Nationwide Building Society has issued a tax warning for customers who are set to receive a one-off £100 bonus payment from Wednesday, June 10. The payments are part of the Fairer Share programme, rewarding eligible current account holders after the society reported profits of £2 billion for the year ending March 31, 2026.
Who Qualifies for the £100 Payment?
More than 4.4 million Nationwide customers are eligible for the bonus, which will be paid automatically into their current accounts between June 10 and June 30, 2026. The payment will appear on bank statements as ‘Nationwide Fairer Share Payment’. Since the programme launched in 2023, Nationwide has returned over £1.5 billion to members.
Tax Implications Explained
Nationwide has clarified that the £100 payment is treated as interest for UK income tax purposes. The society will not deduct any tax but will report the payment to HM Revenue & Customs (HMRC). Customers may be liable to pay income tax if their total interest earnings in the 2026/27 tax year exceed their Personal Savings Allowance.
Personal Savings Allowance thresholds:
- Basic rate taxpayers (20%): up to £1,000 tax-free interest per year
- Higher rate taxpayers (40%): up to £500 tax-free interest per year
- Additional rate taxpayers (45%): no allowance
Interest from Nationwide savings accounts may be tax-free up to the allowance, but cash ISAs have a separate allowance and do not count towards the Personal Savings Allowance.
If customers owe tax, HMRC will typically contact them and adjust their tax code. Nationwide can provide an interest certificate for certain amounts covering up to the last five tax years to help customers check their interest earnings.
