Nationwide customers are receiving a £100 cash boost from today.

Last month the Swindon-based building society revealed that it would be handing out £340 million to customers through a new scheme it wants to repeat annually. 

It comes after the society recorded its strongest-ever financial results and posted pre-tax profits of £2.2 billion for the last tax year. 

And it follows a recent round of job cuts from the company where roughly 450 employees, including some working at the Pipers Way base, were made redundant 

As a result, millions of customers will be receiving £100 directly into their accounts starting from Friday, June 16. 

But not all customers will qualify for the payment.

To receive it customers must have had an eligible current account plus savings or a mortgage with Nationwide in March 2023 and the account must have been open on March 31, 2023. 

The building society says it has contacted those eligible to let them know about the extra funds.  

As a building society, Nationwide is owned by its customers who benefit from its profits. 

Commenting on the move, chief executive Debbie Crosbie said: "Nationwide's purpose is to offer banking, but fairer, more rewarding, and for the good of society," she said in May.

"That's 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 used for our members' benefit.

"We don't see anyone else doing this 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.

The Daily Mail reports that Crosbie has committed to keeping branches open and not leave any town or city that currently has a Nationwide without one until at least 2024.

Crosbie said: "We believe the branch is at the centre of our proposition and it will remain so."

Over 5,600 bank or building society branches have closed since 2015, according to the consumer group Which? 

Of those, Nationwide has closed 95 of those, and 72 since 2019. 

For full terms and conditions visit: www.nationwide.co.uk