Nationwide Building Society has today announced it will give more than 4 million people £100 each, with details of who will get the cash, and when. Last year, Nationwide gave £1 billion in direct payments to eligible members and today announced full year results with record growth.
The building society today announced a new Fairer Share Payment, with more than four million members to receive £100 each. The payment goes to eligible members choosing Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product.
It will be paid directly into their Nationwide current account between June 18 and July 4. It is also launching a market-leading 5% Member Exclusive Bond and a £200 member-only switching incentive.
Debbie Crosbie, Nationwide’s Chief Executive, said: “Nationwide has had an outstanding twelve months. We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.”
The Member Exclusive Bond is available from today to all 16 million existing members and can be opened in branch, online or via the Banking App. Members saving the maximum £10,000 would receive £762.50 in interest after 18 months – over £150 more than they would receive over the same period in the next highest-rate bond (4% 1 Year Fixed Rate Bond).
Members who didn’t have their main current account with Nationwide on March 31 can benefit from a £200 Member Exclusive Current Account Online Switch Offer from today.
Nationwide was named as the Which? Banking Brand of the Year last week. Nationwide has a unique Branch Promise and 5.7 million customers visited its branches last year – a year-on-year increase of four per cent.
Nationwide also continued to invest in digital channels. The society saw an 11 percent increase in app usage last year. It added over 30 new features to the Nationwide and Virgin Money apps last year; other innovations included an automated income verification and valuation tool that enable mortgage borrowers to receive an offer within 20 minutes from application.
