Under its Fairer Share scheme, the building society will pay out the bonus to eligible members in June this year
Nationwide Building Society has announced a generous payout to its customers, with millions set to receive £100 each.
To qualify for the payout, members must have a current account with Nationwide and also hold either a savings account or mortgage product with them. Eligibility requires that the account was active as of March 31 and remains open through June, reports Wales Online.An estimated 3.4 million people are expected to benefit from the scheme, and Nationwide will reach out to these individuals between now and the end of May.
The society, mirroring its high street competitors, stated that the benefits of increased interest rates were largely counterbalanced by a fiercely competitive mortgage market throughout the year. "As we look forward, we do expect the market to gradually improve, both as affordability improves from falling interest rates, and with wage inflation running ahead of CPI inflation," he said.According to the lender's own predictions, house prices could fall by 1.1% between December 2023 and December 2024.
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