- 3.85 million Nationwide members to receive £100 Fairer Action payment
- The mutual giant posted record profits of £1.77bn before tax.
Nationwide Building Society has announced it will pay another “fair share” bonus this year.
Britain’s largest building society will pay out £100 to 3.85 million eligible members this summer, handing out a total of £385 million, as This is Money first revealed earlier this month.
Members will receive payment directly into their checking accounts in June.
It comes as the mutual giant said its pre-tax profit was £1.77bn in the year to April, up from £2.2bn last year.
Cash bonus: Nationwide has announced that it will once again pay its members a fairer participation bonus
Who gets paid this time?
The fair share payment will allow members who were eligible on 31 March 2024 to receive £100 in their current accounts in June.
To be eligible for the payment, Nationwide members must have a checking account and a savings product, or a checking account and a mortgage product. The building society said these are its criteria:
Current account: To be a qualified checking account, your account must have been open on March 31, 2024. Qualifying members must still have a checking account in June.
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 2024.
Mortgage: To be a qualifying mortgage customer, you must pay the building society at least £100 towards your Nationwide residential mortgage by 31 March 2024.
James Blower of Savings Guru said: ‘It’s good to see Nationwide rewarding its members with strong profits.
‘It has been competitive on mortgages so this will be a welcome bonus for Nationwide borrowers.
‘Nationwide savings customers have often been able to get better rates elsewhere, but at least this is a recognition of their loyalty.
“I would still recommend shopping around, unless the £100 is better than the extra interest you can earn elsewhere.”
Chief executive Debbie Crosbie said: ‘Our strong financial performance means we can offer more ways for our members to benefit from our success.
“This is only possible because we are member-owned and all our profits are reinvested for their benefit.”
‘Last year, Britain’s largest building society reported profits of £2bn, enabling it to deliver more than £1.8bn to its members with better rates and incentives, compared to the UK average. market. It also distributed £344 million through its first Fair Share Payment to eligible members.
“Nationwide has continued to support savers, borrowers and current account holders over the past year.”