Nationwide has given an update on how and when it will pay out its new £50 bonus payment
The payment was due this week to around 12 million people in the building society's Big Nationwide Thank You, after it bought Virgin Money. But, some customers reported that they still haven't received their payment, despite being eligible.
When we contacted Nationwide, they gave this update:
"If we were able to pay the money into a Nationwide current account, instant access or limited access savings account in your name, we have now done so.
"If we couldn't, and you have a mortgage with us, we paid £50 into the bank account used to pay your mortgage Direct Debit where we were able to do so.
"All other payments will be made by cheque. Cheques will be sent by 14 May 2025."
Who is eligible for the Nationwide payout?
To qualify for the payout, you must have been a Nationwide member on September 30 2024, and still be a member on April 30 this year.
In the 12 months to the end of September 2024, members must also have:
- had at least one qualifying transaction on your Nationwide current account or savings account, or
- had at least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
- owed at least £100 in total on one or more Nationwide residential mortgages.
You also met the requirements if you completed a switch to any Nationwide current account. You just had to do so between 1 July 2024 and 30 September 2024 using the Current Account Switch Service.
A statement on the Nationwide website says: "We're writing to members who will receive the payment. If you think you're eligible and haven't heard from us by 20 March 2025, there are ways you can Check if you’re eligible."
How does the £50 Nationwide bonus get paid?
For most people it will go directly into a current account, instant access or limited access savings account. The payment should arrive by 30 April 2025.
If they can't, and you have a mortgage with them, they will pay £50 into the bank account used to pay your mortgage Direct Debit. As long as the account is in your name, the payment should arrive by April 30 2025.
All other payments will be made by cheque. Cheques will be sent by May 14 2025. They must be paid in by 1 January 2026 to make sure you don't miss out on the payment.
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Is this different to the £100 Nationwide Fairer Share payout - can you get both?
Yes, and yes. The Big Nationwide Thank You is in addition to the £100 Fairer Share Payment, so customers could get both.
"We would like to make another Fairer Share Payment this year" the website says.
"This will depend on how we perform financially. We'll announce our decision when we publish our results for the 2024/25 financial year."
This is expected to take place on May 29.
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