Here’s what you need to know about the £50 bonus and eligibility details.
Who is eligible for the Nationwide £50 bonus?
Nationwide is giving £50 bonuses to more than 12 million members with a savings or current account or mortgage at the end of last September.
Customers must also have made at least one transaction via their current or savings account; or had a balance of at least £100 in their current, savings or mortgage in the 12 months to the end of September 2024.
Customers are required to have their accounts or mortgage at the time the payment is made.
The highest share of customers who will be receiving the £50 payment live in the south-east of England (19.4 per cent), followed by London at 11.6 per cent.
When will the £50 bonus be paid?
Members with a Nationwide current account or instant and limited access savings will be paid by the end of April.
Mortgage members will also be paid by the end of April. If it is not possible to pay members via the current account used to pay their mortgage, a cheque will be issued by May 15.
All other eligible people, such as ISA and Bond members, will receive a cheque by May 14.
Why is Nationwide giving customers £50?
Nationwide has described the £50 payments as a big “thank you” to its members, following its £2.8 billion acquisition of Virgin Money last year.
“The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible”, said Nationwide CEO Debbie Crosbie. “It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.”
Ms Crosbie said the benefits of the Virgin Money acquisition would fund improvements for customers. The buyout, the UK’s largest banking deal since the financial crisis, was met with criticism from members, who argued they should have been allowed to vote on the matter.
How to check if you’ll receive the payment
Nationwide will inform members who are eligible for the payment on Tuesday, March 11.
If you haven’t received an email or letter by March 20 but think you are eligible, Nationwide suggests that you check your details in the internet bank and banking app.
If Nationwide’s records indicate that you no longer live in the UK, you must contact the company by January 1 2026, to confirm your details or visit one of its branches.