Unlocking Your Share: A Comprehensive Guide to Qualifying for Nationwide's Fairer Share Payment
Are you a Nationwide customer wondering if you're eligible for that sweet, sweet Fairer Share payment? You've come to the right place! Nationwide Building Society, as a mutual organization, differentiates itself by sharing its profits with its members, and the "Fairer Share" payment is a fantastic example of this commitment. This extensive guide will walk you through every step of understanding, meeting, and ultimately receiving this bonus. Let's dive in and make sure you get what you're due!
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| How To Qualify For Nationwide Fairer Share |
What is the Nationwide Fairer Share Payment?
Before we get into the nitty-gritty of qualification, let's understand what this payment is all about. The Nationwide Fairer Share Payment is a one-off bonus distributed by Nationwide Building Society to eligible members. It's essentially a way for Nationwide to give back a portion of its profits to its loyal customers, acknowledging their contribution to the society's financial strength. It's not a guaranteed annual payment, but rather dependent on Nationwide's financial performance and board approval. However, it has been paid for the last three consecutive years, demonstrating their commitment.
Step 1: Are You a Nationwide Member? (The Crucial Starting Point!)
This might seem obvious, but it's the fundamental first hurdle. You must be a member of Nationwide Building Society to qualify for the Fairer Share Payment. If you don't have any products with Nationwide, then unfortunately, this payment isn't for you.
How to know if you're a Nationwide member:
- Do you have a current account with Nationwide? (e.g., FlexAccount, FlexDirect, FlexPlus, FlexOne, FlexStudent, FlexGraduate)
- Do you have a savings account with Nationwide? (e.g., instant access, limited access, fixed-rate bonds, Cash ISAs – note: Stocks and Shares ISAs typically don't make you a member)
- Do you have a mortgage with Nationwide? (a residential mortgage, not a commercial one, and not through a subsidiary)
If you answered yes to any of these, congratulations, you're likely a Nationwide member! Now, let's move on to the specific qualification criteria for the Fairer Share Payment.
QuickTip: Don’t just scroll — process what you see.
Step 2: The Eligibility Snapshot – Critical Dates and Account Status
Nationwide assesses your eligibility on a specific date each year. For the 2025 Fairer Share Payment, this key date was March 31, 2025. This means your accounts needed to meet the criteria on or before this date.
Sub-heading: Your Account Must Be Open and Active
- Active on March 31, 2025: Your Nationwide account(s) must have been open and active on this specific date. If you closed your account before then, you won't qualify.
- Open at the time of payment: Crucially, Nationwide will only pay the money into an open Nationwide current account. If you close all your Nationwide current accounts before they attempt to make the payment (which for 2025 is between June 18 and July 4), you will not receive the bonus. It's vital to keep at least one Nationwide current account open!
Step 3: Meeting the Core Product Requirements
To qualify for the Fairer Share Payment, you need to have a qualifying current account AND either qualifying savings or a qualifying mortgage.
Sub-heading: Qualifying Current Account Criteria
The specific requirements for your current account depend on the type you hold.
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FlexPlus Account:
- Simply paying the monthly fee to maintain the account during the qualifying period (typically the first three months of the year leading up to March 31) is usually enough.
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FlexOne, FlexStudent, or FlexGraduate Account:
- You must have made or received at least one payment in or out of your account during March 2025.
- Alternatively, if you completed a full current account switch to one of these accounts (FlexOne or FlexStudent, not FlexGraduate) using the Current Account Switch Service between January 1, 2025, and March 31, 2025, you will also qualify.
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FlexAccount, FlexDirect, or FlexBasic:
- You need to have met one of the following requirements in two of the three months between January 2025 and March 2025:
- EITHER: Received at least £500 into your current account (transfers in from other Nationwide accounts generally do not count), AND made at least two payments out of your current account.
- OR: Made at least ten payments out of your current account.
- Important Note: Any charges, interest, or adjustments to your account balance do not count as payments in or out.
- Also, if you completed a full current account switch to one of these accounts using the Current Account Switch Service between January 1, 2025, and March 31, 2025, you do not need to meet the above monthly activity requirements.
- You need to have met one of the following requirements in two of the three months between January 2025 and March 2025:
Sub-heading: Qualifying Savings or Mortgage Criteria
In addition to your qualifying current account, you need to meet one of the following:
Tip: Read at your own pace, not too fast.
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Qualifying Savings:
- You must have had at least £100 in total across your Nationwide personal savings accounts or cash ISAs at the end of any day in March 2025.
- This does not include Stocks and Shares ISAs.
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Qualifying Mortgage:
- You must have owed Nationwide at least £100 on your residential mortgage on March 31, 2025.
- Exclusions: Commercial mortgages, mortgages not completed by March 31, 2025, or mortgages held with Nationwide's subsidiaries (like The Mortgage Works) do not qualify. It must be a direct Nationwide mortgage.
Step 4: Understanding the Payment Process
Once you've met all the eligibility criteria, the payment process is typically straightforward.
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- Payment Dates: For the 2025 payment, Nationwide began making payments from June 18, 2025, and aims to complete all payments by July 4, 2025.
- How it's Paid: The £100 payment will be made directly into your Nationwide current account via electronic transfer.
- If you have multiple current accounts, Nationwide may pay it into any of them.
