Millions of Nationwide customers are set to receive a £100 windfall as Britain’s largest building society announces the latest payment under its Fairer Share scheme. The total payout amounts to around £440 million and will benefit approximately 4.4 million eligible members, with payments starting from June 10.
Background of the Fairer Share Scheme
Introduced in 2023, the Fairer Share initiative has now returned around £1.5 billion to members. Nationwide states that this reflects its commitment to sharing the benefits of its financial performance with its members. However, while the society aims to make the payment every year, it is not guaranteed and is subject to Board approval based on financial performance.
Eligibility Criteria for the 2026 Payment
To qualify for the latest payment, members must meet specific criteria by March 31, 2026. They need to hold a qualifying current account with Nationwide, plus either qualifying savings or a qualifying mortgage. Notably, a current account held with Clydesdale, including a Virgin Money current account, does not count as a qualifying account.
Qualifying Savings
Members may have qualifying savings if they 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 2026.
Qualifying Mortgage
For mortgages, members must have owed Nationwide at least £100 on their residential mortgage on March 31, 2026.
Additional Benefits for Customers
Nationwide is also offering a new 5% "member exclusive" bond, which pays 5% AER for 15 months on balances up to £10,000. Additionally, there is a £175 current account switching incentive for those moving their current account to Nationwide.
Impact on Virgin Money Customers
Virgin Money customers may not be eligible for this year's payment, but if they have become members of Nationwide as a result of the transfer, they could qualify for a Fairer Share payment in 2027, which will include qualifying Virgin Money accounts.
Members can check the full terms and conditions on Nationwide’s website to confirm their eligibility.
