Nationwide Building Society has confirmed that more than four million eligible members have received a £100 Fairer Share payment on the first day of the rollout. The latest Fairer Share payments, totalling approximately £440 million, began reaching around 4.4 million Nationwide members on June 10.
However, the payments could have tax implications for some recipients. Nationwide stated that some individuals may be liable for income tax on the payment, depending on whether the total interest they receive in the tax year exceeds their personal savings allowance (PSA). The PSA allows basic rate taxpayers to earn £1,000 in tax-free interest each tax year, while higher rate taxpayers can earn £500 tax-free.
Nationwide clarified that the Fairer Share payments are treated as interest for UK income tax purposes. The society is not required to deduct any tax from the payment but will report it to HM Revenue and Customs (HMRC). Nationwide advised that if individuals are in any doubt, they should seek their own tax advice.
All payments of £100 are expected to be issued by June 30. The Fairer Share payment is available to eligible members who choose Nationwide for their everyday banking and hold qualifying savings or mortgage products.
This year’s payment, announced at Nationwide’s full-year financial results on May 21, saw the mutual deliver £1.5 billion to members during the year ending March 31, 2026. Stephen Noakes, Nationwide’s retail director, said: “We’ve made strong progress with this year’s Fairer Share payment, surpassing four million payments on the first day. We’re pleased to be able to reward eligible members with £100 for the fourth consecutive year, reflecting Nationwide’s strong financial position.”
New research from Nationwide reveals that if consumers were handed £100, many would prioritise everyday essentials, with 16 per cent saying they would use it for a big food shop. Others would put the money aside, with 13 per cent saving towards a holiday and a further 13 per cent earmarking it for holiday spending money. Smaller indulgences also feature strongly, with 12 per cent opting to go out for dinner and another 12 per cent choosing a takeaway, highlighting the balance households are striking between managing costs and enjoying affordable treats.
This mix of practical spending and small rewards reflects recent behaviour, with more than half (54 per cent) of people saying they treated themselves to food or drink in the past month, while 37 per cent of bargain hunters bought clothing. Around a quarter spent on pet products (23 per cent) and beauty or skincare (23 per cent), with others choosing books or games (18 per cent), plants or garden items (18 per cent), and homeware (15 per cent). Nationwide has paid out a Fairer Share Payment since 2023.
