Nationwide customers have already been told just how much of the bank's £340 million profit they will be receiving.
It's happy days for Nationwide customers who are looking forward to their own payday after the UK’s largest building society confirmed it will pay out the hefty profit directly into their accounts.
And, considering there are around 16.3 million building society members worldwide, there are going to be a lot of chuffed customers come next month.
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All about giving back to its members, Nationwide explained a little more about the new 'Fairer Share' scheme.
The building society wrote: "We are proud to announce our financial results. As we're a building society, and not a bank, we're able to reinvest our profits for our members' benefit.
"We want to build on the existing value and benefits that our members receive – supporting them in a way others can't."
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Chief Executive of Nationwide Building Society, Debbie Crosbie added: "Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society.
"That is why we have introduced The Nationwide Fairer Share, which will see us return even more value back to members."
Crosbie continued: "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 reinvested for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”
Nationwide announced the news yesterday (19 May) and told customers whether or not they were eligible to receive the cash payment in June, which is equivalent to £100.
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The Nationwide Fairer Share Payment will see the building society return the whopping £340 million directly back to eligible members.
To be an eligible recipient of the £100 lump sum, members need to have had 'a qualifying current account plus either qualifying savings or a qualifying mortgage' with Nationwide on the 31 March.
Nationwide explains: "They won't need to do a thing other than make sure they have an open Nationwide current account when we make the payment."
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Existing Nationwide members will also be offered a 'Fairer Sharer' Bond, which pays a rate of 4.75% AER/gross a year (fixed) for two years and will only be available for a limited time.
Nationwide customers all over are already rejoicing over the news.
One Facebook user posted: "Had my email cheers Nationwide!"
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A second wrote: "Thank you very much Nationwide. I thought it was a scam email to start with but apparently not. £100 will do very nicely."
I'm sure it will.
A third penned: "Just had my email! Thought it was a scam to start with but they aren’t asking for any bank details and that’ll just go straight into account!"
"Woo-hoo!" exclaimed a final Facebook user, "Just checked my email and there's the message! Happy days!"
Happy days indeed.
Rhiannon Ingle