CUSTOMERS of a high street building society will be given £100 back next month after it recorded record profits.

Nationwide will pay £340m directly into customer accounts after a jump in deposits and higher interest rates drove annual profits up 40 per cent to record highs.

Eligible customers will receive about £100 directly into their accounts in June.

It comes as Nationwide reported annual pre-tax profits to £2.2bn – a record high – up from £1.6bn a year earlier.

Debbie Crosbie, Chief Executive of Nationwide Building Society, said: “Nationwide’s purpose is to offer banking, but fairer, more rewarding, and for the good of society.

"That is why we have introduced The Nationwide Fairer Share, which will see us return even more value back to members.

"We are able to do this because of our financial strength and the fact we’re a building society, not a bank, so our profit is reinvested for our members’ benefit. It’s part of our enduring commitment to rewarding our members.”

Those who will receive the payment will be customers with a current account plus either qualifying savings or a qualifying mortgage with Nationwide on the 31 March. They won't need to do a thing other than make sure they have an open Nationwide current account when we make the payment.