Nationwide to pay £340,000,000 of profits straight into customers’ accounts

More than three million Nationwide members are are set to receive a £100 payment.

The mutual lender saw its underlying pre-tax profit surge to £2.2 billon in the year to April, from £1.6 billion this time last year. Its total underlying income jumped to £4.7 billion from £3.9 billion the previous year.

The ‘strong financial performance’ has allowed it to launch the Nationwide Fairer Share Payment where eligible members will receive £100 into their current accounts in June.

Some 3.4 million should benefit from the payment, which the building society said was the first of its kind for the group and intended to reward members ‘who have the deepest banking relationships with us’.

A £340 million pot will be distributed to eligible members holding a qualifying current account plus either a qualifying savings or mortgage product.

Nationwide will start to inform eligible members about the payment from Friday.

Payments will be sent out automatically to account holders next month.

The Society said it hopes as many members as possible will become eligible for the reward, and it intends to make the payment annually.

To have a qualifying current account for a Fairer Share payment, it must have been open on March 31, 2023.

Those with qualifying savings will have 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.

To have a qualifying mortgage, a Nationwide member must owe the Society at least £100 on their Nationwide residential mortgage on March 31, 2023.

Nationwide has also launched a new Fairer Share Bond, paying 4.75%, which is available to all the Society’s 16 million members.

The two-year bond can be opened in branch, via the banking app or internet bank.

Nationwide said it is giving back to its members following a strong set of financial results and profits of £2.2 billion.

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