Nationwide update on how it will pay £100 fairer share payment

Nationwide Building Society has shed light on an upcoming £100 payment for its customers. More than four million members will benefit from the latest distribution of the Fairer Share

Payment, where the provider shares out its profits. The organisation is set to disburse the £100 between June 18 and July 4 to qualifying account holders, with the funds being deposited

directly into Nationwide current accounts. A customer with multiple current accounts with the group queried via X whether they could choose where the payment would go. In response,

Nationwide invited the customer to contact them to discuss the question. Addressing the query, a spokesperson explained: "To be eligible for the Fairer Share Payment, members must have

a qualifying current account and therefore we are able to make all payments to these accounts. "We will pay the money into a Nationwide current account by electronic transfer. If a

member holds more than one current account with us, we may pay the money into any of those accounts. "We will pay the money into an account in their sole name if they have one and will

pay it into a joint account if they do not." Nationwide recently issued a £50 payment as a token of appreciation following its acquisition of Virgin Money. This gesture extended to a

wider audience, reaching over 12 million members, whereas the forthcoming Fairer Share Payment is set to go out to over four million individuals. Nationwide has responded to queries

regarding this disparity, explaining: "Through our Nationwide Fairer Share Payment, we are returning £100 to every eligible member, and a payment we hope to continue making in the

future, subject to profits. "The Big Nationwide Thank You was a one-off payment of £50 for all members who contributed to building the financial strength which enabled us to purchase

Virgin Money." Eligibility for this year's Fairer Share Payment requires members to hold certain products with the society. This includes have either a qualifying current account

along with a qualifying savings account or holding both a qualifying current account and a mortgage. To get the payment, there are specific dates within January to March of this year that

customers need to have engaged in certain activities through the relevant accounts. You can read the full eligibility rules on the Nationwide website.