All About National Fairer Share Payment

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nationwide fairer share payment

The National Fairer Share Payment scheme is a unique initiative by Nationwide, a leading building society in the UK, aimed at rewarding its loyal customers and members. In this article, we will delve into the details of this scheme, explaining what it is, who is eligible, and how it works.

What is the National Fairer Share Payment Scheme?

The National Fairer Share Payment scheme is a one-off payment of £100 made to eligible Nationwide members who meet certain criteria. The scheme is designed to share Nationwide’s profits with its members, demonstrating the society’s commitment to providing banking that works for the good of society.

Eligibility Criteria

To be eligible for the National Fairer Share Payment, you must meet the following criteria:

  • Have a qualifying current account with Nationwide
  • Have qualifying savings or a qualifying mortgage with Nationwide
  • Meet the eligibility criteria at the end of March 2024
  • Members must have a qualifying current account with Nationwide, which must have been open on March 31st of the relevant year.
  • Members must also have either a qualifying savings product (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) or a qualifying mortgage (owing Nationwide at least £100 on their Nationwide residential mortgage on March 31st).
  • Members with joint accounts are eligible, and each account holder will receive the payment.

Payment

  • The payment will be made automatically to eligible members’ current accounts in June of the relevant year.
  • The payment will appear on the account statement as “Nationwide Fairer Share Payment”.
  • Members do not need to do anything to receive the payment, as it will be transferred directly to their account.

How Does the Scheme Work?

The scheme is a one-off payment of £100, which will be paid directly into eligible members’ current accounts by 31 May. If you think you are eligible but haven’t received the payment, you can check with Nationwide.

Benefits of the National Fairer Share Payment Scheme

The National Fairer Share Payment scheme offers several benefits to eligible members, including:

  • A one-off payment of £100
  • A demonstration of Nationwide’s commitment to sharing profits with its members
  • A unique opportunity to be part of a society that prioritizes the well-being of its customers

What is the purpose behind the National Fairer Share Payment?

The National Fairer Share Payment is a one-off payment of £100 made by Nationwide Building Society to its eligible members. The purpose behind this payment is to share a portion of the society’s profits with its members, as a way to reward and support them “in a way others can’t”.

According to Nationwide’s CEO, Debbie Crosbie, the purpose is to “offer banking, but fairer, more rewarding, and for the good of society”. The payment is part of the society’s commitment to reinvesting its profits and sharing its success with its members, rather than solely focusing on maximizing profits for shareholders.

The National Fairer Share Payment is a way for Nationwide to demonstrate its mutual values and to show appreciation for its members’ loyalty and business. By sharing its profits, Nationwide aims to build stronger relationships with its members and to create a more sustainable and responsible banking model.

What is the purpose behind the National Fairer Share Bond

The National Fairer Share Bond is a savings account offered by Nationwide Building Society, exclusively to its members. The purpose of this bond is to share a portion of the society’s profits with its members, as part of its commitment to provide banking that is fairer, more rewarding, and for the good of society.

The bond offers a fixed interest rate of 4.75% for a two-year term, which is higher than the market average. The bond is designed to reward members who have a deeper relationship with the society, such as having a current account and savings or a mortgage with Nationwide.

The National Fairer Share Bond is part of Nationwide’s Fairer Share scheme, which aims to return value to its members by sharing profits and providing competitive rates and incentives. The scheme is a key part of Nationwide’s purpose, which is to offer banking that is fairer, more rewarding, and for the good of society.

By offering the National Fairer Share Bond, Nationwide is able to demonstrate its commitment to its members and to the community, while also providing a competitive savings option for those who are looking to lock away their money for a fixed term.

Frequently Asked Questions

What is the National Fairer Share Payment scheme?

The National Fairer Share Payment scheme is a one-off payment of £100 made to eligible Nationwide members who meet certain criteria.

Who is eligible for the National Fairer Share Payment scheme?

To be eligible, you must have a qualifying current account with Nationwide, have qualifying savings or a qualifying mortgage with Nationwide, and meet the eligibility criteria at the end of March 2024.

How do I check if I’m eligible for the National Fairer Share Payment scheme?

You can check with Nationwide or check your current account statement to see if you’re eligible.

Conclusion

The National Fairer Share Payment scheme is a unique initiative by Nationwide aimed at rewarding its loyal customers and members. By understanding the eligibility criteria and how the scheme works, you can take advantage of this opportunity to receive a one-off payment of £100.

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