{"id":630516,"date":"2026-06-10T04:55:18","date_gmt":"2026-06-10T04:55:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/630516\/"},"modified":"2026-06-10T04:55:18","modified_gmt":"2026-06-10T04:55:18","slug":"nationwide-tax-warning-for-customers-getting-100-payments-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/630516\/","title":{"rendered":"Nationwide tax warning for customers getting \u00a3100 payments | Personal Finance | Finance"},"content":{"rendered":"

Nationwide has issued a tax warning for customers due to receive one-off \u00a3100 bonus payments from Wednesday. The building society is dishing out the free payments to 4.4 million of its eligible current account customers in June after announcing profits of \u00a32 billion for the year up to March 31, 2026.<\/p>\n

The \u00a3100 bonuses<\/a> come as part of Nationwide\u2019s Fairer Share programme<\/a>, which was set up in 2023 to reward customers who bank with the building society by allowing them to share in some of the profits. Since 2023, Nationwide<\/a> has paid out more than \u00a31.5 billion to eligible members and a total of \u00a34.4 million is due to be paid out to qualifying account holders this month.<\/p>\n

The \u00a3100 bonus payments<\/a> will be paid to all eligible Nationwide members between Wednesday, June 10, and Tuesday, June 30, 2026.<\/p>\n

The money will be paid into customers\u2019 Nationwide current accounts by electronic transfer and will appear on bank statements as \u2018Nationwide Fairer Share Payment\u2019.<\/p>\n

Nationwide said the \u00a3100 payment is treated as interest for UK income tax purposes and it is not required to deduct any tax from it.<\/p>\n

But customers may be liable to pay income tax on the payment if their total amount of interest in the 2026\/27 tax year exceeds the Personal Savings Allowance.<\/p>\n

Nationwide said: \u201cThe payment is treated as interest for UK income tax purposes. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC<\/a>).<\/p>\n

\u201cYou may be liable for income tax on the payment, depending on whether the total amount of interest you have received in the tax year is more than your Personal Savings Allowance.\u201d<\/p>\n

The Personal Savings Allowance allows most people to earn up to \u00a31,000 in interest across their savings and current accounts without paying tax on it in each tax year from April 6 to April 5, but the amount depends on which Income Tax band you\u2019re in.<\/p>\n

So, depending on your personal circumstances, you may be required to pay tax on interest that exceeds your Personal Savings Allowance, but HMRC will normally contact you if this happens and change your tax code to collect the amount owed.<\/p>\n

Explaining how the Personal Savings Allowance threshold works, Nationwide said: \u201cThe Personal Savings Allowance amount is set by the Government and depends on your Income Tax band.<\/p>\n

higher rate taxpayers (40%) can earn \u00a3500 in tax-free interest each year<\/p>\n

additional rate taxpayers (45%) do not get an allowance<\/p>\n

\u201cThe interest you earn on your Nationwide savings accounts may be tax-free up to your Personal Savings Allowance.<\/p>\n

\u201cCash ISAs have their own, separate ISA allowance. The interest you earn on our cash ISAs does not contribute to your Personal Savings Allowance.\u201d<\/p>\n

To check how much interest you\u2019ve earned, Nationwide can provide an interest certificate for certain amounts which shows the interest earned on Nationwide savings covering up to the last five tax years.<\/p>\n","protected":false},"excerpt":{"rendered":"Nationwide has issued a tax warning for customers due to receive one-off \u00a3100 bonus payments from Wednesday. The…\n","protected":false},"author":2,"featured_media":630517,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[213596,84,59,2218,15635,52181,24044,3668,213597,56,213598,54,55],"class_list":["post-630516","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-building-society","tag-business","tag-gb","tag-hmrc","tag-income-tax","tag-nationwide","tag-personal-savings-allowance","tag-savings","tag-u00a3100-bonus-payments","tag-uk","tag-uk-income-tax","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/630516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=630516"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/630516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/630517"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=630516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=630516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=630516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}