Check What is Nationwide Fairer Share Payment, Eligibility, Joint Account – nationwide £100 payment, Who is Eligible, Nationwide Virgin Money.
In an effort to promote fairness and share profits with its members, Nationwide has introduced the Nationwide Fairer Share Payment. This unique initiative aims to distribute a one-off payment of £100 to eligible members who meet specific criteria. Designed to benefit both savers and borrowers, this payment reflects Nationwide’s commitment to supporting its members and fostering financial inclusivity.
In this article, we will get into the details of the Nationwide Fairer Share Payment, outlining the eligibility requirements, the application process, and the implications for recipients.
Qualification to receive the payment :
1. A qualifying current account along with qualifying savings.
2. A qualifying current account along with a qualifying mortgage.
Qualifying savings :
Qualifying savings refer to funds held in personal savings accounts or cash ISAs with Nationwide, totaling at least £100 at the end of any day in March 2024. However, certain types of funds are not considered qualifying savings:
- Money held in Nationwide Business Savings accounts, including BusinessSaver, PortfolioInvestor, and Treasurer’s Trust accounts.
- Funds or other assets held in Nationwide Investment accounts, such as stocks and shares ISAs.
- Funds held in an account under someone else’s name for your benefit through a trust or similar arrangement. For instance, if funds are held in a Future Saver account under a parent’s name for the benefit of a child, they will only count towards the parent’s qualifying savings.
Qualifying savings exclude :
i. Money held in a Nationwide Business Savings account.
ii. Money or other assets held in a Nationwide Investment account.
iii. Money in an account held for your benefit under a trust or similar arrangement.
Qualifying mortgage :
A qualifying mortgage is defined as owing Nationwide at least £100 on your residential mortgage as of 31 March 2024. However, certain types of mortgages are not considered qualifying :
– Mortgages with Nationwide subsidiaries such as The Mortgage Works (UK) plc, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E-Mex Home Funding Limited.
– Mortgages that were applied for but not completed by 31 March 2024.
– Nationwide commercial mortgages.
Qualifying mortgages do not include :
– Mortgages with Nationwide subsidiaries.
– Mortgages that were not completed by 31 March 2024.
– Nationwide commercial mortgages.
If you have a joint account :
If there are multiple account holders, each individual qualifies separately. For example, if you hold a qualifying current account and mortgage jointly with someone else, you both qualify.
– If there are multiple account holders, each person is considered a member of Nationwide, and the terms and conditions apply to each individual separately.
– This means that if a current account or mortgage qualifies and is held jointly, the product and entire balance will contribute to the eligibility of each individual.
– For instance, if you and another person jointly hold a qualifying current account and mortgage, both of you will eligible to receive the payment.
– Similarly, qualifying savings will consider the combined balances of savings and cash ISAs held in both your sole name and jointly.
Managing an account for someone else :
Accounts held for someone else will not count towards your eligibility.
– If you are managing an account on behalf of someone else, such as under a power of attorney, third-party mandate, or court order, the account will not considered a qualifying current account or mortgage for you.
– Additionally, any money held in savings accounts or cash ISAs under this arrangement will not contribute to your qualifying savings.
– However, the balances in these accounts will still considered for the person whose name the account is held under, for whom you are acting.
You will not qualify if – Other exclusions :
– You don’t have a Nationwide current account on the payment date.
– We are notified of your death.
– Your accounts have been used for illegal or fraudulent purposes.
– Making the payment might break a law or regulation.
– We are closing your current account.
– We are engaged in legal proceedings with you.
When and how will the payment made ?
– The payment of £100 will made to all eligible members between 13 June 2024 and 30 June 2024 (tentative).
– Payments will deposited into Nationwide current accounts.
– If a member holds multiple current accounts, the payment may deposited into any of those accounts.
– Payments will made into a sole name account if available, otherwise into a joint account.
– The payment will labeled as “Nationwide Fairer Share Payment” on the current account statement.
– Payments will not made through any other method.
– If a member does not have an open Nationwide current account at the time of payment, they will not eligible to receive it.
Payment treated for tax purposes :
– The payment is considered taxable savings income, treated similarly to interest earned on savings or current accounts.
