Proactive Investors - Nationwide Building Society (LON:NBS) account holders will be busily checking their statements as payments from the £340mln windfall, announced in May, start to hit accounts from today.
The UK’s largest building society launched what it called ‘Nationwide Fairer Share Payment’, in May, after annoucing a 40% jump in annual profit.
It plans to return around £340mln directly to eligible members, around £100 each, and hopes the payment becomes an annual event.
The bonus will paid to eligible members between the June 13 and 30, as long as the account is active on the day the bonus is scheduled to be paid.
Lucinda O’Brien, personal finance expert at money.co.uk savings said: "Nationwide’s Fairer Share scheme presents a unique opportunity for eligible members to take advantage of the building society’s success and bolster their financial health."
But the small print left some members confused whether they would get the payment or not.
“If you’re with Nationwide, make sure that you carefully review the eligibility criteria to ensure that you don’t miss out on this offer," O'Brien added.
To qualify for the payment, you must hold a qualifying Nationwide current account along with a savings account or mortgage.
Exclusions incude business savings accounts, stocks and shares ISAs and trusts.
Most mortgage count, as long as you have a minimum £100 in the account but commercial mortgages and deals with a subsidiary do not.