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Nationwide £100 bonus: Who will receive the free payment and when will it be paid?
Watch our video above for a rundown on the payment
NATIONWIDE is giving out £100 payments to millions of loyal customers - here's everything you need to know.
For the second year running, the building society is dishing out Fairer Share Payments.
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Customers were contacted before the end of May telling them if they qualified.
But when is the payment being made, who exactly is eligible and how will it be issued?
Here's everything you need to know.
Who is eligible?
To be eligible for the £100 payment, you must have one of the following product combinations with Nationwide:
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- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you held one of the above current accounts and had at least £100 in total in one or more personal savings accounts or cash ISAs on March 31, you should be eligible for a payment.
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If you owed a minimum of £100 on your Nationwide residential mortgage on the same date, you will also qualify for the cash.
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Meanwhile, if you have a joint current or savings account, or mortgage, you will both qualify meaning you get £200 in total.
Anyone unclear about whether they qualify can use Nationwide's eligibility checker on its website.
Visit www.nationwide.co.uk/about-us/fairer-share/check-if-eligible for more details.
When and how will it be paid?
The payments are being made across a 15 day period, between June 13 and June 28.
The cash will be paid directly into your Nationwide current account.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
If you hold more than one current account, the money will be paid into any one of these.
If you have an account in your sole name the money will be paid into this account, or a joint account if you do not.
The payment will show up on your current account as "Nationwide Fairer Share Payment".
Nationwide said it will not make the payment in any other way than above, and if you do not have an open Nationwide current account when it tries to make the payment, you will not receive one.
Should I open an account with Nationwide?
If you didn't have a qualifying account on March 31 and have missed Nationwide's payment for this year, it might be worth opening one with the building society.
It has said it intends to make the payment annually as long as it continues to perform well financially.
This means similar payments such as the one landing in accounts from today may be made, but of course there is no guarantee.
And there are lots of things to consider before you open a new bank account.
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Remember to check all the terms and conditions and that the accounts work for you.
For example, some accounts require a monthly payment of a certain amount or may charge a monthly maintenance fee.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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