Some Nationwide Fairer Share payments to be worth less than £100 | Personal Finance | Finance

Nationwide has confirmed that millions of its members are set to receive a free cash payment next month, though while it will be worth £100 for many, others may receive a lesser sum.

Around 4.4 million members will have a free £100 deposited directly into their accounts in June, Nationwide said. Whether you receive the payment will hinge on whether you satisfied all of the eligibility criteria.

Nationwide confirmed the latest Fairer Share payment, totalling approximately £440m, will be paid from June 10 to qualifying members who use Nationwide for their day-to-day banking, alongside holding an eligible savings account or mortgage.

In separate notifications sent directly to members via the app, the mutual announced: “Happy Fairer Share Day.

“We’re giving you a £100 Fairer Share Payment. It will be in your account by June 30. T&Cs apply.”

To qualify, members must have held an eligible current account with Nationwide on March 31 of this year, and have maintained £100 or more in a qualifying savings account, or owed at least £100 on an eligible mortgage.

The payment is treated as interest for UK income tax purposes. Nationwide added: “We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).”

A significant number of recipients will therefore be liable to pay tax on the payment, meaning the overall value could fall short of the full £100.

Should you wish to decline the payment, you are able to opt out, though you must notify Nationwide no later than June 8.

This can be done byephoning 0330 123 9734 Monday to Friday, 9am-5pm, or Saturday 9am-2pm. You may also inform a member of staff at your local branch.