Millions to receive £100 in their bank accounts from today, check if you're eligible

Millions of Nationwide Building Society customers are up for a treat from their financial services provider. The organisation will give those eligible £100 in free cash to share their record earnings.

Nationwide has recently reported £2.2 billion in profits and will transfer £340 million of it to clients in their Fairer Share payment scheme.

Money will start landing on people's accounts already today, with the last transactions completed by June 30. Check if you are entitled.

Meanwhile, thousands claiming housing benefits warned of a major change in the way they get paid,check how it will affect you.

People are also asked tocheck their mailboxes for letters from HMRC or risk missing out on thousands of pounds in free cash, check why.

DWP has also reminded Brits that they can claim £441 per month in extra support if they suffer from this common health condition.

Why does Nationwide pay out £100?

Nationwide Building Society has 16.3 million customers worldwide and is intending to reward most of them for their loyalty in the coming two weeks.

Unlike banks that belong to shareholders, building societies are owned and run by their members who bank, save and borrow with them and therefore have greater freedom to distribute the surplus from their earnings.

As Nationwide reported a record £2.2 billion in profits, they'll share them by sending £340 million to the eligible clients.

Every customer that meets the requirements will receive £100 in Nationwide Fairer Share Payment in a period between today and June 30.

The building society’s Chief Executive Debbie Crosbie commented:

We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society.

She also said that they could share their earnings because they are 'a building society, not a bank', and their profit is reinvested for their members' benefit.

Read more:

⋙ Brits are urged to check their post or risk missing out on thousands of pounds in tax credits

⋙ Thousands can receive £90 free cash for household support within days, check if you're eligible

Who is eligible for a £100 payment?

The one-off payment of £100 is being sent between June 13 and June 30 and will land directly in people’s bank accounts, appearing on their bank statement as ‘Nationwide Fairer Share Payment’.

If you're eligible, the cash will be paid automatically - you don't need to apply for it.

To be entitled to the £100, you need to have a qualifying current account, plus a savings account or mortgage product with Nationwide.

Current accounts must have been opened on or before March 31, 2023, and still be open in June to receive the cash reward.

Savings accounts will need to have had at least £100 in total in one or more accounts at the end of any day in March 2023.

To have a qualifying mortgage, a customer must owe at least £100 on their Nationwide residential mortgage on March 31, 2023.

If you have a FlexAccount, FlexBasic or FlexDirect account, you must have paid in or received at least £500 from external accounts and made at least two payments each month in January, February and March 2023.

If you switched into your account using the Current Account Switch Service (CASS) between January 1 to March 31, 2023, these requirements do not apply.

FlexPlus account holders must be continuing to pay the monthly account fee to be eligible.

If you have a FlexOne, FlexStudent or FlexGraduate account, you must have received at least one payment or made one payment during March 2023.

Read more:

⋙ DWP offering £300 a month ESA payment if you have any of these 23 health conditions

⋙ Thousands claiming benefits warned of travelling this summer: Your payments could be affected

Sources used:

- Mirror: 'Millions to start receiving £100 cash payment from TODAY - see who is eligible'