Nationwide announces three new benefits in major boost to customers - including return of £100 bonus payment

Nationwide Building Society has announced its third Fairer Share Payment, returning a record £2.8 billion to members over the past year.

The payment includes £1 billion in direct payments to eligible members and £1.8 billion in better than average rates and incentives.

Over four million eligible members will receive £100 each through the new Fairer Share Payment.

The payment goes to members who use Nationwide for their everyday banking whilst also holding a qualifying savings or mortgage product.

The £100 payments will be made directly into members' Nationwide current accounts between June 18 and July 4.

Britain's biggest building society delivered the record member returns alongside outstanding full year results showing record growth in retail deposits and net mortgage lending.

Nationwide has launched a market-leading five per cent Member Exclusive Bond available to all 16 million existing members from today.

The bond can be opened in branch, online or via the Banking App, with members saving the maximum £10,000 receiving £762.50 in interest after 18 months.

This represents over £150 more than members would receive over the same period in Nationwide's next highest-rate bond, the four per cent 1 Year Fixed Rate Bond.

The building society has also introduced a £200 Member Exclusive Current Account Online Switch Offer for members who didn't have their main current account with Nationwide on March 31.

These announcements accompany record statutory profits of £2.3 billion before tax, achieved even after returning £1 billion directly to members through last year's Fairer Share Payment and The Big Nationwide Thank You.

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."

Nationwide maintained its position as first for customer service for the thirteenth consecutive year running amongst its peers.

The building society increased its year-end lead to the highest it has been for eight years.

The society was also named as the Which? Banking Brand of the Year last week.

Nationwide operates under a unique Branch Promise, with 5.7 million customers visiting its branches last year, representing 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 continued to invest in digital channels, providing members choice in how they bank, with an 11 per cent increase in app usage recorded last year.

The society 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 enables mortgage borrowers to receive an offer within just 20 minutes from application.

Nationwide's products are now drawing younger people, attracting more than a quarter of the student current account market.

The building society helped more first-time buyers than any other UK lender, demonstrating its continued commitment to supporting homeownership across different demographics.