Will Nationwide make £100 “Fairer Share” payments again in 2026?

If Nationwide can again afford to make Fairer Share payments, this will be rightly celebrated by the recipients. However the majority of members that don’t receive these may be left questioning fairness: why do only a minority benefit, and is there a better use or more equitable distribution of members’ capital? Increasing transparency and member engagement are two key reasons why I’m asking members to elect me to the Nationwide Board this year.

James Sherwin-Smith, Member Nominated Candidate for election to the Nationwide Board

Nationwide’s “Fairer Share” payments have become a focal point for members: part loyalty bonus, part demonstration of the mutual model in action. Since its introduction in 2023, £100 payments have been paid annually to a growing cohort: 3.45 million members in 2023, 3.85 million in 2024, and over 4 million in 2025.

Set against a total membership of 16.4 million — and a reported 9.1 million members who are eligible to vote — this remains a minority benefit, albeit one that is expanding year on year. When it was introduced in 2023, the number of complaints raised prompted a statement from the Financial Ombudsman Service.

At its core, the Fairer Share is framed as a distribution of surplus to a subset of members rather than external shareholders. That positioning matters: it reinforces Nationwide’s mutual credentials and differentiates it from listed banks. However, the mechanics are less straightforward than a conventional dividend.

Crucially, the payment is not guaranteed, and not all members benefit. Nationwide determines both whether a payment will be made and who qualifies only after assessing annual financial performance. Eligibility criteria are announced retrospectively, creating uncertainty for members seeking to benefit from the distribution.

Historically, the cadence has been consistent. Announcements have landed in the second half of May, aligned with the publishing of the annual accounts, and with payments following in June, typically two to three weeks later. While this pattern suggests a likely timeline for 2026, there has been no confirmation at the time of writing.

Eligibility has broadly favoured “deeper” relationships: members who operate a current account and either save or borrow with Nationwide, and who meet activity thresholds. In practice, this tilts the benefit toward more commercially valuable / ”active” customers rather than the full membership base, and helps build a larger amount of non-interest bearing deposits, as most current accounts don’t pay any interest.

The scheme’s impact is therefore twofold. Financially, £100pa per eligible member is a modest amount, though cumulative payments over multiple years can become meaningful. Strategically, it acts as a behavioural lever, encouraging product concentration with the building society and deeper engagement with the members. It’s unclear how many members have opened low activity current accounts in order to qualify, however.

From a governance perspective, the numbers are worth noting. With over 4 million recipients in 2025, the payment reaches a substantial bloc of members: approaching half of those eligible to vote, and a quarter of total members. Whether intentional or not, that creates an interesting dynamic in a mutual where member sentiment and voting behaviour carry formal weight.

In 2007, members were required to vote on a resolution to adopt the “PerCent Standard” – in effect a decision to donate at least 1% of Nationwide’s profits to charity. No such vote was offered in 2023 regarding the allocation of profits to a subset of the membership based on unknown and evolving criteria – the so called “Fairer Share” payments. Also worth noting – for every member who voted at last year’s AGM, £1 was donated to charity (capped at £500,000).

Looking ahead to 2026, expectations are shaped by precedent: a likely announcement re the Fairer Share on the day annual results are published (21st May 2026) and, if approved, payments in June. But the underlying reality remains unchanged: Fairer Share payments are discretionary, contingent, and selectively distributed.

For eligible members, it is a welcome bonus. For Nationwide, it is also a tool: one that blends financial reward for current account usage and alignment with the Society’s strategy ahead of the AGM.