MILLIONS of Nationwide customers are set to get a free £50 payment within a matter of days.
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.
The £50 payment will start being issued from April 9, 2025[/caption]
Each eligible member will receive a one-off payment of £50, dubbed the “Big Nationwide Thank You”.
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.
However, the building society has indicated today that it hopes to distribute the “Fairer Share Payment” once again later this year.
To qualify for the £50 payment, members must have held a savings account, current account, or mortgage as of September 30, 2024, and still have the account open at the time the payment is made.
Additionally, members must have either completed at least one transaction on their current or savings account or maintained a minimum balance of £100 across their accounts or mortgage within the 12 months preceding September 30, 2024.
Nationwide has said that the payment will be issued on April 9 to approximately 12million eligible members, with the building society beginning to contact qualifying customers from today.
Members can also check if they qualify for the payment by visiting nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
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.
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.
How will the free cash work?
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.”
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.
What if I’m not with Nationwide?
Switching bank accounts can be an easy way to give your balance a quick boost.
Several major banks and building societies are now offering cash incentives to do so – including Nationwide.
Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
The free-cash perk is a joint-market leading sum with First Direct.
The FlexDirect account gives the account holder 5% interest on current account balances up to £1,500 for the first 12 months.
This account also offers an interest-free overdraft for balances up to £50.
Those who open a new FlexDirect account can also receive 1% cashback for the first 12 months on debit card purchases, capped at £5 per month.
You can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021 to qualify.
Find out more by visiting nationwide.co.uk/current-accounts/switch.
How do I switch bank accounts?
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.
