Nationwide £100 Payment: Do You Owe Tax on Your Fairer Share Bonus?

If you’ve received a £100 payment from Nationwide Building Society as part of its Fairer Share scheme, you may need to set aside some of that money for HMRC. The good news? You might not owe anything at all. Here’s what you need to know.

Nationwide has distributed four rounds of £100 loyalty payments to eligible members. The latest batch arrived between 10 and 30 June 2026. To qualify, you needed a current account plus either a savings account or mortgage with them, plus recent account activity.

The key issue is that HMRC treats this payment as taxable interest, not as a tax-free bonus. This is different from bank switching offers or cashback, which don’t count as income.

How much tax will you pay?

You only pay tax if your savings interest exceeds your personal savings allowance. Basic rate taxpayers get £1,000 per year tax-free, while higher rate taxpayers get £500. Non-taxpayers pay nothing.

If the £100 does push you over your allowance, you’re taxed at your marginal rate. A basic rate taxpayer owing tax on £50 of the payment would owe roughly £10 to HMRC.

What if you have a joint account?

This is where it gets tricky. If both partners are eligible, the £100 is split 50/50 (£50 each). If only one is eligible, Nationwide says HMRC may still assume it’s split equally unless you tell them otherwise.

Martin Lewis, the renowned money expert, notes that you should contact HMRC if the split affects your tax position—particularly if the second person is a non-taxpayer and shouldn’t be paying tax on their portion.

What should you do?

Check whether your total savings interest exceeds your allowance this tax year. If it does, put aside the tax you might owe. If you have a joint account and only one partner was eligible, consider contacting HMRC to ensure the payment is correctly attributed to the right person.

For detailed guidance, visit the HMRC website or speak to a tax adviser if your circumstances are complex.