FAQs

A: From 3 November 1997, all new customers of the Society have agreed to assign to the Foundation their rights to any future conversion benefits upon opening an account or mortgage with the Society. Existing members may also choose to assign such rights to the Foundation. Therefore, in the unlikely event of a conversion or take-over of the Society, any windfall benefits, which would otherwise be received by members, would pass to the Foundation under assignment and would form a fund to support future charitable giving.

A: It is funded mainly by contributions from Nationwide Building Society which has formally agreed to support the Foundation in its day-to-day activities and annually makes a donation to the charity. As of April 2008, the Society agreed to give 1% of its pre-tax profits to charitable causes and the Foundation receives 0.25% of this. The remainder is distributed to charitable causes by the Society’s Social Investment Team.

A: The board makes funding decisions very carefully taking into consideration charitable need in the UK.

A: The board makes funding decisions very carefully taking into consideration charitable need in the UK.