Nationwide Building Society has announced a £100 cash handout to eligible members as part of its fourth Fairer Share payment, following a year of strong financial performance. The payment, unveiled on Thursday, will benefit 4.4 million members in June.
The building society reported a pre-tax profit of £1.49 billion for the year to the end of March. Nationwide also attracted one million new current account customers over the past year, and returned £1.8 billion in value to members through higher savings rates and lower mortgage rates.
CEO Dame Debbie Crosbie said: 'These stellar results are exactly what we want to deliver for our 22 million Nationwide customers. I am delighted that more than a million more people opened a Nationwide account this year.' She added that the Fairer Share payment rewards those who use Nationwide as their main banking provider.
Nationwide has been recognised as the fastest growing brand in UK financial services and was named Which? bank brand of the year. It has also committed to keeping all branches open until at least 2030. The building society's £2.9 billion takeover of Virgin Money in 2024 has bolstered earnings, with customer migration to the Nationwide brand expected this year.
