Nationwide will once again pay eligible members £100 as part of its ‘Fairer Share’ bonus scheme - with money being paid into bank accounts by the end of June.
It’s also launched a £200 switching deal for members who currently do not use their Nationwide account for their everyday banking, and a market leading savings bond paying a fixed 5.5% AER for 18 months.
Here, Which? explains who will be getting the £100 bonus, how you can get paid £200 to switch and if the new savings bond is any good.
If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for you.What is the Fairer Share bonus?
The Fairer Share scheme is a one-off £100 lump sum paid automatically to eligible members.
Nationwide will pay a total of £385m directly into the accounts of 3.85 million customers. Last year it paid £340m to 3.4 milion customers.
Nationwide says the payment is its way of 'giving back to members' after it made profits of £2bn in the last tax year. It can do this as it's a building society, not a bank, and as such it is able to reinvest profits for its members' benefit.
Find out more:Who's eligible for the £100 bonus?
To receive the money, you must hold one of the following Nationwide current accounts and meet the qualifying criteria for each:
FlexPlusFlexOne/FlexStudent/FlexGraduateFlexAccount/FlexDirect/FlexBasicIn addition, you need to have either one of these:
All the above products must have been open on 31 March 2024.
If you’re not sure if you’re eligible for the bonus, Nationwide has an online checker you can use to see if you qualify.
When will you receive the money?
You don’t need to do any additional legwork to get you £100 as all eligible members will receive the payment between 13 and 28 June 2024.
It will be transferred directly into customers' current account, appearing on the statement as 'Nationwide Fairer Share Payment'.
If you have more than one current account, the Fairer Share payment would be paid into the most recently opened current account that meets the criteria for the payment.
Is the £100 bonus taxable?
The bonus is considered a taxable savings income and as such is treated in the same way as any interest you may earn on your personal savings or current account.
It will therefore count towards your personal savings allowance, which is £1,000 of interest on savings for basic rate taxpayers and £500 for higher-rate taxpayers.
Additional rate taxpayers don't receive a personal savings allowance, so if you earn more than £125,140 each year, you'll need to pay tax on all your savings interest.
Find out more:How members can get £200 to switch
The building society has also launched a £200 switching offer, but this one is only for existing members.
You’ll need to be switching from a non-Nationwide account into one of the following:
FlexPlus: FlexDirecFlexAccount:If you already have one of these accounts you can still switch over your non-Nationwide bank account and get £200 if you log in to online banking.
Anyone who’s switched a sole or joint account to Nationwide and previously benefited from a current account switch offer since 18 August 2021 will not qualify.
You’ll receive £200 within 10 calendar days of your switch completing.
Find out more:Member exclusive 5.5% savings bond
The last of Nationwide’s trio of deals includes a new member savings bond paying 5.5% AER fixed for 18 months.
This rate is 1.25 percentage points higher than Nationwide’s existing one-year fixed rate bond and is the most competitive rate on the market right now for 18-month / two-year fixed accounts, according to Moneyfacts data.
You can hold a maximum of £10,000 in the bond and it can be opened in branch, online or on the app. Interest is paid annually on the anniversary of the account opening and maturity.
If you put in the maximum £10,000 into the account, you would earn £840.13 in interest when the bond matures - £550 of this would be paid to you on the first 12-month anniversary of you opening the account.
This bond is only eligible to UK residents over 16 and you must hold a Nationwide current account, savings account or mortgage on 22 May 2024 and at the time of applying.
Nationwide said it’s only available for a limited period and could be withdrawn at any time.
Find out more:Is Nationwide a good provider?
Customers rated it highly for its customer service, application process, online banking service and complaints handling procedure.
Nationwide is currently the provider with the most branches remaining open across the country, with 605 outlets still operating. The building society has also pledged to not leave any town or city in which it is based until at least 2028.
Find out moreundefinedsource https://www.which.co.uk/news/article/how-to-get-nationwides-fairer-share-100-bonus-plus-200-for-switching-auTmG3e9q7ha