Nationwide returned a record £2.8 billion in value to members last year, including £1 billion in direct payments to eligible members. It also delivered £1.8 billion in better than average rates and incentives, with deposit rates over 30 per cent higher.
Britain’s biggest building society today announced outstanding full year results with record growth in retail deposits and net mortgage lending, including help for more first-time buyers than any other lender in the UK. Statutory profit before tax rose to a record £2.3 billion, even after returning £1 billion directly back to members through last year’s Fairer Share Payment and The Big Nationwide Thank You.
Nationwide announced a new Fairer Share Payment today, with over four million members receiving £100 each. The payment goes to eligible members choosing Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product. It will be paid directly into their Nationwide current account between 18 June and 4 July.
It is also launching a market-leading 5% Member Exclusive Bond and a £200 member-only switching incentive.
Debbie Crosbie, Nationwide’s Chief Executive, said: “Nationwide has had an outstanding twelve months. We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.”
The Member Exclusive Bond is available from today to all 16 million existing members and can be opened in branch, online or via the Banking App. Members saving the maximum £10,000 would receive £762.50 in interest after 18 months - over £150 more than they would receive over the same period in our next highest-rate bond (4% 1 Year Fixed Rate Bond).
Members who didn’t have their main current account with Nationwide on 31 March can benefit from a £200 Member Exclusive Current Account Online Switch Offer from today.
Nationwide remained first for customer service for the 13th year running, and increased its year-end lead to the highest it has been for eight years. It was also named as the Which? Banking Brand of the Year last week. Nationwide has a unique Branch Promise and 5.7 million customers visited its branches last year – a year-on-year increase of four per cent. Over 30 per cent of new current accounts and 40 per cent of ISAs were opened in branch last year.
Nationwide also continued to invest in digital channels – providing members choice in how they bank. The Society saw an 11 percent increase in app usage last year. It added over 30 new features to the Nationwide and Virgin Money apps last year; other innovations included an automated income verification and valuation tool that enable mortgage borrowers to receive an offer within just 20 minutes from application. Nationwide’s products are now drawing younger people. It attracted more than a quarter of the student current account market and helped more first-time buyers than any other UK lender.
