Nationwide is handing £340m back to customers after record profits

Nationwide, the UK’s largest building society has announced plans to return £340 million to its customers following a robust set of financial results.

In a move poised to benefit millions, Nationwide Building Society is launching a new reward scheme, whereby eligible account holders will receive a £100 payment.

After announcing impressive financial results, including profits of £2.2 billion, Nationwide – one of the few banks and building societies maintaining a high street presence in Deeside – has decided to reward its members’ loyalty.

Nationwide members who hold both a qualifying current account and a qualifying savings or mortgage product will be eligible for the payment.

The payment will automatically be made into their Nationwide current account in June, provided they held their qualifying products as of 31 March 2023.

Nationwide has begun informing eligible members about the payment today.

Nationwide’s Chief Executive, Debbie Crosbie, commented on the new initiative, saying, “Nationwide’s purpose is to offer banking that is fairer, more rewarding, and for the good of society. That’s why we have introduced the Nationwide Fairer Share, which will return even more value back to members.”

The Nationwide Fairer Share Payment aims to reward those members with the most substantial relationships with the society.

“It will distribute £340 million among eligible members who hold both a qualifying current account and a qualifying savings or mortgage product.”

“The payments to these members will automatically be deposited into their Nationwide current accounts in June 2023, provided they held their qualifying products as of 31 March 2023.”

Nationwide, committed to rewarding its members, hopes that as many members as possible will become eligible for this reward in future years. It plans to make this payment annually, provided it does not adversely affect the society’s financial strength.