Following its acquisition of Virgin Money last year, Nationwide has announced £600 million in payouts as part of a ‘big thank you’ to eligible members.
Over 12 million people across the UK are due to receive a share of the cash to ‘thank them for enabling the successful purchase of Virgin Money’, which CEO Debbie Crosbie says helped make the bank ‘even stronger’.
‘The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible,’ she added in a statement.
‘It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.’
According to the building society, close to 2.4 million customers in the South East of England will receive the bonus, while over 1.4 million in London are eligible.
It’s not the first time Nationwide has made payments to account holders either, having issued over £3.5 billion in what it describes as ‘member value’ since April 2023 – including £729 million distributed through two ‘Fairer Share’ payouts.
How much is the Nationwide Big Thank You payment?
Eligible customers will receive £50 each as part of the Big Thank You scheme.
However, starting today (March 11), Nationwide will begin to write to those receiving the payment to confirm exactly how much they should expect and when.
It’s important to note, this is separate from Nationwide’s 2025 Fairer Share Scheme plans, an annual May payout whereby £100 is added to accounts, ‘depending on financial performance.’
Am I eligible for the Nationwide Big Thank You payment?
According to Nationwide, any member who had a savings, current account, or mortgage at the end of last September will qualify for the payment.
To meet the criteria, individuals must have completed at least one transaction in their current or savings account, or maintained a balance of at least £100 in their current account, savings, or mortgage, within the 12 months leading up to the end of September 2024.
They must also still have their accounts or mortgage when the payment is made.
Additionally, Nationwide members can check their eligibility via The Big Nationwide Thank You page on the building society’s website.
When are the Nationwide Big Thank You payments due?
Nationwide Big Thank You payments will begin from April 9, 2025.
The building society explained: ‘Members with a Nationwide current account or instant and limited access savings will be paid directly into their accounts by the end of April.
‘For mortgage members, Nationwide will pay the current account used to pay their mortgage Direct Debit by the end of April. Where this is not possible, or for any other mortgage payment type, a cheque will be issued by May 14.’
Other eligible members – such as those with ISA and Bond accounts – should expect to receive a cheque by May 14.
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