Nationwide Building Society confirms free £275 bonus for millions in Fairer Share payment update

Nationwide Building Society has confirmed plans to hand out up to £275 in free cash to millions of Britons.

The mutual has announced that more than four million eligible members will each receive a £100 Fairer Share payment starting from June 10.

With the return of this popular scheme, the building society's total payout is estimated to reach approximately £440million.

The Fairer Share payment initiative is a financial award to Nationwide's 4.4 members as a sign of thanks for doing business with the financial institution.

Dame Debbie Crosbie, the group chief executive officer at Nationwide Building Society, broke down why the mutual is bringing back the Fairer Share scheme.

She said: "More people than ever are choosing Nationwide. Our growth in mortgages, retail deposits, and personal current accounts is leading the market.

"And we delivered all this while continuing to set the standard for customer service and member value. This, combined with our standout branch network and mutual model, paves the way for even more value for our customers and members in the years ahead."

The building society is also introducing a Member Exclusive Bond offering a fixed rate of five per cent AER for a 15-month term, available on deposits up to £10,000.

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This bond is reserved exclusively for Nationwide and Virgin Money customers who hold membership status with the building society. Those looking to move their banking to Nationwide can take advantage of a £175 switching incentive when transferring their current account.

The switch can be completed through bookable branch appointments, over the telephone, or via the online platform. These benefits form part of a broader package that saw Nationwide return £1.8 billion in value to members during the past year.

Nationwide opened a record one million current accounts over the past year, with more than 300,000 customers switching from rival banks during 2025.

The building society also saw its student account openings double, maintaining its position as the top choice among new college and university students.

Since the Fairer Share scheme launched in 2023, Nationwide will have distributed around £1.5billion to its members through the programme. The building society has stated that while it intends to make the Fairer Share payment annually, the distribution is not guaranteed every year.

Hugh Fairclough, partner and head of financial services at RSM UK, said: "Nationwide Building Society’s results reflect a landmark year. The acquisition of Virgin Money is a step change in scale, adding around 6.6 million customers and pushing the group into the top tier of UK retail banking.

"The deal strengthens its position in mortgages and savings, while signalling a clear intent to diversify into a full‑service model. That includes expansion into business banking – a bold move for a mutual, which opens new growth opportunities but adds complexity and greater risk. The focus now is execution, but the timing is challenging, particularly as the economic backdrop becomes more uncertain.

"With funding costs rising, driven by higher gilt yields, and potential interest rate increases set to put affordability under pressure, the key test is whether Nationwide can convert scale into resilience. The challenge will be balancing growth, efficiency, and risk, particularly in newer segments such as business lending, in a tougher environment."

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