NATIONWIDE is giving away a one-off £50 payment to millions of its members, called the “Big Nationwide Thank You”.
The building society has announced the payment as a gesture of gratitude to its members for their contribution to the successful acquisition of Virgin Money.
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This payment is separate from Nationwide’s annual “Fairer Share Payment”, which last year rewarded members with £100 in recognition of the society’s financial performance.
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.”
Nationwide first announced that it had agreed to a £2.9billion deal to take over Virgin Money in March 2024.
The deal was finalised in October 2024, following the required approvals from regulators and Virgin Money shareholders.
However, Nationwide customers were not given the opportunity to vote on the deal.
This led to dissatisfaction among some members, with a number expressing their concerns over the Virgin Money acquisition and even petitioning for a vote on whether the sale should proceed.
While nothing changed straight away for customers of either bank, there could be some changes in the future as the Virgin Money brand is slowly phased out over the next six years.
The acquisition of Virgin Money means Nationwide now serves over 24.5million customers, employs more than 25,000 staff, and operates nearly 700 branches.
It makes Nationwide the country’s second largest provider of mortgages and savings accounts and the only mutual full-service banking provider in the UK.
History of Nationwide
NATIONWIDE Building Society, the UK’s largest building society, boasts a rich history stretching back to 1846.
Starting as the Provident Union Building Society in Ramsbury, Wiltshire, its initial aim was simple: to help people save and buy their own homes.
Over the years, Nationwide grew through a series of mergers with approximately 250 smaller building societies.
This steady expansion led to significant milestones, such as the first savings boxes offered by a UK financial institution in 1904 and the opening of its first official branch in Birmingham in 1925.
In 1970, reflecting its national reach, the society officially adopted the name “Nationwide”.
Two key mergers shaped the modern Nationwide.
The first, with Anglia Building Society in 1987, significantly increased its size and presence.
The second, with Portman Building Society in 2007, solidified its position as a major force in the UK financial market, bringing together around 13 million members and over £160billion in assets.
More recently, in 2024, Nationwide acquired Virgin Money, further expanding its customer base and reach.
Will Nationwide issue a Fairer Share Payment this year?
Nationwide used today’s announcement to confirm its intention to once again issue a £100 payment to members later this summer.
However, this will depend entirely on Nationwide’s 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, more than 12million customers missed out on last year’s £100 “Fairer Share Payment” due to the society’s strict eligibility criteria.
Assuming that the eligibility criteria remains the same in 2025, customers’ current accounts should be “active” between January and March, so don’t close your account between these dates.
You will also need to use your current account within the first three months of the year, but how you’ll need to go about this will depend on your account type.
For example, customers with a Flex Account, Flex Basic and FlexDirect account must either pay at least £500 into the account and make two payments out.
The same customers may also qualify as long as they make at least 10 payments out.
Those with a FlexPlus packaged bank account will automatically qualify for the Fairer Share Payment as long as they continue to pay the monthly fee.
Customers with a FlexOne, FlexGraduate and FlexStudent can qualify as long as they make a payment into and out of the account in March 2025.
Finally, all customers outlined above must also ensure they have at least £100 in savings or owe at least £100 on a mortgage with Nationwide in March 2025.
