Nationwide Building Society is taking steps to notify over 12 million members about a special £50 thank you payment that many could be eligible to receive. The payment comes in the wake of the society's recent acquisition of Virgin Money, a move that has put the members in line for this cash bonus. To ensure that all eligible members receive this payment, Nationwide is urging its customers to check and update their contact information before the crucial deadlines.
Members who believe they are eligible for the payment are advised to confirm their details are current. Nationwide states, "If you think you are eligible and haven't received an email or letter from us by 20 March 2025, it may be because your contact details are incorrect. You can check these in the internet bank and banking app." Failure to update information by the set deadline means members may miss out on this payment entirely.
Another important deadline has been set for members to reconfirm their details should their contact information be outdated. The building society stipulates that for those who have an incorrect address, they must contact Nationwide by 1 January 2026. To do this, members need to log into their internet banking or visit one of their branches. Nationwide has pointed out that members may need to confirm their identity during this process.
For those who will be receiving cheques as part of this £50 thank you payment, these will be mailed out by 14 May 2025, but members must ensure that these cheques are cashed by 1 January 2026 to avoid missing out. Meanwhile, those expecting the bonus to be deposited into their accounts can expect it to arrive by the end of April 2025. This ensures that members are financially compensated swiftly following their loyalty to the society.
The specific eligibility criteria for this thank you payment require members to have been a part of Nationwide as of 30 September 2024 and maintain their membership until they receive the cash. Additionally, qualifying members must have participated in one of the following activities within the twelve months leading to the end of September 2024: having at least one qualifying transaction on their Nationwide current account or savings account, totaling at least £100 in one or more Nationwide accounts, or owning at least £100 in mortgage debts with the society. Furthermore, customers who made a switch to any Nationwide current account between 1 July 2024 and 30 September 2024 through the Current Account Switch Service will also be eligible.
In another development, Nationwide Building Society sounded a cautionary note regarding future payments after a member's inquiry about the previous year's Nationwide Fairer Share Payment, which was distributed to nearly four million members. This payment, amounting to £100, was a way for the society to share its profits with its loyal customers, and it took place in June 2024. Nationwide's officials commented, "Whilst we intend to make the Nationwide Fairer Share Payment annually, provided it would not be detrimental to our financial strength, the payment itself, as well as the eligibility criteria, cannot be guaranteed." This admission indicates that while future payments are planned, they are not promised, and eligibility criteria may vary each year.
To qualify for the Fairer Share Payment last year, members had to hold two qualifying accounts at Nationwide, which could include a combination of a current account and a qualifying savings account, or a current account accompanied by a mortgage. The requirements for receiving that bonus dictated members had to maintain those accounts during a specific window from January to March 2024; thus, newer members added after this period would have missed out.
The additional £50 bonus is on top of the Fairer Share Payment and is intended as a token of appreciation for the members following the acquisition of Virgin Money. To be eligible, members must have been part of Nationwide as of 30 September 2024 and must retain membership until the time the payment is issued. These funds will be put directly into a current account, or accessible accounts associated with the customers, by 30 April 2025. In cases where this is not possible, mortgage customers will see the £50 deposited directly in the account they use for their mortgage debit.
All payments aside from the direct deposits will be issued via cheque, expected to arrive by 14 May 2025. Members are warned that they must cash these cheques by 1 January 2026 to avoid forfeiture of the bonus, which further emphasizes the vital need for up-to-date contact information. The society underscores that members who have any of the following will be qualified for the £50 cash: having a qualifying transaction on a Nationwide current or savings account, totaling £100 across one or more accounts, or possessing at least £100 in mortgage debts with Nationwide.
Nationwide Building Society's efforts to share its success with members demonstrates a commitment to rewarding loyalty. As margins improve and defaults on payments remain low, the building society continues to seek ways to give back to its members, even as detailed financial discussions and future payment distributions hang in uncertainty.
