UK: Nationwide confirms ?50 bonus payment date; read to know who is eligible

Over 12 million Nationwide Building Society members will be receiving a ?50 bonus payment this month. The bonus is a part of the society’s ‘Big Nationwide Thank You’ initiative. The building society on Monday confirmed the date by which members can expect the funds.
All eligible members of the society will receive the bonus by April 30, 2025. The report states that the payment totals over ?600 million across the UK. Members who have a Nationwide bank or savings account will have the money deposited directly, the reports added.

A This Is Money report stated that those who do not have a suitable account, their cheques will be sent by post with delivery expected by May 14, 2025, at the latest. It added that members who have a mortgage will receive the payment into the same bank account being used to pay their direct debit, provided the account is in their name.

Nationwide’s bonus comes after acquisition of Virgin Money

According to another report in The Independent, the one-off bonus followed Nationwide’s ?2.8 billion acquisition of Virgin Money UK in October 2024. It was hailed as the biggest banking deal since the financial crisis hit the United Kingdom.

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Debbie Crosbie says payment is a show of appreciation

Chief executive Debbie Crosbie was quoted saying that the payment is a show of appreciation for members’ role in building the society’s financial strength. She said that Nationwide became stronger when it bought Virgin Money and that they were already improving services for its customers.

She added that ‘The Big Nationwide Thank You’ campaign recognises the role the society members played in making the deal possible.

Who is eligible for Nationwide bonus payment?

According to the reports, to qualify for the ?50 bonus, the members must have held a savings account, current account, or mortgage with Nationwide, as of September 30, 2024.

Additionally, the members must have made at least one transaction or had a minimum balance of ?100 in either of the accounts during the 12 months, leading up to September 2024. Or the members must still hold an active account or mortgage at the time of the payment.

Four million members received a bonus in 2024

In 2024, nearly four million members received a ?100 bonus under Nationwide’s Fairer Share Scheme, the reports stated. However, the new ?50 payment is separate from this scheme. Nationwide has stated that it hopes to announce another Fairer Share payment in May 2025, though it will depend on their financial performance. Nationwide, which is the world’s largest building society, serves one in three United Kingdom households. They operate over 700 branches with over 25,000 employees.

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FAQs:

1. When will the recipients get the ?50 Nationwide payment?
Qualifying members will be paid by April 30, 2025. If no appropriate account exists, a cheque will be mailed and should be received by May 14, 2025.

2. What will you need to do to receive the payment?
If you are eligible, the payment will be made automatically into your existing Nationwide account or via cheque.