MILLIONS of Nationwide customers have now been issued alerts about the building society’s bonus payment.
Next month, 12million members will receive a one-off £50 as a gesture of gratitude to its members for their contribution to the successful acquisition of Virgin Money.
2
2
Since the news was announced yesterday, thousand of customers have started receiving emails confirming that they’re eligible.
It states: “On October 1, 2024 we completed the purchase of Virgin Money, becoming an even stronger force in UK banking.
“This was made possible by the financial strength Nationwide members, like you, helped us build.
“To say thank you, we are pleased to be sending you, and over 12 million of our Nationwide members, a one-off payment of £50 as part of The Big Nationwide Thank You.”
In response to the news, hundreds of happy customers have taken to social media to share their joy.
One person said on X (formerly Twitter): “Lovely email to receive this morning. Thank you Nationwide.”
Another said: “I love you guys. Giving 12million people £50 just for using the app.
“That’s mental giving £600milling away.”
A third customer said: “Thank you very much.
“I do simply love free money.”
The same message included in the email has also been shared with customers via online banking and the mobile app.
Customers do not need to apply for the free cash and Nationwide said that it expects to issue all payments by April 30.
However, it told The Sun that the vast majority of members will see the cash drop into their accounts on April 9.
If you haven’t received a message confirming your eligibility, it means you do not meet the criteria to qualify.
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.
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.
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.
