- Nationwide could announce a loyalty bonus this week
- Members had to have a current account and at least £100 in savings or £100 in mortgage to get a bonus last year
- Who should be missing again this year?
Nationwide will announce details of another ‘Fairer Share’ bonus to members this week, as revealed by This is Money last week.
Last year, Britain’s largest construction company handed out £340 million to 3.4 million customers.
The mutual will announce details on Thursday when it announces its annual results about whether it will pay members a loyalty bonus.
Banking on a bonus: Nationwide’s 16 million members will be wondering if they’ll receive another £100 loyalty payment this year
Nationwide has 16 million members, meaning around a fifth of members got a £100 boost last time because it set a certain list of eligibility criteria.
This led to some members feeling aggrieved because their own loyalty did not 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 are supported by higher interest rates. It could choose to move the goalposts of the criteria compared to last year.
How much the mutual society may be able to pay out as a bonus to its members again this year will depend on the profit made.
The details, to be announced on Thursday, will come a day after Virgin Money shareholders decide whether to accept a controversial £2.9 billion takeover bid from Nationwide.
Who can qualify (and who can miss out)
Last year the £100 bonus was paid out to eligible members who have a current account And at least €100 in a savings account or had at least €100 outstanding on a mortgage from March 31, 2023.
Financial expert James Blower of Savings Guru said: ‘I expect similar conditions this year.’
This means that if you have paid off your mortgage by March 31 of this year, you may not be entitled to a bonus paid out – if the conditions remain the same this year.
It also means that Nationwide customers who have been members for years, but have paid off their mortgage in full and have no savings, may miss out on a bonus.
Those who had less than £100 in a national savings account as of March 31 this year could miss out on a bonus, if the criteria is the same as last year.
Others with current accounts may be reeling because they missed out last time and have simply put £100 or more into a savings interest with Nationwide this time in the hope of not missing out on the payment.
And some could earn £300 in free cash…
Meanwhile, some savvy current account switchers could get a £300 return despite not having as much loyalty to Nationwide.
If you had £100 in a savings account in addition to a current account on March 31 last year, you would have received the fidelity payment.
Nationwide launched a switching bonus from September 21 to December 21, 2023, with a £200 incentive, which proved hugely popular
If the switcher were to then open a savings account with it and deposit just €100 into it before the end of March, based on last year’s criteria, they would be eligible for a payment – i.e. €300 in free cash in a few months.