Nationwide Building Society has announced a significant financial gesture, offering £50 payments to over 12 million of its members. This announcement comes as part of an initiative separate from the previously launched Fairer Share payment scheme. The society aims to distribute these payments by the end of April, providing a small yet welcome financial boost to eligible customers.
The £50 payments are distinct from the Fairer Share scheme, which Nationwide intends to repeat this year. Launched in 2023, the Fairer Share scheme was previously carried out following the takeover of Virgin Money last autumn. The scheme involves doling out more than £600 million to eligible customers to ensure fair distribution of funds. To qualify for this scheme, members must have held a Nationwide savings or current account or mortgage by the end of last September. Additionally, within the preceding 12 months up to the end of September 2024, customers should have made at least one transaction or maintained a balance of at least £100 in their accounts or mortgage. Accounts or mortgages need to remain active at the time of payment for eligibility.
One couple set to benefit from the £50 windfall is Imaan and Theo from Essex, who plan to allocate the funds towards a family holiday with their two young children, Nyla and Kylian.
"It was lovely – you don’t expect to be given free money, so it was nice to wake up to that information today." – Imaan
The Fairer Share payment scheme has not been without its controversies. It has sparked discontent among longstanding customers and those holding multiple Nationwide products who have found themselves excluded from receiving payments. This exclusion has fueled a sense of division within the membership, creating what some perceive as a "haves" and "have nots" scenario. Nationwide has begun reaching out to its members to inform them of the payment process. Those with current accounts or instant access or limited access savings will see the funds deposited directly into their accounts by the end of April. Mortgage-holders will receive their credits into the current account linked to their mortgage direct debit around the same time.
The Fairer Share payment is expected to occur in May, with Nationwide set to make a decision on continuing the scheme next month. While the £50 payments may be a relief for many, the emotions surrounding the Fairer Share scheme suggest that not all members feel equally supported.