• Swindon & Wiltshire News
• Friday May 19 2023
• Author Name: Peter Davison

Nationwide to pay £340 million of profits directly into customers’ accounts on back of record profits

Swindon-headquartered building society Nationwide is to pay £340 million of profits directly into customers’ accounts after a jump in deposits and higher interest rates drove annual profits up 40 per cent to record highs of £2.2 billion.

The Nationwide Fairer Share Payment will see members with the “deepest relationships” rewarded with £100.

The mutual – Britain’s biggest building society – will share £340 million with eligible members holding both a qualifying current account and a qualifying savings or mortgage product.

The payment to eligible members will automatically be made into their Nationwide current account in June, assuming they held their qualifying products on March 31, 2023.

CEO Debbie Crosbie said: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society. That’s why we have introduced the Nationwide Fairer Share, which will see us return even more value back to members.

“We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”

In the past, Nationwide has used its profits to offer better rates and incentives. Last year, it gave back over £1 billion in this way.

The building society today (Friday) posted profits of £2.2 billion, up from £1.6 billion last year. Deposits increased by £9.1 billion to £187 billion. It market share also grew to 9.6 per cent from 9.4 per cent last year.