In a significant gesture of appreciation, Nationwide Building Society is distributing a £50 bonus to over 12 million eligible members as part of its “Big Nationwide Thank You” initiative.
This move follows Nationwide’s acquisition of Virgin Money in October 2024, marking one of the largest banking deals in recent UK history.
The total payout amounts to more than £600 million, underscoring Nationwide’s commitment to sharing its success with its members.
Who Is Eligible for the £50 Bonus?
To qualify for the £50 bonus, members must meet the following criteria:
- Membership Status: Be a Nationwide member as of 30 September 2024 and maintain membership at the time of payment.
- Account Activity: Between 1 October 2023 and 30 September 2024, members must have:
- Made at least one transaction (e.g., deposit, withdrawal, or transfer) in a Nationwide current or savings account, or
- Held a balance of at least £100 in a Nationwide current or savings account, or
- Owed at least £100 on a Nationwide residential mortgage.
- Account Types: Hold a qualifying Nationwide current account, savings account, or residential mortgage.
Note: Members who switched to a Nationwide current account between 1 July 2024 and 30 September 2024 using the Current Account Switch Service also qualify.
Payment Schedule and Methods
Nationwide has outlined the following payment schedule:
| Payment Method | Expected Date |
|---|---|
| Direct deposit into current/savings account | By 30 April 2025 |
| Direct deposit into mortgage payment account | By 30 April 2025 |
| Cheque mailed to eligible members | By 14 May 2025 |
Cheques must be deposited by 1 January 2026 to ensure the bonus is received.
Important Considerations
- No Application Needed: Eligible members will receive the bonus automatically; no action is required.
- Tax Implications: The bonus is considered a share of profits and may be taxable depending on individual circumstances.
- Security Reminder: Nationwide will never ask for personal or account details via unsolicited communication. Be cautious of potential scams.
Summary of Key Details
| Detail | Information |
|---|---|
| Bonus Amount | £50 |
| Total Members Eligible | Over 12 million |
| Total Payout | Over £600 million |
| Eligibility Date | As of 30 September 2024 |
| Payment Completion | By 30 April 2025 (cheques by 14 May 2025) |
Nationwide’s £50 bonus is a testament to its commitment to rewarding loyal members. By understanding the eligibility criteria and payment schedule, members can ensure they receive this token of appreciation. Stay informed, verify your account details, and look out for your bonus by 30 April 2025.
FAQs
How will I know if I’m receiving the £50 bonus?
Nationwide is contacting eligible members via email or letter. If you haven’t received communication by 20 March 2025, and believe you’re eligible, check your contact details are up to date and reach out to Nationwide for confirmation.
What should I do if I haven’t received my bonus by the expected date?
If you haven’t received your payment by 14 May 2025, contact Nationwide through their internet banking platform, mobile app, or visit a local branch for assistance.
Is this bonus related to the Fairer Share Payment?
No, the £50 bonus is separate from the Fairer Share Payment. Nationwide plans to announce details about the 2025 Fairer Share Payment in May, contingent on financial performance.