Nationwide Building Society has begun distributing a £50 bonus payment to millions of its customers as part of "The Big Nationwide Thank You" initiative, which aims to reward members for their loyalty and support following the successful acquisition of Virgin Money. Starting from April 9, 2025, over 12 million eligible members across the UK will receive this one-off payment, totaling more than £600 million.
The initiative follows Nationwide's completion of its £2.9 billion acquisition of Virgin Money in October 2024, a move that has significantly strengthened its financial position. With 90 percent of Virgin Money shareholders voting in favor of the deal, this acquisition has positioned Nationwide as the second-largest provider of mortgages and savings accounts in the UK.
To qualify for the £50 payment, customers must have been members of Nationwide as of September 30, 2024, and still maintain their membership when the payment is made. Additionally, members must have conducted at least one qualifying transaction on their current or savings account, or maintained a balance of at least £100 in their account or mortgage during the 12 months leading up to the deadline.
Debbie Crosbie, Nationwide's CEO, expressed her gratitude towards the members, stating, "This recognises the role our members played in building the financial strength that made the Virgin Money deal possible." She emphasized that the initiative is a reflection of the mutual model that Nationwide operates under, which prioritizes the interests of its members.
The payments will be made automatically to eligible customers, with the first transactions expected to appear in accounts by April 30, 2025. If a direct deposit cannot be made, Nationwide will issue cheques to members, which will be sent by May 14, 2025. Customers are encouraged to ensure their contact information is up to date to avoid any issues with receiving their payments.
Nationwide has been proactive in communicating with its members regarding the eligibility criteria for the bonus. Members can check their status through the Nationwide website, ensuring that they meet the requirements for this generous payout. This initiative is separate from Nationwide's "Fairer Share" payment scheme, which has previously distributed funds based on the building society's financial performance.
In recent years, Nationwide has returned substantial value to its members, including a £100 payment to nearly 4 million eligible members in 2023 and 2024, totaling £385 million. The upcoming financial results, set to be announced on May 29, 2025, will shed light on whether another round of "Fairer Share" payments will be made, depending on the organization's performance.
The £50 bonus is part of Nationwide's ongoing efforts to reward its members and strengthen its community ties. With a commitment to not close any Virgin Money branches until at least 2028, Nationwide aims to ensure that its services remain accessible to all customers.
As the largest building society in the world, Nationwide manages one in ten current accounts in the UK and employs over 25,000 people across more than 700 branches. The financial strength that has enabled such generous payouts is attributed to the collective support of its members, who have played a vital role in the society's success.
Customers who are not eligible for the £50 payment can still benefit from other initiatives, such as the £175 switching bonus available until May 31, 2025. New customers who switch to a Nationwide account with two Direct Debits and deposit £1,000 within 31 days can take advantage of this offer.
Overall, "The Big Nationwide Thank You" serves not only as a financial reward but also as a testament to the mutual relationship between Nationwide and its members. As the building society continues to grow and evolve, it remains committed to enhancing the services it provides and ensuring that its members feel valued and appreciated.
