Who is eligible for Nationwide’s Fairer Share payment?

Around 3.4 million eligible Nationwide Building Society members will receive a windfall of £100.

Around 3.4 million Nationwide Building Society members are in line for a £100 windfall (Dominic Lipinski/PA) (PA Archive)

Around 3.4 million Nationwide Building Society members are in line for a £100 windfall.

The mutual has launched Nationwide Fairer Share – a new reward for its members “with the deepest relationships”.

A £340 million pot will be distributed to eligible members holding a qualifying current account plus either a qualifying savings or mortgage product.

Payments will be sent out automatically to account holders in June, assuming they held their qualifying products on March 31 2023.

Nationwide will start to inform eligible members about the payment from Friday.

The Society said it hopes as many members as possible will become eligible for the reward, and it intends to make the payment annually, provided this would not be detrimental to the Society’s financial strength.

To have a qualifying current account for a Fairer Share payment, it must have been open on March 31 2023. Qualifying members must still have a current account in June.

Those with qualifying savings will have had at least £100 in total in one or more personal savings accounts or cash Isas with Nationwide at the end of any day in March 2023.

To have a qualifying mortgage, a Nationwide member must owe the Society at least £100 on their Nationwide residential mortgage on March 31 2023.

Nationwide has also launched a new Fairer Share Bond, paying 4.75%, which is available to all the Society’s 16 million members. The two-year bond can be opened in branch, via the banking app or internet bank.

Britain’s biggest building society said it is giving back to its members following a strong set of financial results and profits of £2.2 billion.