Millions of Nationwide customers will receive a £100 payment thanks to a new reward scheme for its most loyal savers.
The scheme will benefit around 3.4 million savers and will cost the lender £340 million.
Payments will be distributed automatically to those holding both a Nationwide qualifying current account and either a savings product or mortgage in June, as long as they held them on March 31 this year.
The lender has recently reported its strongest financial results on record.
Payments will be distributed automatically to those holding both a Nationwide qualifying current account and either a savings product or mortgage
PA
Nationwide members will find out if they will receive the payment from today.
In the year to April, the building society’s underlying pre-tax profit surged to £2.2bn, compared to £1.6bn this time last year.
Nationwide said the reward scheme is for those “who have the deepest banking relationships with us” and hopes as many as possible will become eligible for the reward.
It hopes to make payments annually, provided it would not be detrimental to its financial strength.
Chairman Kevin Parry said: “Our financial strength has allowed the board to declare an inaugural distribution – the Nationwide Fairer Share Payment.
“Eligible members will receive a £100 payment into their current accounts in June 2023.
“The board intends to declare annual distributions provided they would not be detrimental to the financial strength of the society.”
Lenders have been ramping up efforts to entice customers as interest rates rise, allowing them to offer more attractive deals.
Lenders have been ramping up efforts to entice customers as interest rates rise
PA
Savers can now earn up to 3.55 per cent interest on cash in an easy-access savings account after banks and building societies increased rates.
However, chief executive Debbie Crosbie warned that the economic outlook remains uncertain and households could struggle to adjust to higher interest payments.
She said the squeeze on household incomes has led to “reduced mortgage market activity and lower house prices which are expected to remain subdued in the second half of 2023”.
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UK bank to pay millions of savers £100 loyalty bonus every year - find out if you will receive payment - GB News
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