Who would qualify for a £100 Nationwide loyalty bonus payment?

Nationwide is set to announce details of yet another ‘Fairer Share’ bonus to members this week, as revealed by This is Money last week.

Last year, Britain’s biggest building society handed out £340million to 3.4million customers.  

The mutual will announce details of whether it will pay members a loyalty bonus on Thursday when revealing its annual results. 

Nationwide has 16million members meaning around a fifth of its members got a £100 boost last time, as it set a certain list of criteria to qualify.

This led to some members feeling aggrieved that their own loyalty didn’t count. 

On the other hand, some couples received double payments – £100 each – if they had a joint account, and a joint mortgage. 

Nationwide’s latest payout could be even higher because the mutual’s profits have been buoyed by higher interest rates. It could choose to shift the goalposts of the criteria compared to last year. 

How much the mutual could potentially pay out as a bonus to its members again this year will depend on profits made.

The details, which will be announced on Thursday, will come a day after Virgin Money shareholders decide on whether to accept a controversial £2.9billion takeover offer from Nationwide.

Who could qualify (and who could miss out) 

Last year, the £100 bonus was paid to eligible members who had a current account and at least £100 in a savings account or had at least £100 outstanding on a mortgage as of 31 March 2023.

Financial expert James Blower of Savings Guru said: ‘I would expect similar conditions this year.’

That means if you paid off your mortgage as of 31 March this year, you might not be eligible for any bonus paid out – if the conditions remain the same this year.  

It also means that Nationwide customers who have been members for many years but paid off their mortgage in full and don’t hold savings with it will potentially miss out on any bonus.

Those who had less than £100 squirreled away as of 31 March this year in a Nationwide savings account could miss out on a bonus, if the criteria is the same as last year. 

Others with current accounts may have been reeling from missing out last time round and have simply squirreled away £100 or more into a savings rate this time round with Nationwide in the hope of not missing out on the payment.

And some could pocket £300 in free cash…

Meanwhile, some savvy current account switchers could be set for a £300 return – despite not having all that much loyalty to Nationwide.

Last year, as long as you had £100 in a savings account with it on 31 March alongside a current account, you’d have received the loyalty payment.

Nationwide launched a switching bonus from 21 September to 21 December 2023, with a £200 incentive, which proved hugely popular

If the switcher then opened a savings account with it and put just £100 in before the end of March, taking last year’s criteria, they would be in line for a payment – meaning £300 in free cash in a matter of months.