We have a Nationwide joint account and Isas, will we get £100 each?
My wife and I have a Nationwide joint bank account and both have cash. Isas, do we each get £100 from the Fairer Share bonus?
My wife and I have a joint checking account with Nationwide and I also have an individual checking account. We both also have cash Isas with £20,000 from the mortgage bank. Do we each get £100 from the Fairer Share bonuses?
Bonus Offer: Nationwide will make £100 Fairer Share payments to eligible members
This is money answers: Nationwide revealed it would pay ‘Fairer Share’ bonus payments worth £340 million to its members.
Eligible members will each get £100, according to Britain’s largest construction company, which will dole out the cash after making a record £2.2bn profit.
As part of the announcement, Nationwide also said it was launching a two-year, fixed-rate Fairer Share savings account with an interest rate of 4.75 percent.
Through the Fairer Share Payment, members who were eligible on 31 March 2023 will have £100 deposited into their current account in June.
Customers eligible for the money started receiving emails on the morning of Friday, May 19 — a nice little bit of luck for the weekend.
As a building association, Nationwide is owned by its members – who are eligible customers – and may offer them special offers and rewards.
But not all Nationwide customers get a payout. The construction company said it wants to reward members who have “the deepest banking relationships with us.”
This is defined as those who have a checking account and also a savings account or mortgage.
To get a payment of £100, Nationwide members must have a current account and a savings product, or a current account and a mortgage. The construction company said these are the criteria:
Current account: To be a qualifying checking account, your account must be open on March 31, 2023. Eligible participants must still have a checking account in June.
savings: You will have had qualifying savings if at the end of any day in March 2023 you held at least £100 in total in one or more Personal Savings Accounts or Cash Isas with Nationwide.
Mortgage: To be an eligible mortgage customer, you must have at least £100 on your nationwide residential mortgage by 31 March 2023.
Based on this, our reader definitely qualifies for a payout as both partners are in a joint account and each has a money Isas.
But will they get a £100 Fairer Share bonus between them or one each? We asked nationally.
A spokesman said: ‘They would both benefit from £100 and could also take out the Fairer Share Bond.’
Well, that’s a piece of good news. You get £100 each.
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Nationwide’s FlexDirect account offers 5% in-credit interest for new members when they switch on a balance of up to £1,500. This rate is only valid for one year. The account is free.
HSBC Advance Account offer £200 when you transfer. You must initiate your switch, including at least two direct debits or standing orders, within 30 days and pay £1,500+ within the first 60 days. There are no monthly fees to maintain the account.
First directly will give to newcomers £175 when they switch accounts. It also offers an interest-free £250 overdraft. Customers must pay at least £1,000 within three months of opening the account.
NatWest’s Select account bill pays £200 when you transfer. The account has no monthly fees, but to be eligible for the £200 you must deposit £1,250 into the account and log into the mobile banking app within 60 days.
