Fairer Share Payment Terms and Conditions (2023)

These terms and conditions are effective from 19 May 2023.

  • Nationwide Fairer Share Payment Terms and ConditionsPDF, 128KB (opens in a new window)

About these terms and conditions

As a modern mutual we are able to share some of our profits with members who bank and who borrow or 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, but we refer to it as ‘the payment’ below.

These terms and conditions explain who qualifies. They also tell you how the payment will be made and our understanding of how it is treated for tax purposes.

Are you eligible to receive the payment?

To be eligible, you must have one of the following product combinations:

  • A qualifying current account and qualifying savings
  • A qualifying current account and a qualifying mortgage.

What is a qualifying current account?

To be a qualifying current account, your account must have been open on 31 March 2023.

A qualifying current account must be one of the following:

Type of current account Additional requirements
FlexPlus We require you to pay the monthly fee for maintaining the account.
FlexOne, FlexStudent or FlexGraduate You must have received at least one payment in or made one payment out of your account during March 2023. Any charges or interest, or adjustments made to your account balance do not count.
FlexAccount, FlexDirect or FlexBasic In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account. Transfers in from other Nationwide accounts do not count.

Plus, you must have made at least two payments out of your account each month, in two of those three months.

Any charges or interest, or adjustments made to your account balance do not count as payments into your current account or payments out of your current account.

You do not need to have met the above requirements if you completed a switch to your FlexAccount, FlexDirect or FlexBasic using the Current Account Switch Service between 1 January 2023 and 31 March 2023.

What are qualifying savings?

You will have had qualifying savings if you had 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 2023.

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Qualifying savings do not include:

  • Money you held in a Nationwide Business Savings account (including money held in BusinessSaver, PortfolioInvestor and Treasurer’s Trust accounts).
  • Money or other assets held in a Nationwide Investment account, such as a stocks and shares ISA.
  • Money in an account in the name of someone else that is being held for your benefit under a trust or similar arrangement. For example, if money is held in a Future Saver account in the name of a parent but for the benefit of a child, the money in the account will only count towards the parent’s qualifying savings.

What is a qualifying mortgage?

To be a qualifying mortgage, you must owe us at least £100 on your Nationwide residential mortgage on 31 March 2023.

Qualifying mortgages do not include:

  • A mortgage with one of our 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 you applied for, but which had not completed by 31 March 2023.
  • Nationwide commercial mortgages.

What if you have a joint account?

If there is more than one account holder, each of you will be a member of Nationwide, so these terms and conditions apply to each of you individually. 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 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.

What if you’re running an account on behalf of someone else?

You may be running an account for someone else that is held in that other person’s name, for example under a power of attorney, a third-party mandate, or an order of the court. Where this is the case, the account will not be counted as a qualifying current account or qualifying mortgage and the money in any savings account or cash ISA will not count towards qualifying savings, for you. They will still count for the person you are acting on behalf of whose name the account is held in.

Are there any other exclusions?

Yes, you will not be eligible to receive the payment if any of the following apply:

  • You do not have a current account with us on the day we are due to make the payment. For this purpose, the Nationwide current account does not need to be a qualifying current account.
  • We are notified of your death.
  • We reasonably believe that one or more of your accounts has been used for illegal or fraudulent purposes.
  • By making the payment, we reasonably believe we may:
    • break a law, regulation, code, court order or other duty
    • be exposed to action from a regulator, government, or law enforcement agency.
  • We have written to you saying that we will be closing your current account.

We may also refuse to make the payment if we are engaged in ongoing legal proceedings with you or are taking steps to repossess your property.

When and how will the payment be made?

We plan to make the payment of £100 to all eligible members between 13 June 2023 and 30 June 2023.

We will pay the money into your Nationwide current account. If you hold more than one current account with us, we may pay the money into any of those accounts. We will pay the money into an account in your sole name if you have one and will pay it into a joint account if you do not.

The payment will appear on your current account statement as Nationwide Fairer Share Payment.

We will not make the payment in any other way and if you do not have an open Nationwide current account when we try to make the payment, you will not be eligible to receive it (see ‘Are there any other exclusions?’ above).

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How is the payment treated for tax purposes?

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).

You may be liable to 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. You can find out more about your Personal Savings Allowance at nationwide.co.uk/psa

This tax information is based on our understanding of current law and HMRC practice applying to UK resident taxpayers. Current law and HMRC practice may change. For more information visit hmrc.gov.uk. Nationwide takes no responsibility for tax advice and if you are in any doubt, you should seek your own tax advice.

What if you do not want to receive the payment?

If you do not want to receive the payment for any reason, you can choose not to.

You will need to let us know by calling us on 0330 1239734, Monday to Friday between 9am and 5pm and Saturday between 9am and 2pm, or visiting us in branch no later than 7 June 2023.

