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 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.
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.
Payday: Debbie Crosbie is expected to dish out £100 each to eligible customers
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.
The first payments saw £100 paid to 3.4 million members in 2023, then 3.85 million in 2024. A payment this year will take the total past £1 billion.
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 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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