Nationwide Building Society is set to potentially offer a £100 summer bonus to customers who actively used their current accounts in March. This bonus forms part of the Fairer Share scheme, which has previously benefited over three million customers who met specific criteria. To qualify for last year’s bonus, customers had to use their accounts up until March 31 by making transactions with a debit card, having direct debits, or receiving income like salaries. Alongside this, customers were required to hold a mortgage or savings account with Nationwide, with a minimum of £100 in savings or owing at least £100 on a Nationwide mortgage.
The eligibility criteria are expected to follow a similar pattern this year. Customers who remained engaged with their current accounts in March and also hold a savings account or a mortgage with Nationwide may be eligible for the bonus. Although Nationwide Building Society has not officially confirmed the return of the scheme for this year, industry experts anticipate its likelihood. An announcement regarding the scheme’s status is anticipated on May 29, with potential payments following in June.
This prospective £100 bonus would mark the latest initiative by Nationwide, following its distribution of £50 ‘big thank you’ payments to over 12 million customers post the acquisition of Virgin Money in October 2024. To qualify for the £50 payment, individuals needed to be Nationwide members as of September 30, 2024. Moreover, members were required to have engaged in at least one qualifying transaction on their Nationwide current or savings account, maintain a minimum total of £100 across their accounts, or owe at least £100 on a Nationwide mortgage within the 12 months leading up to September 2024.
Executives at Nationwide emphasise that these payments are part of their strategy to incentivise the public to choose Nationwide as their financial service provider. If customers believe they are eligible for these bonuses and have not received communication from Nationwide, they can check their eligibility on the company’s website. The Fairer Share Payment, which forms part of the scheme, was introduced last year, but its recurrence is contingent on Nationwide’s financial standing, not guaranteed annually. Nevertheless, senior officials have indicated their intention to reintroduce the Fairer Share scheme in 2025.
Nationwide’s ongoing efforts in providing bonuses and rewards to its customers are aimed at fostering customer loyalty and satisfaction. By offering these financial incentives, Nationwide seeks to differentiate itself and attract more customers. Regardless of the scheme’s annual confirmation, the potential for these bonuses serves as an added value proposition for individuals considering Nationwide for their banking needs. As the financial landscape evolves, such initiatives by banking institutions play a significant role in customer acquisition and retention.