Nationwide Building Society has paid most of its 4.4million eligible members £100 on a single day after making its fourth Fairer Share payment since 2023.
It means the number of customers who have benefited from the payment is up 1million compared to four years ago.
In 2023, the first year Britain’s biggest building society announced the scheme, 3.4million were eligible. That climbed to 3.85m in 2024 and 4million last year.
Nationwide says while most payments have been made, it has a deadline of 30 June to complete any outstanding.
Payouts go to eligible members who have a current account, alongside a qualifying savings or mortgage product.
For couples, it can mean a £200 boost – for example, if you have a joint current account and mortgage with Nationwide.
This year’s payment was announced at Nationwide’s full year financial results on 21 May.
Payments: Millions of customers have already received their £100 Fairer Share payout
There was a real split with what people would do with £100 – 26 per cent would put it towards a holiday, or holiday spending money while 16 per cent would use it to do a big food shop.
Smaller indulgences also feature strongly, with 12 per cent opting to go out for dinner and another 12 per cent choosing a takeaway.
Stephen Noakes, Nationwide’s retail director, said: ‘We’re pleased to be able to reward eligible members with £100 for the fourth consecutive year, reflecting Nationwide’s strong financial position.’
Nationwide vowed late last year to keep all of its branches – and Virgin ones – open until 2030.
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As such, it became Britain’s biggest branch operator last week for the first time.
Its data shows 57 per cent of all branch-based product openings last year were a Nationwide branch, indicating staff are willing to help customers open savings and current accounts.
It says in-branch current account openings were up 21 per cent last year. Where it’s the last branch in town, that figure was 29 per cent.
Yesterday, it was revealed the boss of Nationwide was paid almost £5million last year after leading a merger with Virgin Money.
Debbie Crosbie topped up her £1.2million annual salary with extras including a £1.8million bonus and £1.5million in long-term awards.
The Fairer Share payment is dependent on Nationwide’s financial strength and is subject to Board approval.
We revealed last month that almost half of Virgin Money’s 6.3million customers have become members of Nationwide Building Society.
It means they would be eligible for a Fairer Share payment next year, if there is one.
That would potentially push Fairer Share payouts to more than 7.5million customers.
