More than 12 million members of Nationwide Building Society have now received their £50 payments, which form part of a wide-ranging initiative to return value to eligible customers following the group’s recent acquisition of Virgin Money.
Announced earlier this year, the distribution reflects the society’s mutual ownership structure and its stated aim to reward long-standing members.
According to reporting from Birmingham Live, the full rollout has now been completed, with the final round of cheques issued to qualifying members by mid-May. Nationwide confirmed this week that all transfers and mailings have been successfully processed, bringing the extensive payment operation to a close.
Details of the Payment Program
The £50 payments stem from a wider plan to return value to members following Nationwide’s takeover of Virgin Money in late 2024. In total, the society has distributed over £600 million to eligible members. Payments began on April 9, 2025, and were issued directly to current accounts or savings accounts where applicable.
A spokesperson said:
We are really pleased to confirm all payments have been made and cheques have been sent. If you have been contacted by us to confirm you are eligible and have not received the payment you can contact us in branch or over the phone.
For members with a mortgage, the money was credited to the account used to pay their direct debit. If that was not possible—such as for certain mortgage holders or members with an ISA—a cheque was sent by May 14, 2025.
Eligibility Criteria and Notification Schedule
To qualify for the £50 thank-you payment, members needed to hold a Nationwide current account, an instant access or limited access savings account, or a mortgage. They were also required to have made at least one transaction, or maintained a balance of £100 or more, between October 1, 2023, and September 30, 2024. Eligibility further depended on whether the member still held the relevant product or account at the time the payment was made.
Nationwide added:
We’re writing by email or letter to members who will receive the payment. If you think you’re eligible and haven’t heard from us by 20 March 2025, you can check by logging in to our online banking or using our eligibility checker.
Eligible members may receive a notification confirming their status when logging in to the Nationwide banking app or internet bank. If no message appears, they can verify eligibility through the online eligibility checker or by contacting customer support, which is available 24 hours a day, 7 days a week.
Those still awaiting their payment despite having received a confirmation are encouraged to speak to a representative either in branch or by phone.
Reminder on Fraud Prevention
As part of the initiative, Nationwide has issued a firm warning regarding potential scams targeting customers. The institution stated:
We will never reach out and ask you for your account details. If you receive a call, email or text that does, it’s likely to be a scam. To get more advice, visit fraud and security help.
This message reinforces the bank’s commitment to safeguarding its members during this large-scale operation, ensuring that personal and financial data remains secure.
Customers can continue managing their accounts via the Nationwide app or the online banking platform. These tools allow members to check payment history, verify balances, and communicate directly with advisors.
This payment program stands as one of the most significant profit-sharing efforts in the UK banking sector in recent years, underscoring Nationwide’s mutual ownership model and focus on returning value directly to its members.
