Debbie Crosbie, the Scot in charge of Britain’s biggest building society, took home £3.46 million during her first ten months in what is said to be a record pay packet in the sector.

The payout to the chief executive of Nationwide included £1.7 million compensation for bonuses forfeited when she left TSB.

Ms Crosbie, a former chief operating officer at Clydesdale Bank, joined Nationwide last June and oversaw record £2.2bn profits, from £1.16bn in the previous year. It handed £100 cash payments to current account customers.

But banks and building societies were criticised for being slow to pass on base rate cuts to savers.

Nationwide says its returns to savers exceeded £1 billion, up from £325 million in the previous year.

A spokesman said: “We want to attract, retain and motivate talented individuals to ensure the society’s long term success and the best possible service to customers. As a mutual, we have always balanced how we reward our people with our values as a member-owned organisation.

Ms Crosbie’s predecessor, Joe Garner, was paid £2.1 million in his last full year.