19 May 2023

Nationwide Building Society Launches Nationwide Fairer Share To Return Greater Value To Members

  • Nationwide continues to reinvest profits for the benefit of its members
  • £340m Nationwide Fairer Share Payment to reward eligible members with £100
  • Society also launches two-year Nationwide Fairer Share Bond for existing members with 4.75% interest rate
  • Society announces strong annual results, including returning over £1 billion back to members in better rates and incentives, and continues to lead on customer satisfaction

Nationwide Building Society is continuing to reinvest its profit for the benefit of its members as the mutual launches Nationwide Fairer Share – a new reward for members with the deepest relationships.

The UK’s biggest building society is giving back a record amount to its members, following a strong set of financial results and profits of £2.2 billion. This includes rewarding members with over £1 billion through better rates and incentives and being first for customer satisfaction in its peer group for the 11th year running1.

By sharing its profit though the Nationwide Fairer Share Payment, and launching the Nationwide Fairer Share Bond, the Society is using its financial strength and mutual difference to support members in ways others can’t.

Debbie Crosbie, Chief Executive of Nationwide Building Society, said: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society. That’s why we have introduced the Nationwide Fairer Share, which will see us return even more value back to members. We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”

Nationwide Fairer Share:

The Nationwide Fairer Share Payment will see members with the deepest relationships rewarded with £100. It will share £340 million with eligible2 members holding both a qualifying current account and a qualifying savings or mortgage product. The payment to eligible members will automatically be made into their Nationwide current account in June, assuming they held their qualifying products on 31 March 2023. Nationwide will begin to inform eligible members about the payment from today.

The Society hopes as many members as possible become eligible for the reward in future years, and intends to make the payment annually, provided it would not be detrimental to the Society’s financial strength.

The Nationwide Fairer Share Bond, available from today, will pay a highly competitive3 4.75% and is available to all the Society’s 16 million members4. The two-year Bond can be opened in branch, via the Banking App or Internet Bank.

Better value for members: Nationwide gave over £1 billion back to members in the last financial year through better rates and incentives. This led to a growth in deposits during the reportable period, with deposits growing by £9.1 billion.

The Society recently announced increases of up to 0.35% across all its on and off-sale variable rate savings accounts from 1 May. In the last financial year, Nationwide’s average deposit rates were 65 per cent higher than the market average.

In addition, Nationwide continues to support homeowners of all types and is standing by its fair pricing pledge so that those switching to a new deal will continue to benefit from a rate which is the same or better than the equivalent remortgage product. 

Investing in service: Nationwide invested £180 million in payments, digital services and branches and extended its Branch Promise to not leave any town or city in which it is based until at least 2024. The Society’s branch satisfaction score for the last financial year was 87.1 per cent.

Nationwide also invested £100 million to address cost-of-living challenges and launched cashback on supermarket shopping, which benefitted five million customers.

Good for society: As a member-owned mutual, Nationwide continues to invest in communities and gives at least one per cent of its pre-tax profits to good causes each year. In the last financial year, this amounted to £9.6 million. The Society donated an additional £1 million to support debt organisations and charities it works with. It also pledged a further £4 million this year in grants for local causes – bringing the total donated to £22 million in five years.

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Notes to editors

Key Results highlights: Nationwide recorded its strongest year to date, and while it reported a profit of £2.2 billion, it returned a record of more than £1 billion through better rates and incentives to members. Key highlights include:


  • Balance growth of £9.1bn and growth in market share to 9.6% with £6 billion coming in the second half.
  • Nationwide’s average deposit rates were 65% higher than the market average in the last financial year.
  • Continued to offer choice in the way customers bank with Society. Three quarters of all deposits made into its Fixed Rate Online Bond and Fixed Rate Branch Bond came via the branch.

Current Accounts:

  • One in five current account switchers moved to the Society, and recent Current Account Switching Service data showed more people switched to Nationwide than any other provider.


  • Mortgage book grew to £201.7 billion, while market share reduced to 12.2% in a highly competitive environment.
  • Total gross mortgage lending reduced by £2.9bn to £33.6bn (2022: £36.5bn); net lending of £3.3bn (2022: £7.1bn).
  • Helped over 72,000 first time buyers into a home of their own (2022: 87,000).


  • Invested £180m in payments, digital and our branches - offering choice in the way customers bank.
  • Extended Branch Promise until at least 2024, meaning the Society now has the second largest network in the UK.
  • Introduced 24/7 chat and invested in digital and contact centres.
  • Invested £100 million in cost of living support and launching a supermarket cashback offer. The cost of living support includes a dedicated cost-of-living hotline and donating an additional £1 million to support debt organisations and charities.
  • Remained first for customer satisfaction among peer group for the 11th year running.


  • We continue to commit 1% of pre-tax profits to good causes each year. We have committed £9.6 million over the year to charitable activities.
  • 1© Ipsos 2023, Financial Research Survey (FRS), for the 12 months ending 31 March 2013 to 12 months ending 31 March 2023. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 51,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are providers with more than 3.3% of the main current account market as of April 2022 – Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were providers with more than 6% of the main current account market – Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.
  • 2 Full eligibility criteria can be found here. In summary:
  • o Current account: To be a qualifying current account, your account must have been open on 31 March 2023. See here for further criteria. Qualifying members must still have a current account in June.
  • o Savings: You will have had qualifying savings if you had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2023.
  • o Mortgage: To be a qualifying mortgage, you must owe us at least £100 on your Nationwide residential mortgage on 31 March 2023.
  • 3 Source: Best 2 Year Fixed Rate Bonds (moneyfactscompare.co.uk)
  • 4 Must be a member by 18 May 2023