Nationwide £50 payment update as millions to get cash in bank accounts within hours
CASH BOOST
See the eligibility criteria below
- Charlotte Bend, General News Reporter
NATIONWIDE has confirmed that millions of customers are set to receive cash within hours after releasing its latest update.
More than 12 million could benefit from the payments which do not require any action apart from being eligible.
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The building society previously revealed that it would be granting £50 to some of its members as a gesture of goodwill.
It is thought Nationwide will dish out over £600 million in total as part of the Big Nationwide Thank You.
Eligible bankers will receive the cash directly into their regular or savings accounts held in their name.
Whilst payments were first set to be made between April 9 and May 14, eligible members might continue searching their banking apps until April 30.
If account holders do not receive their money this way, it is possible they will be sent a cheque as late as May 14.
The financial reward follows the company's takeover from Virgin Money.
To qualify, members must have held a savings accounts, current account or mortgage as of September 30 2024.
The account will also still need to be open for the payment to be made.
Members must also have made a transaction or maintained a minimum balance of £100 across their accounts or mortgage within the 12 months following the September deadline.
They can also check if they qualify for the payment by visiting nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
HERE we explain who is eligible for the £50 thank you payment and when it will be paid.
Who's eligible?
Around 12million Nationwide members are eligible for this £50 bonus.
To qualify, you needed to have held at least one of the following accounts on September 30, 2024, and still hold it on the payment date:
- A savings account
- A current account
- A mortgage
You must also have met at least one of these conditions in the 12 months leading up to 30 September 2024:
- Made at least one transaction on your current or savings account.
- Maintained a minimum balance of £100 across your Nationwide accounts, including mortgages.
When will I receive the payment?
The £50 payment will start being issued from April 9, 2025.
Nationwide started contacting eligible members from March 11, 2025.
You can also check your eligibility now by visiting nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
While this £50 payment is a one-off, Nationwide has paid out a separate £100 Fairer Share Payment to eligible members in the past two years.
Why are members being paid?
The "Big Nationwide Thank You" payment is being issued to customers as a gesture of gratitude to its members for their contribution to the successful acquisition of Virgin Money.
Debbie Crosbie, chief executive of Nationwide, said: "Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
"The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible.
"It's another of the very real benefits of being a member of Nationwide and our modern mutual model."
Debbie Crosbie, chief executive of Nationwide, said: "Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
"The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible.
"It's another of the very real benefits of being a member of Nationwide and our modern mutual model."
The deal was first launched in March 2024 and finalised in October.
Nationwide customers were not offered the chance to vote on the deal with some dissatisfied members expressing concern over the acquisition.
It is not clear how the deal will impact bankers but the Virgin Money Brand will be slowly phased out over the next six years.
Following the deal, Nationwide became the country's second-largest provider of mortgages and savings accounts.
It is also the only mutual full-service banking provider in the UK.
Customers could also benefit from a similar cash payment this summer.
Nationwide revealed earlier this month that it intended to issue £100 to its members but the offer is subject to its financial performance.
The building society added that a final decision will be made in May, when it publishes its results for the 2024/25 financial year.
Last June, the building society paid £385million in £100 payments to 3.85million members after announcing a pre-tax profit of £1.77billion.
Nationwide's boss, Debbie Crosbie, stated back in December that the bank is "well positioned" to distribute the £100 payment to members this year.
However, some millions missed out on payments last year following the enforcement of strict eligibility criteria.
If this repeats, customers will need to ensure their current accounts have been "active" during certain months and ensure they have not closed their account too.
Bankers currently not with Nationwide could consider switching.
By opting for a different bank account, individuals have the chance to easily boost their balance.
Several building societies offer cash incentives and so it is always best to do some research rather than leaping for the first offer.
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
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