– Nationwide is not required to deduct any tax from the payment, but it will reported to HM Revenue & Customs (HMRC).
– Depending on the total amount of interest received in the tax year, recipients may liable for income tax on the payment.
– Recipients can learn more about their Personal Savings Allowance at nationwide.co.uk/psa.
– Tax information provided is based on Nationwide’s understanding of current law and HMRC practice for UK resident taxpayers.
– Tax laws and HMRC practices may change, so individuals should visit hmrc.gov.uk for the latest information.
– Nationwide does not provide tax advice and recommends individuals seek their own tax advice if they have any doubts.
Uploading the correct information :
– Eligibility for the payment is determined based on the information held by Nationwide and the products held by the individual.
– Nationwide strives to maintain accurate and complete information, but errors or outdated information may lead to incorrect exclusions from the payment.
– If wrongly excluded, Nationwide will make the payment upon discovery but is not liable for any other losses incurred.
– Nationwide cannot guarantee the speed of processing applications for qualifying products, so delays in opening relevant accounts may result in missing out on the payment.
– Individuals who believe they have been wrongly excluded should contact Nationwide, and if an error is confirmed, Nationwide will take corrective action.
Qualifying Current Account :
- FlexPlus: Pay the monthly fee.
- FlexOne, FlexStudent, or FlexGraduate: Receive or make at least one payment in March 2024.
- FlexAccount, FlexDirect, or FlexBasic: Receive at least £500 in two of the three months from January to March 2024 and make at least two payments out each month. Charges, interest, or adjustments don’t count.
- FlexAccount, FlexDirect, or FlexBasic (Switched): No additional requirements if switched between 1 January 2024 and 31 March 2024 (tentative).
| Type of Current Account | Additional Requirements |
|---|---|
| FlexPlus | Pay the monthly fee for maintaining the account. |
| FlexOne, FlexStudent, or FlexGraduate | Received at least one payment in or made one payment out of your account during March 2024. Charges, interest, or adjustments made to your account balance do not count. |
| FlexAccount, FlexDirect, or FlexBasic | Received at least £500 into your current account in two of the three months of January, February, and March 2024. Made at least two payments out of your account each month in two of those three months. Charges, interest, or adjustments made to your account balance do not count. |
| FlexAccount, FlexDirect, or FlexBasic (Switched) | No additional requirements if you completed a switch using the Current Account Switch Service between 1 January 2024 and 31 March 2024 (tentative). |
If payment is not received :
You can opt-out by contacting Nationwide before 7 June 2024(tentative).
a. The Nationwide Fairer Share Bond is a savings account exclusively available to eligible Nationwide members.
b. It offers a fixed interest rate of 4.75% for a duration of 2 years.
c. Funds deposited in this account cannot accessed until the account matures.
d. The account is not suitable for regular deposits, as there is only a 14-day window for initial deposits after opening.
e. It is more suitable for individuals with a larger deposit amount.
f. Opening this account is not advisable if you anticipate needing access to the funds before the 2-year maturity period.
- Must a UK resident.
- Age must 16 or above.
- Hold a Nationwide current account, savings account, or mortgage on 18th May 2023, and still have the account or mortgage.
- Registered for internet banking.
- Possess a valid email address.
- Deposit money within 14 days of the account opening.
- Minimum deposit of £1 required to open an account.
- Willingness to lock away the money for 2 years.
Open the account online using Internet banking or via the Nationwide banking app.
- What is Nationwide Fairer Share Payment
- Qualification to receive the payment :
- Qualifying savings :
- Qualifying savings exclude :
- Qualifying mortgage :
- Qualifying mortgages do not include :
- If you have a joint account :
- Managing an account for someone else :
- You will not qualify if – Other exclusions :
- When and how will the payment made ?
- Payment treated for tax purposes :
- Uploading the correct information :
- Qualifying Current Account :
- If payment is not received :
- Nationwide Fairer Share Bond :
- Eligibility for the Nationwide Fairer Share Bond :
- To obtain the Nationwide Fairer Share Bond :
- Official Website >> Nationwide Fair Share >> nationwide.co.uk
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