About 12 million Nationwide members have missed out on a free cash payment (Image: Getty)
Millions of customers have potentially missed out on at least £200 of free cash. The building society started giving eligible customers £100 payments under its Fairer Share Payments in 2023.
A second payment was made to almost four million members in 2024, with a third payment possibly on the cards this summer. In giving the payments, Nationwide aims to reward members who choose to bank with the lender and have a savings account or with them.
Figures cited by show the building society has over 17 million members, with 16 million having a , current or savings account.
This would suggest about 12 million customers have missed out on the payment despite banking with the lender. Many of them won’t have qualified for the money due to not having enough cash saved or enough paid into their current account.
Twelve million customers may have missed out (Image: Getty)
Moneycomms personal finance expert Andrew Hagger told The Sun that it appeared Nationwide was looking to reward “loyal” customers who used their current accounts monthly for deposits and withdrawals.
Those who used a current account with another bank for day to day banking or with a dormant account wouldn’t have qualified, according to the expert.
For your Nationwide savings account to qualify for the Fairer Share Payments you need to have at least £100 in one or more personal savings accounts or cash ISA with the lender at the end of anyday in March last year.
You aren’t eligible if you have money in a Nationwide Investment account, such as a stocks and shares ISA.
For your Nationwide current account to qualify it must have been open on March 31, 2024. The exact criteria depends on what kind of account you have.
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Certain Nationwide customers won’t have qualified (Image: Getty)
Having a FlexPlus account means you just needed to pay the monthly fee to hold the account. If you had a FlexOne, FlexStudent or FlexGraduate account you needed to have received at least one payment in or made one payment out of the account in March 2024.
Those with a FlexAccount, FlexDirect or FlexBasic had more hurdles to get over. In January, February or March 2024 you must have received at least £500 in your current account and have made at least two payments out of it. Charges, interest or adjustments made to your account balance didn’t count.
You didn’t need to meet these requirements to be eligible if you switched to Nationwide using the Current Account Switch Service between January 1 and March 31.
To have a qualifying , you have to have owed the building society at least £100 on your residential home loan on March 31, 2024.
Mortgages with one of Nationwide’s subsidiaries, such as The Works, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited or E-Mex Home Funding Limited, did not qualify. Aslo not included is a which you applied for but hadn’t completed by March 31, 2024.