Some Nationwide Fairer Share Payments are set to be worth less than £100, it has been warned. The latest Fairer Share payment, totalling around £440m, will be paid from 10 June to eligible members who use Nationwide for their everyday banking, in addition to having a qualifying savings account or mortgage.
Nationwide confirmed the latest Fairer Share payment, totalling approximately £440m, will be paid from June 10 to qualifying members who use Nationwide, which has branches in Birmingham, for their day-to-day banking, alongside holding an eligible savings account or mortgage.
In separate notifications sent directly to members via the app, the mutual announced: "Happy Fairer Share Day. We're giving you a £100 Fairer Share Payment. It will be in your account by June 30. T&Cs apply."
Tax Implications Reduce Payment Value
The payment is treated as interest for UK income tax purposes. Nationwide added: "We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC)." This means recipients will be liable to pay tax on the payment, meaning the overall value could fall short of the full £100.
Nationwide's Financial Performance and Member Benefits
The announcement comes as Nationwide publishes its full year results and unveils a range of member benefits, including a Member Exclusive Bond and customer current account switching incentive. It returned £1.8bn of value to members last year, including £1.4bn delivered through better-than-average rates and incentives.
Dame Debbie Crosbie, Nationwide’s Chief Executive, said: “More people than ever are choosing Nationwide. Our growth in mortgages, retail deposits and personal current accounts is leading the market, which means we can again make a Fairer Share payment to eligible members, and offer a new Member Exclusive Bond to all members.”
Since its introduction in 2023, Nationwide will have returned around £1.5bn to members through Fairer Share, reflecting its longstanding commitment to sharing the benefits of strong financial performance with those who bank with Nationwide. While Nationwide aims to pay Fairer Share every year, it is not guaranteed and subject to Board approval.