- They will prioritize paying it into an account in your sole name if you have one. If not, it will go into a joint account.
- Statement Appearance: The payment will appear on your current account statement as "Nationwide Fairer Share Payment."
- Notifications: If Nationwide has your mobile number or you use their banking app, they will usually notify you when the payment has landed.
- No Other Payment Methods: Nationwide will not make the payment in any other way (e.g., cheque, bank transfer to a non-Nationwide account).
Step 5: Tax Implications and Other Considerations
It's important to be aware of how this payment is treated for tax purposes.
- Tax Treatment: The Fairer Share payment is considered a distribution of profits by the Society, and for UK income tax purposes, it is generally treated as interest.
- No Tax Deducted at Source: Nationwide is not required to deduct any tax from the payment.
- Reporting to HMRC: Nationwide will report the payment to HM Revenue & Customs (HMRC).
- Your Tax Liability: Whether you are liable for income tax on the payment depends on your total amount of interest received in the tax year and your Personal Savings Allowance (PSA).
- Basic Rate Taxpayers: Can typically earn up to £1,000 in tax-free interest each year.
- Higher Rate Taxpayers: Can typically earn up to £500 in tax-free interest each year.
- Additional Rate Taxpayers: Do not receive a Personal Savings Allowance.
- Self-Assessment: Most people won't need to do anything as Nationwide reports it to HMRC. However, if your total income from savings and investments exceeds £10,000, or if you usually complete a Self-Assessment tax return, you may need to include this payment.
- Seeking Advice: If you are in any doubt about your tax position, it's always advisable to seek independent tax advice.
Step 6: What if You Don't Want the Payment?
While most people will be happy to receive the bonus, Nationwide does offer an option to opt-out. For the 2025 payment, you typically needed to inform them by a specific date (for 2025, this was June 16, 2025). You can usually do this by contacting them in a branch or by phone.
Step 7: Maximizing Your Chances for Future Payments (Looking Ahead)
While the Fairer Share is not guaranteed annually, it's been a consistent feature for the past few years. If you want to increase your chances for future payouts:
QuickTip: Scan quickly, then go deeper where needed.
- Keep Your Nationwide Accounts Active: Ensure you continue to use your Nationwide current account regularly. Meet the payment in/out criteria relevant to your account type.
- Maintain Qualifying Savings or Mortgage: Keep at least £100 in Nationwide savings or an active residential mortgage with them.
- Stay Informed: Keep an eye on Nationwide's official announcements and news from reputable financial sources for updates on future Fairer Share payments and their eligibility criteria. The criteria can change slightly year to year.
- Consider Switching: If you don't currently have a qualifying current account with Nationwide, but have other Nationwide products, consider switching your main current account to them using the Current Account Switch Service. Nationwide often offers incentives for new switches, and this can also help you meet the Fairer Share criteria.
10 Related FAQ Questions:
How to check my Nationwide Fairer Share eligibility?
You can typically check your eligibility directly on the Nationwide website by logging into your online banking or by using their dedicated eligibility checker tool if one is provided.
How to ensure my current account qualifies for the Fairer Share?
Ensure you meet the specific activity requirements for your current account type (FlexPlus, FlexOne/Student/Graduate, FlexAccount/Direct/Basic) by the specified date, usually March 31 of the qualifying year. This often involves specific numbers of payments in/out or maintaining the monthly fee.
How to make sure my savings qualify for the Fairer Share?
Ensure you have at least £100 across your Nationwide personal savings accounts or Cash ISAs at the end of any day in March of the qualifying year. Stocks and Shares ISAs do not usually count.
How to ensure my mortgage qualifies for the Fairer Share?
You must have a residential mortgage directly with Nationwide, owing at least £100 on it, as of March 31 of the qualifying year. Commercial or subsidiary mortgages are generally excluded.
Tip: Pause whenever something stands out.
How to keep my Nationwide account active for the Fairer Share?
For FlexAccount, FlexDirect, or FlexBasic, ensure regular payments in and out (e.g., salary, direct debits, card payments). For FlexOne/Student/Graduate, at least one payment in or out in March is usually sufficient. FlexPlus customers typically just need to pay their monthly fee.
How to switch my current account to Nationwide to qualify for Fairer Share?
Use the Current Account Switch Service (CASS) to switch your existing current account from another bank to a qualifying Nationwide current account (e.g., FlexAccount, FlexDirect, FlexPlus). Ensure the switch is completed by the March 31 deadline for the relevant year.
How to know when the Fairer Share payment will be made?
Nationwide typically announces the payment dates around May, with payments usually landing in eligible accounts between mid-June and early July of the distribution year.
How to find the Fairer Share payment on my statement?
The payment will appear on your Nationwide current account statement explicitly as "Nationwide Fairer Share Payment."
How to opt out of receiving the Nationwide Fairer Share payment?
You can typically opt out by contacting Nationwide in a branch or by phone. There will be a specific deadline to opt out, which for the 2025 payment was June 16, 2025.
How to understand the tax implications of the Fairer Share payment?
The payment is treated as interest for UK income tax purposes and is reported to HMRC by Nationwide. Whether you pay tax depends on your total interest income for the tax year and your Personal Savings Allowance. If unsure, seek independent tax advice.
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