Millions of Nationwide customers will miss out on bonus for second consecutive year due to strict criteria

Millions of Nationwide customers will miss out on bonus for second consecutive year due to strict criteria

WATCH: Nationwide makes deal with Virgin Money

GB News
George Bunn

By George Bunn


Published: 26/05/2024

- 17:04

The building society is handing out £100 Fairer Share payments for the second year running

Nationwide customers across the country are set to miss out on a £100 bonus due to the building society's strict conditions.

Just 3.85 million out of its 16 million customers, roughly 24 per cent, are eligible for the bonus £100 Fairer Share payment.


However, the scheme, which is running for the second year, has a complicated set of criteria.

Last year, the scheme left some long term customers 'outraged' after missing out on the bonus.

\u200bNationwide has come under fire for the 'complex' conditions

Nationwide has come under fire for the 'complex' conditions

PA

James Daley from the consumer group Fairer Finance said: "This annoyed people last year, and they’re doing it again when it’s only a small percentage of people who will get it.

"There are lots of long-term customers who are going to be upset by this, they are losing the PR battle."

In order to access the bonus, you must have paid at least £500 into a Nationwide current account for two of the first three months of the year and made two payments out.

You also need to have held £100 in a Nationwide savings account or have owed at least £100 on a mortgage at the end of March.

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\u200bNationwide Building Society

Nationwide Building Society

PA

Last year, the bonus left some Nationwide account holders scratching their heads, wondering why they did not qualify for the scheme.

One customer since 1980 told Money: "How can this be a fairer share scheme if not all members profit?"

Another said they were not eligible "despite having been a regular saver since the 1970s, having a mortgage for 25 years, having a Flex account, numerous savings accounts, and share Isas."

Nationwide is also offering a £200 bonus if you move a current account with two direct debits to the bank.

However, the criteria remain complicated. you have to already have a Nationwide mortgage or savings account and have not switched a current account to the bank since August 2021.

Andrew Hagger from the advice site Moneycomms said: "Combined with the £100 payment being made for the second successive year, the overall loyalty package should help to deter people from switching away from Nationwide to a rival bank in search of a bonus."

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