Millions of customers of Nationwide will be given £100 cash payments after Britain’s biggest building society reported record profits.
The unusual payments will go to 3.4 million customers — those who have both a current account with Nationwide and either a qualifying savings account or a mortgage with the lender.
Nationwide is also introducing a new two-year savings product with a competitive interest rate of 4.75% to share its success more widely with other members under a new Fairer Share programme.
Debbie Crosbie, the society's chief executive, said: “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.”
The Nationwide Fairer Share Payment will see members with the deepest relationships rewarded with £100. It will share £340 million with eligible members holding both a qualifying current account and a qualifying savings or mortgage product.
The payment to eligible members will automatically be made into their Nationwide current account in June, assuming they held their qualifying products on 31 March 2023. Nationwide will begin to inform eligible members about the payment from today.
The Society hopes as many members as possible become eligible for the reward in future years, and intends to make the payment annually, provided it would not be detrimental to the Society’s financial strength.
FTSE 100
The UK's top share index, the FTSE 100, started the day up 12-points at 7,769 shortly after opening this morning, following Friday's 15-point gain.
Brent crude futures were -0.77% lower at $75.00 a barrel.
Companies reporting today
- Full year results: Big Yellow Group
- Full year results: Kainos Group