Nationwide has revealed who will qualify for its new £100 bonus.

The rules are fairly comprehensive, and aim to reward the most loyal customers who have both a current account and a savings or mortgage account with the building society.

It announced: "As a modern mutual we are able to share some of our profits with members who bank and borrow or who bank and save with us. We will do this by making a one-off payment of £100 to those who qualify. We have called this the Nationwide Fairer Share Payment."

A qualifying current account is one that was open on March 31. This includes FlexPlus—provided the monthly fee is duly paid—the FlexOne, FlexStudent or FlexGraduate accounts, but only if at least one transaction was recorded in March.

The FlexAccount, FlexDirect or FlexBasic are also eligible under certain conditions. One of these requirements must be met.

Either in two of the three months of January, February and March 2024 you received at least £500 in your current account or made at least two payments out of your current account.

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Or, in two of those three months you have made at least 10 payments out of the account.

To qualify for the savings element, customers need at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.

These do not include money held in business savings accounts, money or other assets in an investment accounts such as stocks and shares, or money in an account in the name of someone else.

A qualifying mortgage means you must have owed the society at least £100 on your residential mortgage on March 31. It does not include a mortgage with one of the bank's subsidiaries such as The Mortgage Works (UK) plc, UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited, or E-Mex Home Funding Limited.

A mortgage which was applied for but wasn't completed by March 31, as well as Nationwide commercial mortgages are not eligible.

For joint account holders, the terms and conditions apply individually to each person.

"This means that if a qualifying current account, or qualifying mortgage is in joint names, the product and the whole of any balance will count towards each individual's eligibility for the payment. For example, if you hold both a qualifying current account and a qualifying mortgage jointly with someone else, you will both be eligible to receive the payment. Similarly, qualifying savings will take account of the whole of any savings and cash ISA balances you hold in your sole name and those you hold jointly."

People managing accounts in someone else’s name, such as under power of attorney, won’t have these accounts count as their qualifying accounts for mortgages.

Instead, the accounts will solely benefit the named individual when it comes to qualifying for savings. 

While a Christmas bonus would be welcomed by many customers, there is likely to be a longer wait - as payments to qualifying members aren't expected until the period between June 13 and June 28 next year.