Nationwide Building Society has started distributing its latest Fairer Share payments, injecting approximately £440 million into the accounts of over four million eligible members. The payments began reaching accounts from 10 June, with the society aiming to complete all disbursements by 30 June.
However, recipients are being advised to consider potential income tax implications. Nationwide has classified the £100 payment as interest for UK income tax purposes. It will report the payment to HM Revenue and Customs (HMRC) but will not deduct any tax automatically.
Whether tax is due depends on the recipient's total interest earnings for the tax year relative to their Personal Savings Allowance (PSA). Basic rate taxpayers can earn up to £1,000 in tax-free interest annually, while higher rate taxpayers are limited to £500. Those whose total interest exceeds these thresholds may face a tax charge.
To be eligible for the payment, members must have held a qualifying current account with Nationwide, plus either qualifying savings (at least £100 in personal savings or cash ISAs at any point in March 2026) or a qualifying mortgage, with all criteria met by 31 March 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.”
The payout comes as Nationwide reported a drop in annual profits to £1.49 billion for the year to March, down from £2.3 billion the previous year, following its takeover of Virgin Money. Payments are dependent on the society's financial strength and board approval.
