Major high-street building society, Nationwide, will pay its customers a share of £340m in June.

Major high-street building society, Nationwide, will pay its customers a share of £340m in June. The lender has made in a statement that eligible customers will get an email letting them know they’re eligible for a £100 credit to their account – payments are to be made in June.

To get the £100 payment, members must have either a current account and savings account or a current account and a mortgage account. In a statement recently published they discussed the criteria:

Current account: To be a qualifying current account, your account must have been opened on 31 March 2023. Qualifying members must still have a current account in June. 

Savings: You will have had qualifying savings if you had at least £100 in total in one or more personal savings accounts or cash Isas with Nationwide at the end of any day in March 2023. 

Mortgage: To be a qualifying mortgage customer, you must the building society at least £100 on your Nationwide residential mortgage on 31 March 2023. 

The building society giant, one of the biggest lenders in the UK, made a whopping £2.2bn in pre-tax profit for their financial year 22/23. Unlike banks, building societies are owned by their members and therefore are not at the mercy of shareholders and external investors. As a result, members get to see the benefits of profits made. In addition to the one-off £100 payment, nationwide is also launching the ‘Nationwide fairer Share Bond’ offering 4.75%, which is currently 0.25% above the current Bank of England base rate. It is one of the best fixed high-street product offerings at the moment for cash savers.

Given the current climate nationwide has also set aside £126m for ‘bad loans’ as well as seen a reduction in net lending by over 10%. The performance of Nationwide was driven by rising interest rates as loans, and other products allowed for greater returns, but did stress that costs within had risen by 4%.

The full terms can be found here on the Nationwide website!