Nationwide gives customers bonus after record profits

Debbie Crosbie, Nationwide’s chief executive, said the Fairer Share payouts had been made possible by the building society’s financial strength
Debbie Crosbie, Nationwide’s chief executive, said the Fairer Share payouts had been made possible by the building society’s financial strength
TIMES PHOTOGRAPHER JAMES GLOSSOP

Millions of members of Nationwide are to be given £100 cash payments after Britain’s biggest building society reported record profits.

The highly unusual payments will go to 3.4 million of the society’s most-prized customers, those who have both a current account with Nationwide and a savings account or a mortgage.

Nationwide is also introducing a new two-year savings product with a highly competitive interest rate of 4.75 per cent to share its success more widely with other members under a new Fairer Share programme.

It is very rare for building societies, which have no shareholders and are owned by the saving and borrowing members, to make cash distributions in this way. The payments will be paid in June directly into the accounts of members who