Nationwide Building Society has provided a fresh update after distributing a significant financial boost, worth up to £280, to tens of thousands of its members across the UK.
Details of the Member Benefits
The mutual society had rolled out an offer where many new members qualified for a £100 cash gift, alongside £120 in vouchers. An additional £60 was also potentially available for successful customer referrals. This initiative formed part of Nationwide's broader strategy to reward loyalty and attract new customers in a competitive market.
Younger Generations and Face-to-Face Service in Focus
Recent data from the building society highlights interesting trends among its younger membership. Notably, more than one in ten (11%) of its FlexStudent accounts were opened in a physical branch, indicating a continued appreciation for in-person banking support among students.
Furthermore, figures from the society's Fairer Share Payment scheme in June are revealing. A substantial 25% of these payments were received by members under the age of 35, with 12% going to those under 25. This demonstrates a growing recognition among younger generations of the advantages of being part of Britain's largest building society. Nationwide aims to make these Fairer Share Payments annually, though the final decision hinges on its yearly financial performance.
Leadership and Expert Commentary
Tom Riley, Director of Group Retail Products at Nationwide, commented on the findings. "Students want great food and even greater value, and we've shown since launching our first student account in 2016 that we're going from strength to strength," he said.
"It's also encouraging to see students opening accounts in person, as well as online, reinforcing our decision to invest in both digital and face-to-face service," Riley added. "Combined with the additional value we provide our members as a modern mutual – from better savings rates to paying a £100 Fairer Share Payment for the past three years – we believe there is every reason to join Nationwide."
Finance expert Rachel Springall of Moneyfactscompare.co.uk also weighed in. “It is fantastic to see students choosing a bank account that suits their lifestyle by taking advantage of cost-saving perks," she stated.
"Nationwide offers one of the most generous overdrafts for students on the market, plus, it has proven how it is championing face-to-face support by its branch pledge. This well-rounded approach is a huge draw for students who may for the first time be experiencing flying solo with their everyday finances and need support," Springall concluded.
