Nationwide Building Society has launched a cost to reward its loyal clients. The Fairer Share Payment will see clients obtain a £100 cost.

An individual can discover out if they're eligible for the cost utilizing a checker tool on the Nationwide web site.

To qualify for the cost, an individual will want a qualifying current account in addition to an eligible financial savings account or mortgage with the supplier.

The checker device asks a sequence of questions on whether or not or not the person has a present account with the constructing society, and once they opened it.

People utilizing the device might need to have their latest financial institution assertion at hand, as questions embrace how a lot cash the particular person had saved throughout a sure interval and what number of funds they made.

READ MORE: Woman shares how she's slashing her £6,000 debt despite being on low income

If an individual’s solutions imply they're more likely to get the cost, the device says they'll anticipate to obtain the £100 between June 13 and 30.

However, it additionally says that is solely an “indication” primarily based on the knowledge offered and isn't verified.

Eligible individuals don't have to do something to obtain the funds which will likely be transferred into their account.

People who solely have a joint present account with the constructing society will obtain the funds paid into this account.

Nationwide has additionally launched a Fairer Share Bond with 4.75 p.c curiosity, accessible solely to present members.

An individual can arrange a bond in department, utilizing the Banking App or utilizing the Internet Bank service.

Debbie Crosbie, chief government of Nationwide Building Society, mentioned: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society.

“That’s why we have introduced the Nationwide Fairer Share, which will see us return even more value back to members.

“We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”

Many banks and constructing societies have increased their interest rates over the past year as the bottom price set by the Bank of England has continued to extend.

The base price is presently 4.5 p.c with some analysts predicting it should go up once more because the central financial institution works to curb excessive ranges of inflation.

Jonathan Merry, CEO of Moneyzine, previously told Express.co.uk savers ought to contemplate placing their funds in accounts which have tax benefits.

He defined: “Contributing to accounts that have tax advantages is the best place for cash to be.

“Tax advantageous accounts such as workplace pensions, individual savings accounts (ISAs), and self-invested personal pensions (SIPPs) is a good place to start.

“It is also a good idea to have a diversified investment portfolio that includes a mix of stocks, bonds, and other assets appropriate for your tolerance of risk.”

He additionally inspired Britons to keep away from taking over money owed to allow them to get the most effective charges on loans and mortgages.

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