Nationwide, the UK's biggest building society is putting money back into customers accounts due to rising profits.

The company announced today (May 19) that is launching a new share payment which will see it put about 15% of its annual profits into eligible accounts, amounting to £100 per customer.

The Nationwide Fairer Share Payment will see money into a qualifying current account plus either qualifying savings or a qualifying mortgage with them on the 31 March. Customers won't need to do a thing other than make sure they have an open Nationwide current account.

They also launched the Nationwide Fairer Share Bond - exclusively for existing members who were a member on the 18 May 2023 and are still a member when they apply. It offers a rate of 4.75% AER/gross a year (fixed) for 2 years and will only be available for a limited time. And can be opened through the Internet Bank, in the Banking app or in branch.

Nationwide profits are up around 40 per cent, As reported in The Guardian newspaper, Nationwide chief executive, Debbie Crosbie, said plans for the pay out were influenced by the recent rise in living costs: "We don't see anyone else doing this, as such, and we think, in the cost of living crisis, it was really important to get people cash where we could, and we think it will have the most impact."