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Nationwide members receive cash bonus despite profit slide

Published 23/05/2024, 11:18
© Reuters.  Nationwide members receive cash bonus despite profit slide
NBS
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Proactive Investors - Nationwide Building Society (LON:NBS) has launched plans to gift £100 to its members despite its profits slipping in the last financial year.

Some 3.85 million members will be eligible to receive £385 million of the bank’s ‘Fairer Share’ bonus in June, building on the £344 million dished out last year.

It follows the bank reporting full-year pre-tax profits of £1.77 billion for the year to April, marking a drop from the £2.2 billion reported last year.

For customers to be eligible for the bonus they must have had either a current account and savings account or a current account and mortgage product at the end of March 2024.

Qualifying members are required to have had at least £100 in their personal savings account or owed at least £100 on their mortgages.

Other stipulations are required to be met before members can receive the bonus.

James Blower at Savings Guru said: “For Nationwide savings customers, they've often been able to get better rates elsewhere but at least this is some recognition of their loyalty.

“I'd still recommend they shop around unless the £100 is better than the extra interest they can earn elsewhere.”

Read more on Proactive Investors UK

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