- It will be the third year Nationwide has paid the bonus to selected members
Nationwide is on track to deliver a £400 million boost to millions of members this week when it delivers bumper annual results.
Britain’s biggest building society is expected to dish out £100 each to 4 million eligible customers.
It will be the third year in a row that the Fairer Share cash has been paid to current account holders who have savings or a mortgage with the lender too.
This is on top of a £50 payment that went to 12 million members this year, after Nationwide’s £2.9 billion takeover of Virgin Money.
Payday: Debbie Crosbie is expected to dish out £100 each to eligible customers
That one-off £600 million payment was described as a ‘thank you’ after Nationwide calculated that it made a £2.3 billion gain on the deal by buying Virgin at a bargain price.
Nationwide began its ‘fairer share’ scheme in 2023. As a mutual owned by customers not shareholders, it can distribute some profits to them rather than paying dividends.
Last June, 3.85million Nationwide members received a £100 payment from the building society – 24 per cent of its 16million members.
Nationwide paid out £385million to members, as part of its second annual Fairer Share offer it announced in May 2024.
The £100 bonus was paid to eligible members who had a current account and at least £100 in a savings account or at least £100 outstanding on a mortgage as of 31 March 2023.
The year prior, in June 2023, 3.4million Nationwide members received the £100 Fairer Share payment. Again, this was revealed in May.
Nationwide has said it intends to make the payment every year on the condition it will not be ‘detrimental’ to the strength of its finances.
The mutual banked a gain of £2.3billion from its takeover of Virgin Money in November 2024, resulting in a one-off £50 ‘Big Thank You’ payment to over 12million members.
The firm’s annual results, due on Thursday, are expected to have been boosted by a borrowing surge ahead of April’s rise in stamp duty.
Meanwhile boss Debbie Crosbie is urging MPs to ease borrowing rules to allow ‘our young people to get on the housing ladder’.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .