Nationwide to pay £100 Fairer Share payment to members

Nationwide has confirmed it will once again pay a profit-sharing bonus to its members. 

It is the fourth time Britain’s biggest building society has made the payment under its Fairer Share scheme, with more than four million customers eligible. 

But Virgin Money customers, who only recently became Nationwide members following a £2.9 billion takeover, will have to wait until next year for any payout. 

There will also be a portion of the one million customers who switched to Nationwide over the last year who will not meet the eligibility requirements.   

Nationwide will only make the payment to members with a qualifying current account open on March 31, 2026, combined with either at least £100 in total savings or a minimum of £100 owed on a mortgage, on the same date.  

Dame Debbie Crosbie announced Nationwide will make the Fairer Share payment again

Dame Debbie Crosbie, Nationwide’s chief executive, said: ‘More people than ever are choosing Nationwide. 

‘Our growth in mortgages, retail deposits and personal current accounts is leading the market, which means we can again make a Fairer Share payment to eligible members, and offer a new Member Exclusive Bond to all members.’ 

Nationwide said it would start to pay members from 10 June.

It also announced it will launch a new member-exclusive bond, offering a 5 per cent savings rate for 15 months on balances of up to £10,000. It said the bond would be available exclusively to Nationwide and Virgin Money customers.  

It came as the mutual reported pre-tax profits of £1.49billion, in the year to 31 March 2026, down from the £2.3billion it made last year. 

Nationwide said last year’s earnings had been bolstered by a one-off gain following the acquisition of Virgin Money. 

The results cover Nationwide’s first full financial year of owning Virgin and said it had made ‘significant progress’ with integrating the bank. Costs related to the integration totalled £127million. 

Nationwide reported a healthy boost in its total underlying net income to £6.4billion, up from £5.2billion in the previous year, as it benefited from a ‘more diversified balance sheet’.

Nationwide’s net interest margin – the difference between what it makes on loans and pays out on savings – rose 6 basis points to 1.61 per cent.

Consumer lending balances rose from £11.1billion to £11.6billion, primarily driven by growth in credit card balances to £8.1billion.

Meanwhile, its business lending fell from £15.1billion to £14.9billion with the building society pointing to an ‘increasingly competitive market’.

There was also a drop in mortgage lending to £10.3billion, from £15.9billion. It said the prior year had seen higher volumes as buyers rushed to complete ahead of the Stamp Duty changes implemented on 1 April.

This is a developing story