Nationwide Building Society customers could be in line for a free £100 as part of the Fairer Share bonus scheme this summer, following similar payouts in the past two years.
Last year, the building society distributed around £385million to an estimated 3.85 million eligible customers as part of the scheme, which rewards members for their loyalty to Nationwide.
While details of this year’s potential bonus have not yet been confirmed, customers can take specific actions before March 31, 2025, to maximise their chances of qualifying.
The building society typically announces eligibility for the scheme in May, with payments previously being made in June to those meeting the required eligibility criteria.
In order to qualify for the potential bonus, customers must first ensure they keep their Nationwide Building Society current account open until at least March 31 later this year.
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Nationwide customers could be entitled to a free £100 bonus
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The second key requirement involves actively using the current account before the March deadline, with specific criteria varying by account type but it should be noted that Nationwide has not yet confirmed if the same criteria will apply for 2025.
For those considering joining Nationwide, the building society currently offers a £175 switching bonus when transferring from another bank, requiring two active direct debits, a £1,000 deposit and one debit card payment within 31 days.
Account usage requirements vary depending on the type of Nationwide account held with different rules applying for the FlexAccount, FlexBasic, FlexDirect and FlexPlus products.
For FlexAccount, FlexBasic, or FlexDirect customers, there are two ways to meet the usage criteria: either deposit £500 and make two payments out, or make over 10 payments from the account in two of the first three months of 2025.
The building society’s Fairer Share scheme has become popular in recent years
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FlexPlus packaged account holders have a simpler requirement, as paying the account fee has previously been sufficient to qualify. For FlexOne, FlexGraduate, or FlexStudent account holders, the requirement is to make at least one payment both into and out of their account during March.
These criteria are based on previous years’ schemes, though they may change for 2025. The third key requirement is having at least £100 in a Nationwide savings account or owing £100 on a Nationwide mortgage.
Money Saving Expert advises customers who don’t currently meet these criteria to consider putting £200 in an easy access or regular savings account with Nationwide, in case the requirements increase this summer.
Based on last year’s timeline, eligible members were notified by May 31. The £100 bonus payments were then automatically deposited into qualifying customers’ Nationwide accounts between June 13 and June 28.
On Martin Lewis’ Money Saving Expert website, experts warned customers they could be liable to pay tax due as any Fairer Share payment would be considered savings income.
They explained: “In 2023 and 2024, the £100 Fairer Share payment was taxable savings income, so it was treated in the same way as any interest you earned on your savings account or current account.
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Martin Lewis’ Money Saving Expert website has broke down how Nationwide members can benefit from the Fairer Share scheme
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“If this happens again, the majority won’t have to pay tax on the reward as, thanks to the personal savings allowance, basic-rate taxpayers can earn £1,000 a year from savings interest tax-free.
“However, if you’re a higher- or additional-rate taxpayer and/or you have a substantial amount in non-ISA savings, you may have to pay tax on the bonus.
“For those who don’t file self-assessment returns to pay their taxes each year (which is most people), then you won’t need to do anything as Nationwide will report the bonus to HMRC automatically for you.”