Nationwide Building Society has introduced three new financial benefits aimed at delivering increased value to its members following the release of its annual financial results. The announcement outlines a fresh set of initiatives that include a direct cash bonus, a high-interest savings bond, and a switching incentive for existing members.
Though the building society promotes the move as a significant boost, the details initially released remain selective and don’t fully clarify the long-term strategy. According to GB News, these developments arrive amid rising competition in the retail banking sector. Nationwide, despite strong figures, reveals little about its forward-looking operational roadmap.
New Round of Fairer Share Payments for Eligible Members
Nationwide has confirmed the return of its £100 Fairer Share Payment, which will be paid to over four million eligible customers between June 18 and July 4.
This amounts to a direct distribution of £400 million, part of a broader £2.8 billion returned to members over the past year. The payment is awarded to those who use Nationwide for everyday banking and hold a qualifying savings or mortgage product.
The society’s Chief Executive, Debbie Crosbie, commented:
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 £1 billion paid directly to members includes the Fairer Share Payment and the initiative branded The Big Nationwide Thank You, both contributing to the society’s member-first dividend model.
New Member-Exclusive Bond Launched at 5%
Nationwide has introduced a Member Exclusive Bond offering a five percent interest rate, available to all 16 million existing members.
The bond can be opened via branches, online, or the mobile app. Members saving the maximum £10,000 will earn £762.50 in interest over an 18-month term—over £150 more than they would receive with Nationwide’s 4% 1 Year Fixed Rate Bond.
The building society has launched a £200 switching incentive, available to existing members who did not have their main current account with Nationwide as of March 31. This offer aims to encourage further engagement among its existing customer base.
Strong Annual Results With Sustained Customer Leadership
Nationwide posted £2.3 billion in statutory profits before tax, a performance achieved despite significant returns to members. The society delivered its strongest year on record for net mortgage lending and retail deposit growth.
The organisation also maintained its number-one position for customer service among peers for the 13th consecutive year. The year-end satisfaction lead was described as the largest in eight years, highlighting the consistency of customer experience across the business. Nationwide was named Which? Banking Brand of the Year last week.
Branch Services Remain Central Despite Digital Push
The building society saw 5.7 million customers visit its branches last year, an increase of 4% over the previous year. Nationwide continues to uphold its Branch Promise, supporting in-person services in parallel with digital tools. Over 30% of new current accounts and 40% of ISAs were opened in-branch, reflecting sustained demand for face-to-face banking.
Meanwhile, digital usage also rose, with an 11% increase in mobile app activity. More than 30 new features were added to both the Nationwide and Virgin Money apps. Innovations include an automated income verification and valuation tool, allowing mortgage borrowers to receive offers within 20 minutes of application.
