Table of Contents
- Nationwide could announce another loyalty bonus this week
- Members had to have a current account and at least £100 in savings or £100 left on a mortgage to get a bonus last year.
- Who could miss out again this year?
Nationwide will announce details of another ‘Fairer Share’ bonus for members this week, as This is Money revealed last week.
Last year, Britain’s largest building society handed out £340m to 3.4m customers.
The mutual will announce details of whether it will pay its members a loyalty bonus on Thursday when it publishes its annual results.
Go for a bonus: Nationwide’s 16 million members will wonder if they will receive another £100 loyalty payment this year
Nationwide has 16 million members, meaning around a fifth of its members received a £100 boost last time as it set a certain list of qualifying criteria.
This led to some members feeling aggrieved that 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 have been boosted by higher interest rates. You could choose to change the criteria objectives compared to last year.
The amount that the mutual company could pay as a bonus to its members again this year will depend on the profits made.
The details, to be announced on Thursday, come a day after Virgin Money shareholders decide whether to accept a controversial £2.9bn takeover offer from Nationwide.
Who might qualify (and who might miss out)?
Last year, the £100 bonus was paid to eligible members who had a current account and at least £100 in a savings account or had at least £100 outstanding on a mortgage as of March 31, 2023.
Financial expert James Blower of Savings Guru said: “I would expect similar conditions this year.”
That means if you paid off your mortgage on March 31 this year, you may not be eligible for any bonuses, if conditions remain the same this year.
It also means Nationwide customers who have been members for many years but have paid off their mortgage in full and have no savings will potentially lose any bonus.
Those who had less than £100 saved in a Nationwide savings account by March 31 this year could miss out on a bonus, if the criteria is the same as last year.
Others with current accounts may have been recovering from missing out last time and this time have simply saved £100 or more on a savings rate with Nationwide in the hope of not missing out.
And some could pocket £300 in free cash…
Meanwhile, some smart current account switches could see a £300 return, despite not having as much loyalty to Nationwide.
Last year, as long as you had £100 in a savings account on March 31 along with a current account, you would have received the loyalty payment.
Nationwide launched a switching bonus from 21 September to 21 December 2023, with a £200 incentive, which proved very popular.
If the switcher then opened a savings account with it and deposited just £100 before the end of March, taking last year’s criteria, they would be in line to receive a payout, meaning £300 in free cash in a matter of months.
