at least £100 in debt on a mortgage with Nationwide. Customers also need to use their accounts within the first three months of the year. Those with specific accounts, like the FlexAccount, FlexBasic, or FlexDirect, must either pay £500 into their account and make two transactions or make ten transactions by March 31. FlexPlus account holders need only pay their monthly fee, while those with FlexOne, FlexGraduate, or FlexStudent accounts must make at least one transaction in March. New customers who switch to Nationwide by March 31 can also qualify for the £175 cash bonus and the Fairer Share payment. Switching accounts can be done easily through the Current Account Switch Service, which takes about seven working days. It is recommended to apply for the new account soon to meet the deadlines.