Don’t Miss Out: Nationwide Building Society £50 Bonus Payment Deadline Approaches
We are talking about a generous bonus from Nationwide. If you hold an account there, this might apply to you. Nationwide is giving eligible members a £50 bonus as part of its “Big Nationwide Thank You” campaign. The deadline to receive this payment is drawing near, and we want to make sure you understand what’s going on, how to check your eligibility, and why this matters.
What is the £50 bonus from Nationwide?
Nationwide announced that over 12 million of its members will receive a one-off payment of £50 each. This payment is in recognition of members’ contributions to Nationwide’s strength, particularly after it acquired Virgin Money in October 2024. The payment is called “The Big Nationwide Thank You”.
Why is Nationwide making this payment?
Nationwide is a mutual building society, meaning it is owned by its members, not external shareholders. As such, it has a strong motive to give back to its members when possible. The £50 bonus is an example of that reward model.
According to MoneyWeek, Nationwide noted the payment followed its strong results and acquisition of Virgin Money. The independent press explains it is a “thank-you” gesture for members’ loyalty.
Who qualifies for the £50 payment?
Eligibility is key. Here are the main criteria:
- You must have been a member of Nationwide on 30 September 2024.
- You must still be a member when the payment is made.
- You must hold a qualifying product, for example, a current account, a savings account, or a residential mortgage with Nationwide.
- During the 12 months prior (i.e., between 1 October 2023 and 30 September 2024), you must have had at least one transaction in your eligible account, or held a balance of at least £100 (or owed at least £100 on a mortgage) in that period.
- If you only hold products like business accounts, personal loans, credit cards or investment accounts with Nationwide, you may not qualify.
When will the payment be made?
The payments are being issued simply:
- Direct deposit into qualifying current or savings accounts begins 9 April 2025 and will be completed by 30 April 2025.
- If your account isn’t eligible for direct deposit (for example, a mortgage-only member, or bond/ISA account), a cheque may be sent out by 14 May 2025.
Deadline: Don’t miss out
If you meet the eligibility criteria, you should expect the payment by 30 April 2025. After that date, the opportunity may be lost if your account is closed or you no longer qualify. The building society is urging members to check their eligibility now.
How to check and prepare
- Log in to your Nationwide online or mobile banking and check for a notification or message about “The Big Nationwide Thank You”.
- Verify that your current account, savings account or mortgage still qualifies and is in your name.
- Ensure your account details are up to date (address, account open status). If you only have a bond or ISA, know that a cheque may be issued rather than a direct deposit.
- Don’t close the account before the payment has been made. Staying open on 30 April 2025 is critical for many.
- If you think you qualify and haven’t received payment by the end of April, contact Nationwide customer services to check your status.
Why this matters for customers
For eligible members, this is effectively free cash, a one-off payment that doesn’t require an application. Given cost-of-living pressures in the UK, a £50 bonus is meaningful for many households. More broadly, it signals that Nationwide is financially strong and willing to reward its members. This enhances trust in the institution and sets an example for member-owned banking models.
What should you do if you’re not eligible?
If you don’t qualify this time, you have a few things to consider:
- Review the criteria and identify the gap (e.g., you didn’t have an active account or required balance).
- Consider opening or keeping a qualifying account with Nationwide well ahead of any future bonus or similar scheme.
- Monitor announcements from Nationwide about their annual “Fairer Share” payment of £100, which may be distributed later in 2025.
Takeaway
The mutual building society offering a £50 bonus payment to millions of its members under the “Big Nationwide Thank You”. If you qualify, be sure you haven’t missed the deadline. If you don’t yet meet the criteria, use this as a reminder to set yourself up for future rewards by staying active with a qualifying account.
FAQs
If you were a member of Nationwide on 30 September 2024, held a current account, savings account or mortgage, and you either had at least one transaction or held a balance of at least £100 between 1 October 2023 and 30 September 2024, then you likely qualify. Check via your online banking.
If your account was closed before the payment was made (for example, before 30 April 2025) you risk losing eligibility and may not receive the payment. It’s important to keep the account open until after the payment is made.
The payment may be treated similarly to interest for tax purposes. For most basic-rate taxpayers with a personal savings allowance intact, it may not trigger tax. However, you may want to check with HM Revenue & Customs (HMRC) or a tax adviser for your situation.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
