MILLIONS of Nationwide customers will miss out on payments worth a combined £250 despite being loyal members of the building society for years.
In 2023 Nationwide began to give eligible customers Fairer Share Payments worth £100 each.
Millions of Nationwide customers have missed out on payments worth £200[/caption]
It made a second payment to nearly four million members last year and has signalled that a further payment could be made this summer.
The building society said the payments are its way of rewarding members who choose it for their everyday banking as well as having savings or a mortgage with it.
In total the building society has more than 17 million members, of which 16 million have a mortgage, current or savings account.
This means around 12 million of them missed out on the payment, despite using the building society for everyday money management.
Many of these people will not have qualified for the payments because they did not have enough cash in their savings account or not enough money was paid into their current account.
Meanwhile, this week Nationwide announced that it will pay more than 12 million of its members £50 to recognise the role they played in making the purchase of Virgin Money possible.
The Big Nationwide Thank You payments should land in bank accounts by April 30.
But that still leaves around 5 million customers who will not receive the cash.
Andrew Hagger, personal finance expert at Moneycomms, said Nationwide is only looking to reward customers who use it as their main bank.
He said: “Last year it seemed as if Nationwide was looking to reward loyal customers who used their current account monthly for payments in and out, rather than people who had a dormant account or carried out little activity as they used a current account with another bank for their day to day banking.”
But millions of people have multiple bank accounts for different reasons.
For example, there may be one that your salary is paid into, while another is a rainy day or holiday fund.
A Nationwide spokesperson said:
How do you qualify for a Fair Share payment?
To be eligible for the payment you needed to have a qualifying current account and savings or a qualifying current account and mortgage.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Savings
For your savings account to qualify you needed to have at least £100 in one or more of personal savings accounts or cash Isas with Nationwide at the end of any day in March 2024.
Money held in a Nationwide Investment account, such as a stocks and shares Isa does not count.
Current account
The current account must have been open on March 31, 2024, although the exact criteria depends on the type of account you have.
If you had a FlexPlus account then you simply needed to pay the monthly fee for maintaining the account.
Meanwhile, if you had a FlexOne, FlexStudent or FlexGraduate account you needed to have received at least one payment in or made one payment out of your account during March 2024.
Meanwhile, if you had a FlexAccount, FlexDirect or FlexBasic then there were even more hoops to jump through.
In the two or three months of January, February and March 2024 you must:
- Have received at least £500 into your current account
- Have made at least two payments out of your current account
Charges, interest or adjustments made to your account balance did not count.
If you switched to Nationwide using the Current Account Switch Service between January 1 and March 31 then you did not need to meet these requirements to be eligible.
Mortgage
To have a qualifying mortgage, you must have owed Nationwide at least £100 on your residential home loan on March 31, 2024.
Qualifying mortgages do not include:
- A mortgage with one of its subsidiaries such as The Mortgage Works, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited or E-Mex Home Funding Limited.
- A mortgage you applied for but had not completed by March 31, 2024.
How do I qualify for The Big Nationwide Thank You payments?
The Big Nationwide Thank You cash is a one off payment Nationwide will make to its customers.
Although nearly three times as many Nationwide customers will receive the cash, millions will still be locked out of the payment.
To be eligible for the cash you must have been a Nationwide member on September 30, 2024 and still currently be a member.
Meanwhile, in the year to the end of September 2024 you must also have:
- Had at least one qualifying transaction on your Nationwide current account or savings account, or
- Had at least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
- Owed at least £100 in total on one or more Nationwide residential mortgages, or
- Switched to a Nationwide current account between July 1, 2024 and September 30, 2024 using the current account switch service.
How can I make sure I’m eligible for future payments?
There are several ways to make sure that you are eligible for future Nationwide payments.
One simple way is to pay £100 into a Nationwide savings account.
Nationwide offers some of the most competitive savings rates on the market so you know you are getting a good return on your nest egg.
Its Flex Regular Saver has a return of 6.5% on payments of up to £200 a month for 12 months.
Meanwhile, its one year fixed rate cash Isa will pay you 4.1% if you are happy to lock away your money for a year.
Another option is to move your current account to Nationwide using the current account switch service.
The service takes all the hassle out of switching current account by moving your direct debits and registered payees to your new bank.
Simply sign up online and choose a date you want to switch.
Or just make one payment from your Nationwide current account.
It does not need to be a big purchase.
You will be eligible for future Fairer Share Payments even if you just buy a pint of milk from your local supermarket.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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