Nationwide Building Society has announced a £600 million payout to over 12 million of its members as part of its “Big Nationwide Thank You” initiative. This one-off payment of £50 per eligible member follows the mutual society’s acquisition of Virgin Money in 2024, a move that significantly bolstered its financial position.
According to Manchester Evening News, the payment is intended to reward Nationwide’s members for their role in helping the society grow. While details on eligibility and distribution have been outlined, further announcements are expected in the coming months.
Why Nationwide is making this payment
Nationwide, the UK’s largest building society, has attributed its ability to acquire Virgin Money to the financial strength built by its members. In recognition of their contribution, the society is distributing these payments as a way of sharing its success. Debbie Crosbie, Nationwide’s CEO, stated:
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.
Who is eligible for the £50 payment?
To qualify for the payment, Nationwide members must have held a savings account, current account, or mortgage at the end of September 2024, kept their account active up until the payment date, and either made at least one transaction on their current account or savings or had a balance of at least £100 in their account or mortgage in the 12 months leading up to the end of September 2024.
Nationwide will begin issuing payments from 9 April 2025, with most members receiving their funds by the end of April. The method of payment will depend on the type of account held. Members with a current account or instant-access savings will receive the money directly into their accounts.
Mortgage holders will be paid into the current account used for their Direct Debit payments; if this is not possible, a cheque will be issued by 14 May. Other savings product holders, such as ISA and bond members, will also receive a cheque by 14 May.
Payment distribution across the UK
The Big Nationwide Thank You payment will reach members across the UK, with distribution varying by region. The South East of England will see the highest number of recipients, with 2,397,798 members (19.4%), followed by London with 1,431,238 members (11.6%) and the East of England with 1,425,558 members (11.6%).
The South West will receive 1,245,638 payments (10.1%), while the North West accounts for 1,048,667 payments (8.5%). In Scotland, 779,436 members (6.3%) will benefit, with smaller proportions in Yorkshire and The Humber (5.1%), Wales (3.8%), Northern Ireland (2.6%), and the North East of England (2.3%).
Following the acquisition of Virgin Money, Nationwide has become the second-largest mortgage and savings provider in the UK and is now the top lender for first-time buyers, according to CACI data. The building society has reported record growth in mortgages and deposits in the first half of its financial year, increasing its market share and reinforcing its status as a customer-focused mutual organisation.
A potential second payout in 2025
In addition to this thank you payment, Nationwide has hinted at the possibility of another Fairer Share Payment later in 2025.
This additional distribution, similar to the £100 Fairer Share Payment given in 2023, will depend on the society’s financial performance, with a final decision expected in May 2025 when Nationwide reports its annual results.
Since April 2023, the society has provided over £3.5 billion in member value, including £729 million through previous Fairer Share Payments.
