Nationwide has shared an update on its free £100 bonus payment, which has been paid to customers for the past two years.
Last June, 3.85 million Nationwide members received a £100 payment from the building society – 24 per cent of its 16 million members.
Nationwide paid out £ 385 million to members, as part of its second annual Fairer Share offer it announced in May 2024.
The retail bank has now confirmed that all the details about this years’ payment scheme will be revealed on 29 May, when it releases its full year results.
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This is because the running of the scheme is subject to the building society having a strong financial performance in the year.
An explanation from Nationwide reads: “The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us.”
A Nationwide spokesperson said: “Nationwide’s Board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance. The decision will be announced as part of our full year results 29 May.”
One financial expert believes a potential Fairer Share payment could be worth even more than £100 if Nationwide reports strong financial results in May.
James Blower, founder of the Savings Guru, told ThisIsMoney: "I expect Nationwide to report strong results for 2024."
For this reason, he believes "there will be a payout of at least £100, if not more."
Last year, Nationwide raked in £1.77billion in annual pre-tax profits in the year to April 2024. This was down from £2.2billion in the year to April 2023.
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This payment is not to be confused with Nationwide’s recent ‘Thank You’ payment, which saw millions of members receive £50 after the banking giant purchased Virgin Money UK in October in a deal that boosted its accounts by £2.3bn.
The £100 payment is not guaranteed, and is subject to customers meeting certain eligibility.
The building society has not yet released details of this year’s bonus, or if it is happening, but the qualifying criteria for the last two payments give a good idea of who can benefit.
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