Around 3.4 million Nationwide Building Society members are set to receive a new £100 payment next month.

The British financial institution has launched Nationwide Fairer Share – a new reward for its members.

A £100 payment from a £340 million pot will be distributed to eligible members holding a qualifying account or mortgage product. 

Nationwide, on its website, said: "We're a building society, not a bank, so we can do things a little differently.

"Like put our members before profits. The Nationwide Fairer Share is part of our ongoing commitment to rewarding our members.

"Through the Nationwide Fairer Share Payment we will give eligible members a share of our profits."

Nationwide Fairer Share £100 payment eligibility

Nationwide members must have a qualifying current accounts along with either qualifying savings or mortgages.

Members with the following accounts with be eligible for the Fairer Share £100 payment:

  • FlexPlus
  • FlexOne, FlexStudent or FlexGraduate
  • FlexAccount, FlexDirect or FlexBasic

To have a qualifying current account for a Fairer Share payment, it must have been opened on or before March 31, 2023.

Qualifying members must still have a current account in June.

Those with qualifying savings will have had at least £100 in total in one or more personal savings accounts or cash Isas with Nationwide at the end of any day in March 2023.

To have a qualifying mortgage, a Nationwide member must have owed the Society at least £100 on their Nationwide residential mortgage on March 31, 2023.

When will the Nationwide Fairer Share payment be made?

Payments will be sent out automatically to eligible Nationwide account holders between June 13 and 30. 

Nationwide began informing eligible members about the £100 payment on Friday.

The building society said it intends to make the payment annually, provided this would not be detrimental to Nationwide's financial strength.

Nationwide Fairer Share Bond

Nationwide has also launched a new Fairer Share Bond, paying 4.75%, which is available to all the Society’s 16 million members.

The two-year bond can be opened in branch, via the banking app or internet bank.

Britain’s biggest building society said it is giving back to its members following a strong set of financial results and profits of £2.2 billion.