Once you have chosen not to receive the payment, you will not be able to change your mind.

Do we have the correct information about you?

We will decide whether you are eligible for the payment based on the information we hold about you and the products you have with us.

We always do our best to ensure that the information is accurate and complete, but incomplete, inaccurate, or out of date information may mean we wrongly exclude you from the payment. We will make the payment if we find out you were wrongly excluded, but we will not be liable for any other loss you may incur if this happens.

We also cannot guarantee how quickly an application for a qualifying product might be completed and therefore will not be responsible if you miss out on the payment because of a delay in opening a relevant product.

If, after checking your eligibility, you think you have been wrongly excluded, please get in touch and if we have got it wrong, we will take steps to put it right.

If you need to speak to us

Chat with us

Opening times
Monday to Sunday, 8am to 7.45pm
Closed bank holidays

To start a chat, visit our Contact us sectionand select the Chat with us button on the right hand side.

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Speak to a member of our team: 

Opening times
Monday to Saturday, 8am to 6pm
Closed Sundays and bank holidays

03457 30 20 11

Visit us in branch

Prefer to speak in person? Our colleagues in branch are always here to help you.

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Fairer Share Payment Terms and Conditions (1)

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For text-to-speech and speech-to-text services:

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(18001) 0800 30 20 11

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Do customers have to agree to terms and conditions? ›

In order for your Terms and Conditions to be legally binding on another person, that person must accept (agree to) them. Obtaining acceptance of your Terms and Conditions is difficult if they are designed to cover the use of a website.

What happens if you don't accept terms and conditions? ›

If you do not follow terms and conditions you do not have any legal rights to use their products or services. This may lead to any legal actions which causes problems depending on the type of contract or agreement you involved in. Was this worth your time?

How enforceable are terms and conditions? ›

When the user accepts the terms – i.e. checking a box or clicking a button to indicate acceptance – the Terms and Conditions become a legally binding contract. However, proper presentation and acceptance methods are key to enforceability.

What is an example of a billing and payment terms clause? ›

Billing and payment terms clause samples. (b) Billing and Payment Terms. The Provider will invoice the Recipient on a monthly basis for all Service Fees accrued during the preceding month, and the amounts due under such invoice shall be payable within thirty (30)days after the Recipient's receipt of such invoice.

Are terms and conditions negotiable? ›

With proper preparation, you will be able to negotiate terms and conditions of a contract that will meet the needs of both parties and ensure a long-lasting business relationship.

Can I refuse to deal with a customer? ›

As long as businesses can offer legitimate reasons for refusing service, and they're applied equally to everyone, there likely won't be a problem. As a small business owner, you have the right to refuse service to customers for certain reasons: for example, if people are being disruptive or intoxicated.

What are some ethical problems terms & conditions statements? ›

8 Common Issues with Terms and Conditions Agreements
  • Your Terms and Conditions is Incomplete.
  • You Don't Ask for Agreement.
  • Your T&C is Difficult to Read.
  • You Haven't Updated Your T&C in Awhile.
  • You Hide Your Terms and Conditions.
  • You Don't Mention Your Privacy Policy.
  • You Don't Note Your Location and Laws.
Jul 1, 2022

Are terms and conditions mandatory? ›

While a Terms and Conditions agreement is not legally required, there are many reasons why you should have one anyway. The biggest reasons to have a T&C are: To maintain control over your website/service/app. To keep your users informed about the relationship between them and your business.

What are the disadvantages of terms and conditions? ›

Disadvantages of using standard terms and conditions

When both parties to a contract seek to impose their own standard terms it may be difficult to identify which terms prevail. If a party seeks to introduce new terms when accepting an offer then this results in a counter-offer rather than an acceptance.

What are the four 4 requirements of a valid enforceable contract? ›

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

Why do you have to agree to Terms and Conditions? ›

The #1 reason why you need a Terms and Conditions agreement is to prevent abuses. Your Terms and Conditions agreement helps you prevent abuses by setting out your right to terminate accounts of people who commit abuses. A Terms and Conditions agreement acts as a legally binding contract between you and your users.

What are the 5 requirements of an enforceable contract? ›

The 5 elements of a legally binding contract are made up of:
  • An offer.
  • Acceptance,
  • Consideration.
  • Mutuality of obligation.
  • Competency and capacity.

Who decides payment terms? ›

The business owner or head of accounting usually determines the payment terms for customers before they begin any transactions. This is so that customers can clearly understand payment terms and adhere to them accordingly.

How do you write a payment terms and conditions? ›

Best Practices for Writing Invoice Terms and Conditions
  1. Use of simple, polite, and straightforward language.
  2. Mentioning the complete details of the firm and the client.
  3. Complete details of the product or service, including taxes or discounts.
  4. The reference number or invoice number.
  5. Mentioning the payment mode.

