Nationwide Building Society has confirmed the terms under which certain members are receiving a £50 payout. The payment, described by the society as a “big thank you”, is part of a one-off initiative to reward loyalty following its recent acquisition of Virgin Money. This move is set to benefit millions of customers across the UK.
According to a report by Devon Live, the building society launched this gesture to “recognize long-standing member relationships” during a period of transition.
Nationwide has made it clear that only qualifying members meeting specific criteria will receive the bonus, either by direct deposit or cheque.
Eligibility Criteria Based on Membership and Account Activity
The £50 “big thank you” bonus is available to members who met two conditions: they had to be customers as of September 30, 2024, and still maintain an active membership at the time of the payment. In addition, members must have satisfied at least one of the following criteria between October 1, 2023, and September 30, 2024:
- Made at least one qualifying transaction on a Nationwide current or savings account
- Held a combined balance of at least £100 in current and/or savings accounts
- Owed at least £100 on one or more Nationwide residential mortgages
Members who switched to a Nationwide current account using the Current Account Switch Service between July 1 and September 30, 2024, also meet eligibility requirements.
Distribution Schedule and Payment Channels
The majority of payments were made by April 30, 2025, either via direct deposit into members’ Nationwide current, instant access, or limited access savings accounts. In the case of mortgage customers, the £50 was transferred into the bank account used for their mortgage direct debit.
Remaining payments will be issued by cheque, with dispatch scheduled to be completed by May 14, 2025. These cheques must be cashed before January 1, 2026, to remain valid.
Cheque Deposits and Account Restrictions
The society clarified that recipients are not restricted to depositing the cheque into a Nationwide account. One customer asked via social media:
If I’ve received the big thank you £50 via cheque, can it be paid into a different bank (TSB) that’s in my name or does it have to be payed into Nationwide?
Nationwide responded :
You can deposit the cheque into any account in your name.
This condition was reaffirmed by the organization, stating that a cheque can be deposited “as long as the account is in your name.”
This £50 payment is not a recurring benefit or tied to government policy. It is a discretionary distribution initiated by Nationwide Building Society, directly linked to its recent acquisition of Virgin Money. The gesture aims to acknowledge and reward ongoing member loyalty during this period of organizational change and expansion.
