It will be a timely boost for customers
Unlike listed banks, building societies such as Nationwide are owned by their customers rather than shareholders. The lender’s bosses said they now plan to make payouts to members every year.
Ms Crosbie added that the distribution of profits “is the biggest statement yet about how we use our financial strength to benefit our members”.To be eligible for the cash payout, members must use Nationwide as their main current account and have one other product, either a savings account or a mortgage, with a minimum £100 balance.Around 3.4 million eligible customers will receive about £100 directly into their accounts in June 2023.
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