The Nationwide Fairer Share payment is a bonus distributed to eligible members of the building society.
It is a portion of the society’s profits shared with its customers.
The amount of the payment can vary from year to year, but it typically represents a significant sum.
The purpose of this scheme is to reward loyalty and participation in the building society.
Who is Eligible for the Nationwide Fairer Share Payment?
To qualify for the Nationwide Fairer Share payment, you must meet specific criteria.
The eligibility requirements can change from year to year, so you must check the latest information from Nationwide.
However, generally, you would need to:
- Be a member of Nationwide: This means you must hold a qualifying current account, savings account, or mortgage with the building society.
- Meet specific product criteria: Nationwide often sets requirements for the type of account you hold and how it’s used. This might include having a minimum balance, making regular deposits, or meeting other conditions.
How is the Nationwide Fairer Share Payment Calculated?
The way Nationwide calculates the Fairer Share payment is complex.
It involves various factors, including the size of the society’s profits, the number of eligible members, and the value of your accounts with Nationwide.
The exact formula is not publicly disclosed.
When is the Nationwide Fairer Share Payment Made?
Nationwide usually announces the Fairer Share payment and the eligibility criteria in the spring.
The payment is usually made during the summer. However, it’s important to note that these dates can vary.
How is the Nationwide Fairer Share Payment Paid?
The Fairer Share payment is usually credited directly to your Nationwide current account.
If you have multiple current accounts, the payment might be made to any of them.
What is a qualifying current account?
A qualifying current account is a Nationwide current account that meets the criteria set by the building society.
This might include accounts like FlexPlus, FlexOne, FlexStudent, or FlexGraduate.
To qualify, your account must have been open on a specific date, and you might need to meet certain activity requirements, such as making or receiving payments.
What is a qualifying savings account?
A qualifying savings account is a Nationwide savings account that meets the criteria for the Fairer Share Payment.
Like current accounts, there might be certain requirements regarding the type of account, the account opening date, or the account balance.
What is a qualifying mortgage?
A qualifying mortgage is a mortgage held with Nationwide that meets the criteria for the Fairer Share Payment.
Again, there might be specific requirements, such as the type of mortgage, the mortgage term, or the loan-to-value ratio.
How do I know if I am eligible for the Nationwide Fairer Share Payment?
Nationwide usually communicates with eligible members directly.
However, you can also check your Nationwide online banking or mobile app for updates.
If you believe you are eligible but haven’t received a notification, you can contact Nationwide customer services for clarification.
What happens if I have a joint account?
If you hold a joint account with another person, both account holders can be eligible for the Nationwide Fairer Share Payment if the account meets the qualifying criteria.
The payment will typically be split between the account holders.
What if I close my account before the Fairer Share Payment?
To be eligible for the Nationwide Fairer Share Payment, you generally need to hold the qualifying accounts on the specific date determined by Nationwide.
Closing your account before this date might affect your eligibility.