Nationwide will announce another £100 profit-sharing bonus for each of its more than four million eligible members when it posts annual results on Thursday.
It will be the fourth year running that Britain’s biggest building society has made the payment under its Fairer Share scheme.
But Virgin Money customers, who recently became Nationwide members following a £2.9 billion takeover, will have to wait until next year for any payout.
Almost half of Virgin Money’s 6.3 million customers qualify as Nationwide members because they have personal current accounts, savings and mortgages – but they missed the March cut-off for a payment this year.
Like other savings and loans groups, Nationwide has gained from higher-for-longer interest rates. It means the mutual makes more money from the difference it charges borrowers and pays depositors, boosting profits and raising the prospect of an even higher payout to members.
Last year, members needed a qualifying current account open on March 31, 2025, combined with either at least £100 in total savings or a minimum of £100 owed on a mortgage, on the same date. These criteria may change this year.
Boost: Nationwide, led by chief executive Debbie Crosbie, pictured, said it aimed to make the Fairer Share payment again this year, ‘subject to financial performance and board approval’
James Sherwin-Smith, who hopes to become Nationwide’s first director representing members in over two decades, questioned why only a minority of them received payouts.
‘Is there a better use or more equitable distribution of members’ capital?’ he asked.
Nationwide, led by chief executive Debbie Crosbie, pictured, said it aimed to make the Fairer Share payment again this year, ‘subject to financial performance and board approval’.
The building society now runs Britain’s biggest single-brand banking network, which has 605 branches. Nationwide promises to keep its branches and Virgin Money’s 91 High Street outlets open until at least 2030.
The mutual is paying tycoon Sir Richard Branson £250 million for use of the Virgin Money name in the meantime but has yet to say how much it will cost to fully integrate the bank.
Bank closures to be probed by government
The Government revealed a probe into high street bank branch closures this week, writes Helen Crane.
The Treasury has commissioned an independent review into whether shuttering high street banks across Britain is ‘creating challenges for those who rely on in-person banking services.’
The Access to Banking Review will be led by Richard Lloyd, a former director of the consumer rights charity Which? and board member of the Financial Conduct Authority. He will provide a report and recommendations by October 2026.
According to Which? figures, two thirds of bank and building society branches closed over the past decade.
More have been added to that number that runs to the end of 2024, as banks push customers towards online services in a bid to cut costs.
Bucking the trend, Nationwide promised to keep all 696 Nationwide and Virgin Money branches open until at least 2030.
