Building Society Offering £50 Reward to Eligible Individuals: Understand the Criteria and Payment Timeline
Nationwide Building Society Reveals £50 Bonus for Millions of Customers Following Virgin Money Acquisition
Nationwide Building Society, the second-largest mortgage and savings group in the UK, has announced a £50 "Thank You" bonus to reward around 12 million eligible customers for their support during the acquisition of Virgin Money last year. The deal, which took place for £2.9 billion, marked the biggest UK bank takeover since the 2008 financial crisis.
The bonus, amounting to more than £600 million in total, will be paid out across the country starting from 9 April. To qualify, customers must have been active members with an active savings or current account, or mortgage with Nationwide as of 30 September 2024—just before the Virgin Money deal was finalized. In addition, they must have completed at least one transaction or had a balance of at least £100 in their accounts, or owed at least £100 in total on their Nationwide residential mortgages within the 12 months leading up to the same date.
Debbie Crosbie, the chief executive of Nationwide, praised the role of customers in the acquisition's success. She expressed gratitude to members for their support, stating that they played a key role in building Nationwide's financial strength.
It is worth noting that Nationwide's investment in competitive savings accounts, such as the previously popular 8% regular savings, and the £100 "Fairer Share Payment" scheme, have provided additional benefits for customers over the past two years. The "Thank You" bonus is separate from these ongoing programs.
Qualifying customers will receive their £50 payment via direct bank transfer or cheque, depending on their account type. For those with instant access or limited access savings accounts, the payment will be made directly to their account. If there is no suitable account, the amount will be transferred to the bank account used for mortgage Direct Debits. For those without either type of account, payments will be made by cheque, which must be deposited by 1 January 2026.
The £50 "Thank You" payment is separate from the Fairer Share scheme, an annual £100 bonus for eligible customers. The 2025 Fairer Share Payment has not yet been announced but is expected to be decided in May, when Nationwide releases its annual results. To date, the building society has distributed over £700 million in Fairer Share Payments since the program's inception in 2023.
With this one-off bonus, Nationwide expresses gratitude to its customers for their role in the successful acquisition of Virgin Money UK and further strengthens its reputation as a mutually-owned financial institution committed to its members' interests. Payments will commence from 9 April, with eligible customers set to receive their bonuses by 30 April for those with suitable accounts, and by 14 May 2025 for cheque recipients.
[Nationwide Building Society's acquisition of Virgin Money significantly expanded its customer base and solidified its position as the UK's second-largest mortgage and savings group, affecting one in three people. The transaction is the largest UK bank takeover since the 2008 financial crisis. In the 12 months leading up to 30 September 2024, eligible customers must have had at least one transaction or £100 in balances across current accounts and savings accounts, or had a mortgage balance of at least £100 with the society. Eligible members who met the above criteria and were active members as of 30 September 2024 will receive the £50 Thank You payment, either directly or via cheque.]
Personal-finance enthusiasts who are active members of Nationwide Building Society might be pleased to know that they may qualify for a £50 "Thank You" bonus, following the society's acquisition of Virgin Money last year. To be eligible, customers must have been active members with at least £100 in balances across current accounts, savings accounts, or a mortgage balance of at least £100 with Nationwide as of 30 September 2024, and they must have completed at least one transaction or had a balance of at least £100 in their accounts, or owed at least £100 in total on their Nationwide residential mortgages within the 12 months leading up to the same date. These qualifications apply to both savings and property holdings with the financial institution.
