Exact date £100 cash will hit millions of bank accounts within WEEKS

MILLIONS of construction industry customers will receive a £100 cash bonus within weeks.

For the second year in a row, Nationwide has announced it will share its profits among members.

Nationwide is once again handing out a cash bonus to millions of membersCredit: Alamy

The building society will transfer a “Fairer Share Payment” of £100 to the current accounts of 3.4 million customers next month.

To qualify, you must have a qualifying checking account, plus a qualifying savings or mortgage product.

But you must have had a qualifying account by March 31 to be eligible and still have the account open in June.

The £100 payments will be sent automatically between June 13 and June 28.

If you are eligible, you will be contacted before the end of May.

Customers will receive notification of the £100 payment via the Nationwide banking app and email.

The payment will appear on your bank statement as ‘Nationwide Fairer Share Payment’.

It comes as the building society launched an exclusive £200 online switching offer for members.

To be eligible, you must have been a member by March 31.

With the Current Account Switching Service (CASS) you can switch within a few minutes.

Switch bank accounts for free benefits

At least two direct debits must be made to the new account, which can be opened on Nationwide’s website or via the app.

The switch must be completed within 28 days of the initial application.

This week Nationwide also launched a new Member Exclusive Bond with an interest rate of 5.5% AER gross (fixed) for 18 months.

It is available to 16 million existing customers and allows up to £10,000 to be invested.

Will I get the £100 Nationwide Fairer Share payment?

To qualify, you must have one of the following product combinations with Nationwide:

  • A qualifying checking account and qualifying savings
  • A qualifying checking account and qualifying mortgage

The following checking accounts are eligible for the payment:

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

If you have one of the above current accounts and had a total of at least £100 in one or more personal savings accounts or cash ISAs in March, you should be eligible for the payment.

In addition, you are eligible for the windfall if you owed at least €100 on your national mortgage debt on March 31.

If you have a joint checking account, savings account or mortgage, that is good news. You will then both be eligible separately.

This means that you will receive a total of €200.

If you’re still unsure about your eligibility, an eligibility checker can be found on the Nationwide website.

How can I switch bank accounts?

Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of major banks and building societies have signed up; a full list is on the CASS website.

With the switching service, switching banks would take seven working days.

You do not have to remember to transfer the direct debit when you move, as this will be done for you.

All you have to do is apply for the new account you want, and the new bank will notify your existing account that you are moving.

However, there are a few things you can do before you switch, including choosing your switch date and transferring any old bank statements to your new account.

For old statements, you must contact your existing bank.

When switching to another checking account, consider what other benefits come with membership of a specific bank or building society.

Some banks offer 0% overdraft fees up to a certain limit, and others may offer better rates on savings accounts.

And some banks offer free travel or cell phone insurance with their checking accounts, but these accounts may charge a monthly fee.

Do you have a money problem that needs to be solved? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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