Millions to get £100 from Nationwide in Fairer Share payout

The banking giant announced the latest round of its hugely popular Fairer Share scheme as it revealed profits had fallen following its takeover of Virgin Money.

Around 4.4 million eligible members are expected to receive the £100 bonus in June – marking the fourth consecutive year Nationwide has made the payout.

Since launching the scheme in 2023, Nationwide says it will have returned around £1.5 billion to customers.

The announcement comes as many households continue to battle rising mortgage costs, higher bills and ongoing cost-of-living pressure – making the payment likely to be welcomed by millions of savers and borrowers.

Nationwide reported pre-tax profits of £1.49 billion for the year to March, down from £2.3 billion the previous year.

The building society said last year’s results were boosted by a one-off gain linked to its acquisition of Virgin Money, which it is now integrating into the business.

The Virgin Money brand will eventually disappear from the high street, with branches expected to begin rebranding from 2028 as customers are gradually moved over to Nationwide.

But despite lower profits, Nationwide said it remains committed to its Fairer Share payments – although future payouts will still depend on financial performance.

The latest £100 bonus has already sparked interest among customers eager to know whether they qualify.

Nationwide has not yet confirmed the full eligibility criteria for this year’s payment, but previous schemes have required members to hold qualifying current accounts, savings or mortgage products during specific periods.

The society also revealed mortgage lending slowed over the past year, although it said it still remained a market leader.

Demand surged earlier this spring as buyers rushed to secure deals before stamp duty changes came into force in April.

At the same time, mortgage rates climbed sharply during March amid market turmoil linked to the escalating Iran conflict, which pushed up global financial costs.

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Nationwide chief finance officer Muir Matheson insisted the lender had not used rising rates as an opportunity to profit from customers.

He said: “We always try to give the best possible rates in that context to our members.”

The lender also saw a strong rise in savings deposits and current account openings, with student account applications doubling compared with the previous year.

Nationwide said it captured 43% of the student banking market after offering perks including cashback and takeaway vouchers.