In a significant move to reward its members, Nationwide Building Society has announced that it will be distributing £50 bonus payments to over 12 million of its customers as part of its "Big Nationwide Thank You" initiative. This generous payout comes on the heels of Nationwide's acquisition of Virgin Money UK, which was finalized in October 2024 and is expected to enhance the financial benefits for its members.
The bonus payments, which total more than £600 million, began appearing in customer accounts starting April 9, 2025, and will continue until April 30, 2025. Customers eligible for this bonus must have held a savings or current account, or a mortgage with Nationwide as of September 30, 2024. Additionally, they must have made at least one transaction on their current account or savings, or maintained a balance of at least £100 in their accounts during the 12 months leading up to the end of September 2024.
Debbie Crosbie, the Chief Executive Officer of Nationwide, emphasized the importance of this initiative, stating, "It’s another of the very real benefits of being a member of Nationwide and our modern mutual model." The bonuses are particularly noteworthy as they reflect the society's commitment to its members following the substantial £2.8 billion acquisition of Virgin Money, which has bolstered Nationwide's financial standing by £2.3 billion.
In addition to the £50 bonuses, some qualifying members may receive double bonuses of £100, particularly those who hold joint accounts. This means that couples sharing an account can each receive a £50 bonus, effectively doubling the payout. This aspect of the initiative has already led to some customers noticing the increased amounts in their banking apps.
The eligibility criteria for the bonus payments are straightforward. To qualify, customers must still be members of Nationwide by April 30, 2025, and must have either:
- Made at least one qualifying transaction on their Nationwide current account or savings account,
- Maintained a total balance of at least £100 across their accounts, or
- Owed at least £100 on one or more Nationwide residential mortgages.
Additionally, customers who switched to a Nationwide current account between July 1, 2024, and September 30, 2024, using the Current Account Switch Service, also qualify for the bonus.
Nationwide has made it clear that if eligible members have not received communication regarding their bonus by March 20, 2025, they should check their eligibility through the society's website. For most customers, the £50 bonus will be deposited directly into their current or savings accounts by the end of April. In cases where the payment cannot be made directly, particularly for those with mortgages, the bonus will be deposited into the account used for mortgage Direct Debits.
For those who will receive their bonuses via cheque, Nationwide has indicated that these will be mailed out by May 14, 2025, and must be deposited by January 1, 2026, to ensure the funds are received.
This initiative is not the first of its kind from Nationwide. Since April 2023, the building society has returned over £3.5 billion in value to its members, which includes £729 million through its Nationwide Fairer Share Payment scheme. The "Big Nationwide Thank You" is separate from these periodic Fairer Share payments, which are based on the society's financial performance.
Crosbie highlighted the positive impact of the Virgin Money acquisition, stating, "Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers." The merger has positioned Nationwide as the second-largest provider of mortgages and savings accounts in the UK, enhancing its ability to serve its members effectively.
Furthermore, as part of its commitment to customer service, Nationwide has paused Virgin Money's plans to close certain branches, pledging not to exit any towns or cities where Virgin Money currently operates until at least 2028. This decision reflects Nationwide's dedication to maintaining accessibility for its members, especially in communities that rely on local banking services.
As the banking landscape continues to evolve, Nationwide's initiatives serve as a reminder of the value of mutual models in the financial sector. By prioritizing member benefits and community engagement, Nationwide is setting a standard for customer-centric banking.
Looking ahead, Crosbie has indicated that Nationwide intends to reintroduce the Fairer Share Payment later this year, contingent on the society's financial performance. This ongoing commitment to returning value to its members underscores Nationwide's strategy of enhancing customer loyalty while also addressing the financial needs of its members.
In summary, Nationwide's "Big Nationwide Thank You" initiative not only rewards its members with substantial bonus payments but also reinforces the building society's commitment to improving customer services and maintaining a strong financial foundation following its acquisition of Virgin Money. As the payments roll out, millions of customers can look forward to a welcome boost to their finances, reflecting the society's ongoing dedication to its members.
