Nationwide Building Society customers could be eligible for a free £100 payment thanks to a popular initiative from the high street financial institution - but who is eligible for this sum and when it get paid?
Yesterday, the lender unveiled a record full year results,, with statutory profit before tax reaching £2.3billion in the wake of the lender's acquisition of Virgin Money.
Britain's biggest building society returned a record £2.8billion in value to members last year, including £1billion in direct payments to eligible members, and recommitted to its Fairer Share Payment scheme.
This represents the third consecutive year the bonus scheme has been available, with four million Nationwide customers having benefited from the lender's record returns in the past.
NATIONWIDE BUILDING SOCIETY | GETTY | Nationwide Building Society is giving back to customers
Debbie Crosbie, Nationwide's chief executive, said: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service."
In order to be eligible for this free £100 bonus, eligible members needed to use Nationwide for their everyday banking services and hold either a qualifying savings or mortgage product with the institution.
According to Nationwide, the bonus will be paid directly into their current account between June 18 and July 4 which means some customers could be paid within the next three weeks.
It should be noted that £100 payment is taxable savings income, which will be treated in the same way as any interest earned on savings or current accounts.
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GETTY | Customers could be in line for a cash bonus
However, people will not have to pay tax on the reward, thanks to the personal savings allowance that allows basic-rate taxpayers to earn up to £1,000 a year from savings tax-free.
On top of its recommitment to the Fairer Share Payment, Nationwide also launched a market-leading five per centMember Exclusive Bond, available from today to all 16 million existing members.
This bond can be opened in branch, online or via the Banking App. Members saving the maximum £10,000 would receive £762.50 in interest after 18 months.
This is over £150 more than they would receive over the same period in Nationwide's next highest-rate bond, the four per cent One Year Fixed Rate Bond.
Additionally, Nationwide is offering a £200 Member Exclusive Current Account Online Switch Offer from today for members who didn't have their main current account with the society on 31 March.
Higher-rate taxpayers and those with substantial amounts in non-ISA savings may have to pay tax on the £100 Fairer Share Payment bonus.
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For those who do not file self-assessment returns, Nationwide will report the bonus to HMRC automatically.
However, members who pay tax through the self-assessment system will need to include any payment in their tax return when filing their annual declaration.
Based its annual financial results, the building society delivered outstanding growth in retail deposits and net mortgage lending, helping more first-time buyers than any other lender in the UK.
It also provided £1.8billion in better than average rates and incentives, with deposit rates over 30 per cent higher than competitors.