The country's largest building society will pay out £340 million to customers' current accounts after reporting a 40 per cent leap in annual profit.
Chief executive Debbie Crosbie said:"We have delivered a strong financial performance by providing banking that is fairer, more rewarding and for the good of society. Our strongest financial performance means that we are able to launch the Nationwide Fairer Share Payment, as well as the Nationwide Fairer Share Bond - with a highly competitive interest rate on savings for our existing members.
"We can do this because we're a building society, not a bank, and our profit is reinvested for our members' benefit." Nationwide reported a pre-tax profit of £2.2 billion for the year to April 4, up from £1.6 billion the prior year.
In addition, it is required to have made a minimum of two payments each month in at least two of the three months mentioned. However, if you have switched into your account using the Current Account Switch Service between January 1 and March 31, 2023, these requirements do not apply to you. To be eligible for the £100 reward, FlexPlus account holders must continue paying the monthly account fee. As for those with a FlexOne, FlexStudent, or FlexGraduate account, it is necessary to have either received at least one payment or made one payment during the month of March 2023.
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