The Nationwide Building Society is set to issue a new round of bonuses for its members this spring, following last year’s successful Fairer Share initiative, which distributed £100 to 3.85 million members.
As customers eagerly await further details, financial expert Martin Lewis has provided crucial advice for those looking to secure their share. His latest Money Saving Expert newsletter emphasizes the importance of responding quickly to ensure eligibility for the anticipated 2025 payout.
“Go quick to boost your chances,” Lewis advised, pointing out that previous announcements for the Fairer Share payments typically occur in May, with distributions happening in June.
Eligible members have a deadline until March 31, 2025, to meet any necessary conditions to qualify for the next payout. Existing members must ensure their accounts remain active by that date, and those not yet with Nationwide are encouraged to switch accounts promptly.
For those holding FlexAccount, FlexBasic, or FlexDirect accounts, there are specific criteria to meet in order to qualify. Members must either have received at least £500 and made two payments out of their account, or completed a minimum of ten outgoing payments from their accounts during January and February 2025. If these minimums aren't met, switching to a Nationwide account could still allow individuals to qualify.
Members holding FlexPlus packaged accounts do not have to engage in payments out, but they have to maintain their fees to be deemed eligible. Meanwhile, customers with FlexOne, FlexGraduate, or FlexStudent accounts have a deadline based on the end of March 2025, demanding at least one transaction to qualify.
Notably, mortgage borrowers need to owe at least £100 by the end of March, while savings account holders must show a minimum balance of £100 to make their accounts eligible for the Fairer Share bonus.
Martin Lewis cautions that now is the time to act, suggesting depositing £100 or more in a savings account or ensuring a £100 balance on a mortgage to meet these requirements.
In addition to the upcoming Fairer Share scheme, Nationwide is also preparing to distribute a one-off £50 payment as a gesture of goodwill towards over 12 million of its members, following its acquisition of Virgin Money.
This £50 payment will likewise not require any participation from the members; all eligible parties will receive notifications from Nationwide about the process. Specifically, individuals who were Nationwide members as of September 30, 2024, qualify. If those members have not received a notification by March 20, 2025, they should verify their contact details with the bank.
To remain eligible for the £50 payment, members must either have executed at least one qualifying transaction on their accounts within the previous 12 months or have a total balance of at least £100 across their accounts or owe at least that much on their residential mortgages. Additionally, switching accounts to any of Nationwide's current accounts between July 1, 2024, and September 30, 2024, via the Current Account Switch Service also grants eligibility.
Payments for the £50 bonus will commence on April 9, 2025, with those accounts that qualify expected to see the funds credited by April 30, 2025. For those unable to receive the funds directly into their accounts, cheques are set to be issued by May 14, 2025, which will need to be cashed by January 1, 2026.
It’s essential for members to verify their account details before the cheque distribution to avoid missing out on payments. Nationwide has encouraged members to confirm these details through their internet banking or mobile app.
In addition to the £50 payment, Nationwide is planning future bonuses tied to its business performance and will continue the Fairer Share scheme, provided it aligns with their financial health. Nationwide has clarified that while the bank intends to distribute the Fairer Share payment each year, eligibility and available amounts are subject to change.
The communication from Nationwide regarding member eligibility reflects a commitment to transparency and accessibility. Any member unsure of their eligibility should proactively contact Nationwide by utilizing the online banking services or visiting a local branch.
As Nationwide continues to grow and evolve, this keen attention to customer engagement and benefits showcases its values as a mutual organization focused on rewarding loyal members amidst a challenging financial landscape.
Ultimately, these upcoming payments represent not just financial rewards, but also affirmation of the mutual model wherein members are recognized and appreciated, increasing member satisfaction and loyalty.
For more financial insights and updates on forthcoming benefits, readers can stay tuned to platforms like Money Saving Expert, ensuring they capture every opportunity to optimize their engagements with financial services.
