Nationwide is offering a free £100 to certain customers as part of its 'Fairer Share' scheme.

The bonus will be paid to millions of its current account customers who also have savings or a mortgage with the lender.

This is the second time Nationwide has made this kind of payment. Last year, it paid a total of £340 million to 3.4 million customers.

The bank also revealed lower earnings over the past year but said it handed out a record amount of cash to its members.

The building society has faced heavy criticism recently after revealing proposals to take over Virgin Money.

Who's eligible for the £100 Nationwide payment? 

You must have a Nationwide current account

Your account must have been open on March 31, 2024.

You must have used your current account earlier this year

According to MoneySavingExpert.com, the exact criteria depend on which current account you have:

- FlexAccount, FlexBasic or FlexDirect: In two of the three months of January, February and March 2024, you must EITHER:

1. Have received at least £500 into the account (excluding transfers in from other Nationwide accounts) and made at least two payments out of the account.

2. Have made at least 10 payments from the account.

If you have more than one of the above accounts, payments made across all those accounts in total will count towards hitting the requirements. These requirements do not apply if you completed a switch into the account using the official switch service between January 1 and March 31, 2024, though you'll still qualify for the bonus.

- FlexPlus: You must have paid, and continue to pay, the monthly account fee.

- FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in or made one payment out of your account during March 2024.

Recommended reading:

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Nationwide takeover of Virgin Money sparks member backlash

Nationwide deal criticised by biggest Virgin Money shareholder

You must also have had savings or a mortgage with Nationwide in March 2024

Savings: You must have held at least £100 across one or more Nationwide personal savings accounts or cash ISA at the end of any day in March 2024.

Mortgage: You must have owed at least £100 on a Nationwide residential mortgage on 31 March 2024.

If you've withdrawn your savings or paid off your mortgage since the end of March, you'll still qualify provided your current account remains open.

When will I get the payment?

The money will be paid directly into your Nationwide current account between Thursday, June 13 and Friday, June 28 and will appear on your statement as 'Nationwide Fairer Share Payment'.