What if loyalty wasn’t about spending, but about sharing success?
Nationwide’s approach to rewarding members reflects a deeper, more emotional kind of loyalty. And it starts with mutuality.
What Makes a Mutual Different?
Unlike banks with external shareholders, mutuals like Nationwide are owned by their members. Profits aren’t paid out to investors—they’re reinvested or shared directly with customers.
This difference is more than structural. It shapes how loyalty is rewarded.
Two Types of Member Payments
In recent years, Nationwide has issued two separate types of payments:
1. The Fairer Share Payment (£100 – 2023 & 2024)
A profit-sharing initiative tied to Nationwide’s financial performance. Eligible members, those with a current account plus a savings or mortgage product, received £100 as a direct reward for their loyalty and product depth.
2. The Big Nationwide Thank You (£50 – 2025)
Introduced in April 2025, this one-off £50 payment was given to over 12 million members. It followed the acquisition of Virgin Money and was positioned as a thank-you gesture rather than a profit share.
“We’re giving back to say thank you for being part of something bigger.”
— Nationwide, 2025
Both payments are simple, direct, and emotionally resonant. No points. No tiers. Just a clear message: we value you.
Why Traditional Loyalty Schemes Are Wearing Thin
Points, discounts and cashback still dominate loyalty strategies, but their impact is fading.
A 2024 BCG report found that 35% of consumers expect to cancel at least one loyalty membership this year, citing a lack of relevance or value.
These schemes often reward frequency or spend. They rarely acknowledge long-term commitment or customer depth.
What Makes Profit-Sharing Work?
Here’s why Nationwide’s model lands differently:
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Emotional Connection
Customers feel part of something bigger than a transaction. -
Perceived Fairness
Rewards are based on membership and relationship depth. -
Simplicity
£50 or £100 in cash is more meaningful than complex point values. -
Exclusivity
Eligibility criteria add value and reinforce the idea of being a member.
From Transactions to Trust
🏦 Traditional Rewards: 35% plan to cancel memberships (BCG, 2024).
🚀 Profit-Sharing Models: Higher satisfaction among multi-product holders (BehindLogin interviews, 2024).
What Other Providers Can Learn
Most banks and fintechs aren’t mutuals. But the strategic thinking is transferable:
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Reward product depth, not just activity.
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Use milestone bonuses to drive emotional engagement.
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Communicate clearly – customers want to know what they’ll receive and why.
Incentives don’t need to be points-based to work. They need to be personal and purposeful.
Takeaway
Loyalty isn’t just about repeat behaviour. It’s about recognising contribution and commitment.
Nationwide’s Fairer Share and Big Thank You payments both demonstrate the power of emotional equity. While the £100 reward reflects shared profits, the £50 thank-you acknowledges presence and participation.
Even if you’re not a mutual, the message is universal:
