- Most eligible members set to receive the £50 payment this month
More than 12million Nationwide members are set to receive a £50 payment this month, and the building society has now confirmed the date this will happen.
Britain’s biggest mutual will dish out over £600million to its members as part of the ‘Big Nationwide Thank You’ payment following its takeover of Virgin Money last year.
If a member is eligible for the payment, it will be paid into a Nationwide bank account or savings account held in their name.
Nationwide initially said all bonus payments would be made between 9 April and 14 May.
However, the mutual has now confirmed that eligible members will receive the £50 payments by 30 April, as long as they have a Nationwide bank account or savings account that it can be paid into.
If Nationwide can’t pay it into a savings or bank account, the payment will be sent by cheque – and these payments could still be received as late as 14 May.
Sir Trevor McDonald announces Nationwide’s £600million ‘Thank You’ payment
Members who have a Nationwide mortgage could also receive the £50 bonus into the bank account used to pay their mortgage direct debit, as long as the account is in their name.
These members will also receive the payment by 30 April.
Who is eligible for the £50 payment?
The payments will be dished out to more than 12million members who had a savings or current account, or mortgage, with Nationwide at the end of September 2024.
To be eligible, members must have also made at least one transaction on their current account or savings account, or had at a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024.
They must also still have their accounts or mortgage at the time the payment is made.
According to Nationwide, 19.4 per cent of the payouts will be made to eligible members in the south east of England.
Around 11.6 per cent will go to people in London, while just 2.3 per cent of the £12million will go to people in the North East, Nationwide said.
Last year Nationwide handed out £3.85million to 3.85million Nationwide members as part of its £100 Fairer Share scheme.
The £50 bonus is separate to Nationwide’s 2025 Fairer Share Scheme, which it said it also ‘hopes to announce’ in May, ‘depending on financial performance.’
Millions more Nationwide members could receive a £100 payment in addition to the £50 Thank You payment if Nationwide unveils another Fairer Share bonus.
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