Customers of Nationwide are set to receive a cash boost following record financial results were announced by the building society. The company reported its underlying pre-tax profit in the year to April had shot up to £2.2billion, up from £1.6billion from this time last year.
It also said its underlying income jumped to £4.7billion from £3.9billion the previous year. Following the performance, Nationwide announced it was launching a scheme which would pay eligible members £100 in their current accounts next month.
A pot worth £340million has been set aside for the scheme. Nationwide said the customers who will receive the cash will be those “with the deepest relationships”.
Read more: Bristol billionaires dominate South West Rich List
Who will receive the cash?
The money will be dished out to eligible Nationwide members who have a qualifying current account plus either a qualifying savings or mortgage product. The cash will distributed automatically into accounts during June for those who held their qualifying products on March 31 this year.
Eligible members will start to be informed by Nationwide about the payments by next Friday (May 26). "Those registered for online banking should receive a notification when they log in to confirm they’re getting the payment," said Nationwide, who has also set up an eligibility checker on its website.
For people with qualifying savings, they will need to have had at least £100 in total in one or more of their personal accounts or cash ISAs at the end of any day in March. For those with a qualifying mortgage product, a member must owe Nationwide at least £100 on their residential mortgage on March 31.
Has Nationwide launched any other products?
Nationwide has also set up a new Fairer Share Bond, paying 4.75 per cent, which is available to the building society's 16 million members. It is a two-year bond which can be opened in branch or via its online services, including its banking app.
What has Nationwide said about the scheme?
On its website, Nationwide said: "We're a building society, not a bank, so we can do things a little differently. Like put our members before profits.
"The Nationwide Fairer Share is part of our ongoing commitment to rewarding our members. Through the Nationwide Fairer Share Payment, we will give eligible members a share of our profits.
"In addition, we're launching the Nationwide Fairer Share Bond, which is exclusively available to existing members for a limited time."
READ NEXT
