May 2023 – It must be getting near to AGM time again. Nationwide Building Society is indulging in another great publicity spending spree with double page advertisements in national newspapers. The ads say they are sharing their profits with members, unlike banks. They have dubbed it – “The Nationwide Fairer Share”. What they don’t say is they are also sharing their profits with their directors just like banks.
If only they improved their performance and paid decent interest rates like other building societies where directors are paid a fraction of those at Nationwide they would not need to waste so much of members’ money on publicity. It is a question that is regularly asked by their members – why are their interest rates so mediocre?