What are unfair terms and conditions in contracts? ›

Examples of potentially unfair terms include those that: charge the consumer a large sum of money or an amount that goes beyond what would be considered a reasonable pre-estimate of loss incurred by the firm, if a consumer doesn't fulfil their obligations under the contract or cancels the contract.

How do you negotiate contract terms and conditions? ›

10 Tips for Successful Contract Negotiation
  1. Start with a draft. ...
  2. Break it down into smaller pieces. ...
  3. Keep your initial terms simple. ...
  4. Know your “why.” ...
  5. Prioritize your key objectives. ...
  6. Ask questions and understand your counterparty's motives. ...
  7. Come prepared with research.

What are the five contract terms and conditions? ›

The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent.

What words should you never use when dealing with a customer? ›

Talk like a human: 7 phrases to avoid saying to your customers
  • "I will" Promises, promises. ...
  • "No" Of course, sometimes you have to say no to customers. ...
  • "You'll have to" ...
  • "Best, the Support Team" ...
  • "No problem" ...
  • "I can't" ...
  • "Your business is very important to us" ...
  • Getting your team on board.
Feb 4, 2020

How do you politely disagree with a customer? ›

How to handle a situation of disagreement with a customer
  1. Actively listen to their complaint. Customers often want to feel heard when they raise a complaint, and showing them that you are listening and empathizing with their issue can help resolve a conflict before it escalates. ...
  2. Look for a compromise. ...
  3. Offer information.
Jan 26, 2023

How do you politely say no to customers? ›

7 Tips on How to Say No to Customers
  1. Ask for clarification.
  2. Explain what's going to happen next.
  3. Be honest.
  4. Reframe the “no” using positive language.
  5. Make the customer feel heard.
  6. Offer alternatives.
  7. Explain the reasoning behind the current design.
Apr 4, 2023

What are the four 4 ethical issues? ›

The most widely known is the one introduced by Beauchamp and Childress. This framework approaches ethical issues in the context of four moral principles: respect for autonomy, beneficence, nonmaleficence, and justice (see table 1).

What are the 4 basic ethical concerns? ›

The 4 basic ethical principles that apply to forensic activities are respect for autonomy, beneficence, nonmaleficence, and justice.

How do you write terms and conditions for a small business? ›

How To Write Terms and Conditions – Step by Step
  1. Write the Introduction. ...
  2. Draft the Terms of Service. ...
  3. Create an Acknowledgment Statement. ...
  4. Limit Your Liability. ...
  5. List Who Owns Intellectual Property Rights. ...
  6. Generate a Privacy Policy. ...
  7. Spell Out What Happens for Non-Compliance. ...
  8. Add a Signature and Dateline for Both Parties.

Can terms and conditions be illegal? ›

Contracts are illegal when the written content therein causes those involved in the contract to act illegally. The illegality being considered should be directly related to the content of the contract and not to some outlying concept. An illegal contract is not enforceable in a court of law.

What is standard terms and conditions? ›

Standard (written) terms and conditions (T&Cs) are the legal basis on which you will be engaging with customers - and are essential when starting a business. It is recommended that you don't copy T&Cs from another business; no two businesses are exactly the same, plus they may not have obtained legal advice.

Is terms and conditions a disclaimer? ›

No, a disclaimer is not the same as terms and conditions. A disclaimer addresses specific liability issues, whereas terms and conditions outline the rules for site use and establish property rights.

What are the two types of terms and conditions? ›

Contracts are made up of two types of contractual terms: expressed terms and implied terms.

What is the difference between terms and conditions and policy? ›

The difference between a privacy policy and terms and conditions is that a privacy policy protects your users' rights, while terms and conditions protect your website or app's rights. Privacy policies outline how you interact with user data, and terms and conditions outline the rules for using your site.

Who should review terms and conditions? ›

Every business should review its terms and conditions agreement each year and other important documents related to its users. A terms and conditions review should happen annually, though some companies may review theirs every 6 months or quarterly.

What makes a contract not valid and enforceable? ›

If the subject matter is illegal, the contract will not be valid. All terms of your contract must not contravene any federal or state law. If the formation or performance of the contract will require a party to break the law, the contract is invalid.

What are the four C's in contract law? ›

In deciding which dispute resolution option to choose, a party should consider the four C's of dispute resolution: cost, complexity, competency, and conclusiveness.

How long should Terms and Conditions be? ›

There's no rule for how long your Terms and Conditions agreement should be. It all depends on your business needs. However, every Terms and Conditions agreement should have, at minimum, the following clauses: A brief introduction.

What are the six elements of an enforceable contract? ›

If it is proven that an agreement has been reached, the agreement is generally considered a legally binding contract if all six elements of a contract are present. The six elements are offer, acceptance, consideration, intent, legality and capacity.

