12 hours Ago By Katie Elliott
More than 12 million Nationwide customers were issued an alert that they would be gifted “thank you” payments. The building society texted eligible customers that they would receive £50 each following the successful purchase of Virgin Money last year. The text message read: “Good news - we're pleased to let you know that £50 has been paid into your account.
” For those who qualify, the money should arrive by April 30, 2025. The payment, which the building society has named “The Big Nationwide Thank you”, comes in addition to the mutual’s “Fairer Share Payment”, which it pays eligible customers from the profit it makes during the previous financial year. Last year, eligible members were awarded £100.
To be eligible for £50 thank you payment, customers have been a Nationwide member on September 30, 2024, and must still be a member when the payment is made. Members must also have a Nationwide current account, savings account, or mortgage within the 12 months to the end of September 2024. Additionally, they must have completed at least one transaction on their current or savings account or maintained a minimum balance of £100 across their accounts or mortgage .
Customers can also be eligible if they completed a switch to any Nationwide current account between July 1, 2024, and September 30, 2024, using the Current Account Switch Service (CASS). If you think you're eligible and haven't heard from Nationwide, people can check if they qualify using the mutual’s online tool . Nationwide said if possible, it will pay the money into a current account, instant access, or limited access savings account in the eligible recipient’s name.
The payment should arrive by April 30, 2025. If that’s impossible, but the customer has a mortgage with the building society, it will pay the £50 into the bank account used to pay the mortgage Direct Debit. All other payments will be made by cheque by May 14, 2025.
These must be paid by January 1, 2026, so those receiving payment this way must act to ensure they don't miss out on the payment. Debbie Crosbie, Nationwide CEO, said: “The Big Nationwide Thank You is our way of recognising the role our members have played in building our financial strength to make our purchase of Virgin Money possible.” Nationwide intends to make another Fairer Share Payment, which was worth £100 last year, but it will depend on its financial results.
A statement on its website reads: “We would like to make another Fairer Share Payment this year. This will depend on how we perform financially. We'll announce our decision when we publish our results for the 2024/25 financial year.
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