Nationwide is handing 12 million customers £50 each as part of a ‘Big Thank You’ after it bought out Virgin Money. If you have a mortgage with Nationwide, the payment should arrive by April 30 and will be either paid into the bank account used to pay your mortgage.
Anyone who had opened an account before September 30, 2024 and had at least £100 in their account in the 12 months leading up to that date, or owed at least £100 on their mortgage, will qualify for the free £50, Nationwide said. All other payments will be made by cheque. Cheques will be sent by May 14 and must be paid into an account by January 1, 2026 to make sure you don’t miss out on the payment.
Nationwide chief executive Debbie Crosbie said the building society would pay out £600 million to customer as part of the Big Thank You.
She said: “The Big Nationwide Thank You is our way of recognising the role our members have played in building our financial strength to make our purchase of Virgin Money possible.”
On its website, Nationwide advises: “If you think you are eligible, and haven’t received an email or letter from us by March 20, 2025, it may be because your contact details are incorrect.
“You can check these in the internet bank and banking app. It may also be because our records show you no longer live in the UK, and we are due to send you a cheque.”
The advice sets out another deadline for those who need to update their contact details: “If this is the case, you will need to contact us by 1 January 2026 to confirm your details.”
The Big Nationwide Thank You is in addition to the Fairer Share Payment Nationwide made last year.
Nationwide said it wanted to make a Fairer Share Payment this year and will announce whether it will do so when it publishes its results for the 2024/25 financial year.
Over £600 million in total is expected to be given back to members as part of the Big Thank You.
You must have been a Nationwide member on September 30, 2024. In 12 months to the end of September 2024, members must also have:
- had at least one qualifying transaction on your Nationwide current account or savings account, or
- had at least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
- owed at least £100 in total on one or more Nationwide residential mortgages.
You also met the requirements if you completed a switch to any Nationwide current account. You just had to do so between July 1, 2024 and September 30, 2024 using the Current Account Switch Service.
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