Nationwide to dish out £385mi with ‘Fairer Share’ provide once more
- 3.85m Nationwide members to receive a £100 Fairer Share payment
- The mutual giant posted record profits of £1.77bn before tax
Nationwide Building Society has announced it will pay out another ‘Fairer Share’ bonus this year.
Britain’s biggest building society will pay 3.85million eligible members £100 this summer, dishing out a total of £385milion, as first revealed by This is Money earlier in the month.
Members will receive the payment directly into current accounts in June.
It comes as the mutual giant said its pre-tax profit was £1.77billon in the year to April, down from £2.2billion last year.
Bonus cash: Nationwide has announced it will once again pay members a fairer share bonus
Who gets the payment this time round
The Fairer Share payment will see members who were eligible on 31 March 2024 get £100 paid into their current accounts in June.
To be eligible for the payment, Nationwide members must have either a current account and savings product, or a current account and mortgage product. The building society said these are its criteria:
Current account: To be a qualifying current account, your account must have been open on 31 March 2024. Qualifying members must still have a current 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 the building society at least £100 on your Nationwide residential mortgage on 31 March 2024.
James Blower of Savings Guru said: ‘It’s good to see Nationwide rewarding its members off the back of strong profits.
‘It’s been competitive on mortgages so this will come as a welcome bonus for Nationwide borrowers.
‘For Nationwide savings customers, they’ve often been able to get better rates elsewhere but at least this is some recognition of their loyalty.
‘I’d still recommend they shop around unless the £100 is better than the extra interest they can earn elsewhere.’
Chief executive Debbie Crosbie said: ‘Our strong financial performance means we are able to offer more ways for our members to benefit from our success.
‘This is only possible because we are owned by members and all our profits are reinvested for their benefit.’
‘Last year, Britain’s biggest building society reported profits of £2billion, enabling it to deliver over £1.8billion to members in better rates and incentives, compared to the market average. It also distributed £344million through its first ever Fairer Share Payment to eligible members.
‘Nationwide continued to support savers, borrowers and current account holders over the last year.’
Member exclusive bond – is it any good?
Alongside its fairer share payment, Nationwide has also launched a savings account.
Nationwide’s ‘Member Exclusive Bond’ will be available exclusively to Nationwide members and pays a rate of 5.5 per cent fixed for 18 months.
The account can be opened online, using internet banking, in the Nationwide mobile app or in a branch.
The maximum a saver can put in this account is £10,000. A saver tucking away this amount in the account would earn £840.813 in interest at the end of the term.
This account now takes the top spot for an 18 month fixed-rate account on This is Money’s best buy tables. The next best deal is United Trust Bank’s 18 month bond which pays 5 per cent.
