Nationwide gives members £600 million in “Big Thank You” campaign

More than 12 million Nationwide members will receive a £50 payment as part of the building society's 'Big Thank You' campaign following its successful purchase of Virgin Money. Over £600 million has been set aside as part of the campaign.

Nationwide's CEO Debbie Crosbie 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."

Those eligible should be contacted by March 20, 2025 to let them know. However, not every Nationwide customer is eligible to receive the payment. Find out if you qualify below.

Who is eligible for Nationwide's "thank you" payment?

To be eligible for the £50 Nationwide thank you payment, you must have been a Nationwide member on September 30, 2024 as well as on the day they make the payment. You are typically considered a Nationwide member if you are an individual and if you have a Nationwide residential mortgage, current account or savings account.

There are additional requirements which you must have met between October 1, 2023 and September 30, 2024 depending on the qualifying product you hold.

Those with current or savings accounts, including Cash ISAs, must have:

• Made at least one qualifying transaction, for example a card payment, cash withdrawal, Direct Debit or Standing Order

OR

• Had at least £100 in total across one or more of your eligible Nationwide current accounts on any day between October 1, 2023 and September 30, 2024

Those with a residential Nationwide mortgage who owed at least £100 in total at any time between October 1, 2023 and September 2024 will also be eligible.

If you are eligible, you will be contacted by Nationwide by March 20, 2025. If you haven't been contacted by then but believe you're eligible, you'll need to speak to Nationwide directly to ensure your details are up to date. You can do this by visiting a branch or through internet banking.

When will the payment be made?

Where possible, Nationwide will pay the money into a current account, instant access, or limited access account in your name by April 30, 2025. In some circumstances, the payment may be made via Direct Debit or by cheque. Payments will typically be made by Direct Debit if you only have a mortgage with Nationwide.

Cheques will be sent if there's a technical issue preventing Nationwide from paying you in one of the above ways or if you only hold a Cash ISA, for example. You should receive your cheque by May 14, 2025 and it must be cashed by January 1, 2026. If you don't cash the cheque by January 1, 2026, it will be cancelled and you won't be able to receive the payment.

This £50 payment is separate from the bank's Fairer Share scheme. The Fairer Share scheme pays out a portion of the building society's profits to eligible members when possible. Last year, around four million members received £100. This year's Fairer Share Payment hasn't been confirmed yet and will depend on the bank's performance in this financial year.