What are the 7 requirements of a valid contract? ›

For a contract to be valid and recognized by the common law, it must include certain elements— offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.

What is an example of a legally enforceable contract? ›

An example of an enforceable contract is when a homeowner agrees to the terms of a bid from a house painter. The painter has provided a written agreement that states the amount they will charge for specific work to be accomplished.

What are the six conditions that must be met for a contract to be legally binding quizlet? ›

What Must Be in a Contract? In particular, there are six major requirements that must be satisfied before courts will treat a transaction as a legally enforceable contract. These are offer and acceptance, genuine assent, legality, consideration, capacity, and proper form.

Can payment terms be negotiated? ›

Ask for the most

Be reasonable in your ask, but aim to ask for the higher end of what you need. This is a negotiation, meaning there will be some back and forth as come to terms that work for both parties. For instance, if you need more time than your normal 30-day payment terms, ask for 60 days.

What is the industry standard for payment terms? ›

Across the board, net 30 terms are standard practice in most industries and should be a good fallback if you don't know where you stand. This means that the customer is required to pay within 30 days from receipt of the invoice.

What are payment terms to agree? ›

What is a Payment Terms Agreement? A payment terms agreement is a legal contract between a buyer and seller that outlines how payments will be made. It can also outline what happens if the customer does not pay on time and what interest rates and late fees may apply.

What are the 3 major payment options? ›

What are the three main types of payment options. The three most common types of payment in today's market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.

What is 70% payment terms? ›

For example, you may get 70/30 payment terms. This means you'd pay 70% upfront, and 30% upon receiving the goods. You can also negotiate a prolonged payment after receiving the goods, which will often be written in terms of “net” days.

What is the riskiest form of payment? ›

Payment methods to avoid

While every type of payment method has some disadvantages, debit cards are probably the riskiest form of payment. Debit cards do offer the convenience of a card, since you don't have to carry cash around or write a check, but the funds you use are actually tied to your bank account.

What is an example sentence for payment terms? ›

Routinely big business will give its suppliers 90 to 120-day payment terms. As a way of keeping people confident, we extended generous payment terms.

How do you agree to terms and conditions? ›

I agree to the terms and conditions as set out by the user agreement.” Or: “By clicking here, I state that I have read and understood the terms and conditions.” Using a clickwrap method may better protect a business because a user must take proactive measures to agree to terms and conditions.

Are Terms and Conditions mandatory? ›

While a Terms and Conditions agreement is not legally required, there are many reasons why you should have one anyway. The biggest reasons to have a T&C are: To maintain control over your website/service/app. To keep your users informed about the relationship between them and your business.

Why do you need to accept the Terms and Conditions? ›

It is important to remember that accepting Terms & Conditions constitutes a legally-binding contract, so it is in your interest to make sure that you have read them before accepting. In doing so you will also be satisfied that the agreement you are entering into suits you as well as the supplier or website owner.

Can you use someone else's Terms and Conditions? ›

Copying terms and conditions is illegal, and will ultimately do more harm than good for your business. Copying terms and conditions is a form of copyright infringement, which is a punishable legal offense.

What is the difference between terms and conditions and agreement? ›

Terms and conditions refer to the contractual rights and obligations of a party to any contract. They refer to the broader concept of guidelines that parties must follow in an agreement. Your business can create them for any formalized business agreement.

How do you get customers to read terms and conditions? ›

Here's how.
  1. Give them some personality. You'll often hear people saying how important it is to make terms and conditions clear and simple. ...
  2. Keep them short. ...
  3. Don't make them feel legal. ...
  4. Keep an eye on your readability score. ...
  5. Make friends with your lawyers.
Apr 6, 2016

How do you write I agree to the Terms and Conditions? ›

How To Write Terms and Conditions – Step by Step
  1. Write the Introduction. ...
  2. Draft the Terms of Service. ...
  3. Create an Acknowledgment Statement. ...
  4. Limit Your Liability. ...
  5. List Who Owns Intellectual Property Rights. ...
  6. Generate a Privacy Policy. ...
  7. Spell Out What Happens for Non-Compliance. ...
  8. Add a Signature and Dateline for Both Parties.

What are the 5 responsibilities you have when entering into a contract? ›

Tip. The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent.

What do you need in your Terms and Conditions? ›

A Terms and Conditions agreement is where you let the public know the terms, rules and guidelines for using your website or mobile app. They include topics such as acceptable use, restricted behavior and limitations of liability.

Are terms and conditions on a quote legally binding? ›

A quote is not a binding contract. Under contract law, only offers are considered legally binding and a quote is not an offer. That said, accepting a quote makes quotations legally binding under certain conditions. Each side must agree to give up something to form an enforceable bargain.


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