1 week Ago By James Flanders
A LITTLE-known loophole could result in you missing out on Nationwide’s £50 “Thank You” payment.Earlier this week, over 12million customers began receiving their payments.GettyThe frontage of a branch of the Nationwide Building Society.
Two automated teller machines (ATMs) are available for use.[/caption]However, approximately five million customers will not be receiving the cash, as they did not meet the eligibility criteria.The “Big Nationwide Thank You” payment is being issued to customers as a gesture of gratitude to its members for their contribution to the successful acquisition of Virgin Money.
Nationwide first announced that it had agreed to a £2.9billion deal to take over Virgin Money in March 2024.The deal was finalised in October 2024, following the required approvals from regulators and Virgin Money shareholders.
However, Nationwide customers were not given the opportunity to vote on the deal.This led to dissatisfaction among some members, with a number expressing their concerns over the Virgin Money acquisition and even petitioning for a vote on whether the sale should proceed.While nothing changed straight away for customers of either bank, there could be some changes in the future as the Virgin Money brand is slowly phased out over the next six years.
The acquisition of Virgin Money means Nationwide now serves over 24.5million customers, employs more than 25,000 staff, and operates nearly 700 branches.“Thank You” payments began appearing in bank accounts from April 9, but eligible members may need to keep checking their banking apps until April 30.
For those who do not receive the payment directly into their account, there is a possibility that a cheque will be issued, which could arrive as late as May 14. Who will miss out on the payment?To be eligible for the cash you must have been a Nationwide member on September 30, 2024 and still currently be a member.Meanwhile, in the year to the end of September 2024 you must also have: Had at least one qualifying transaction on your Nationwide current account or savings account, orHad at least £100 in total in one or more of your Nationwide current accounts and savings accounts, orOwed at least £100 in total on one or more Nationwide residential mortgages, or Switched to a Nationwide current account between July 1, 2024 and September 30, 2024 using the current account switch service.
If you haven’t met the above criteria, you won’t be eligible for the payment.History of NationwideNATIONWIDE Building Society, the UK's largest building society, boasts a rich history stretching back to 1846.Starting as the Provident Union Building Society in Ramsbury, Wiltshire, its initial aim was simple: to help people save and buy their own homes.
Over the years, Nationwide grew through a series of mergers with approximately 250 smaller building societies.This steady expansion led to significant milestones, such as the first savings boxes offered by a UK financial institution in 1904 and the opening of its first official branch in Birmingham in 1925.In 1970, reflecting its national reach, the society officially adopted the name “Nationwide”.
Two key mergers shaped the modern Nationwide.The first, with Anglia Building Society in 1987, significantly increased its size and presence.The second, with Portman Building Society in 2007, solidified its position as a major force in the UK financial market, bringing together around 13 million members and over £160billion in assets.
More recently, in 2024, Nationwide acquired Virgin Money, further expanding its customer base and reach.Will Nationwide issue a £100 Fairer Share Payment this year?MILLIONS of Nationwide customers could be due to get a free £100 payment in the coming months.However, this will depend entirely on Nationwide’s financial performance.
The building society added that a final decision will be made on May 29, when it publishes its results for the 2024/25 financial year.Last June, the building society paid £385million in £100 payments to 3.85million members after announcing a pre-tax profit of £1.
77billion.Nationwide’s boss, Debbie Crosbie, stated back in December that the bank is “well positioned” to distribute the £100 payment to members this year.However, more than 12million customers missed out on last year’s £100 “Fairer Share Payment” due to the society’s strict eligibility criteria.
Assuming that the eligibility criteria remains the same in 2025, customers’ current accounts should be “active” between January and March, so don’t close your account between these dates.You will also need to use your current account within the first three months of the year, but how you’ll need to go about this will depend on your account type.For example, customers with a Flex Account, Flex Basic and FlexDirect account must either pay at least £500 into the account and make two payments out.
The same customers may also qualify as long as they make at least 10 payments out.Those with a FlexPlus packaged bank account will automatically qualify for the Fairer Share Payment as long as they continue to pay the monthly fee.Customers with a FlexOne, FlexGraduate and FlexStudent can qualify as long as they make a payment into and out of the account in March 2025.
Finally, all customers outlined above must also ensure they have at least £100 in savings or owe at least £100 on a mortgage with Nationwide in March 2025..
