Nationwide Building Society's £50 Easter Gift: Who Qualifies And How Virgin Money Fits In

Nationwide Building Society is giving its 12.3 million members an early Easter surprise: a £50 gift. This 'thank you' comes after Nationwide acquired Virgin Money, and naturally, people are asking, 'Do I qualify?' and 'How does this merger affect me?'

The merger created the UK's second-biggest mortgage and savings provider, a deal directed by Debbie Crosbie, Nationwide's CEO and a prominent British banker who was just named one of The Independent's 50 most influential women worldwide.

'Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers,' Crosbie said. 'The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It's another of the very real benefits of being a member of Nationwide and our modern mutual model,' the top executive added.

The Big Nationwide Thank You: Explained

The Big Nationwide Thank You is Nationwide's way of saying thanks. On 1st October 2024, Nationwide completed the Virgin Money purchase, boosting its position in the United Kingdom banking. This growth is thanks to the financial strength built by its members.

Nationwide, the world's largest building society, announced in a blog post that as a gesture of gratitude, It is distributing £50 each to more than 12 million of its members through The Big Nationwide Thank You, totaling over £600 million.

Who Will Receive The Big Nationwide Thank You?

Eligibility for the payment requires individuals to be Nationwide members by 30th September 2024 and to remain members when the payments are processed.

To qualify, members also needed to fulfil one of these conditions in the 12 months before the end of September 2024: either make a qualifying transaction on their Nationwide account, keep a combined balance of £100 across their savings and current accounts, or have a mortgage with Nationwide with a balance of over £100.

Eligibility was also granted to individuals who switched to a Nationwide current account using the Current Account Switch Service between 1st July 2024 and 30th September 2024.

Confirming Eligibility for The Big Nationwide Thank You

Nationwide will notify those who are set to receive the payment. You can check your status through this link if you think you should be included but haven't been contacted by 20th March 2025. Members without online banking can use the eligibility checker. It's important to know that the checker gives an estimate based on the data entered.

How £50 Payment Reaches Your Account

To get the £50 to the individual quickly, Nationwide prefers to send it straight to their bank account—either their current account or a savings account. The funds should be visible by 30th April 2025.

If direct account details are unavailable, and the individual holds a mortgage with Nationwide, the £50 will be paid into the bank account used for their mortgage Direct Debit. The payment should arrive by 30th April 2025 if the account is in their name.

All remaining payments will be processed via cheque. Nationwide will mail cheques by 14th May 2025. To ensure receipt of the payment, these cheques must be deposited by 1st January 2026.

"This new payment represents the latest effort by Nationwide to deliver value to its members, building on the £100 payment distributed to nearly 4 million eligible members during 2023 and 2024.

Nationwide has returned over £3.5 billion in member value since April 2023, which includes £729 million distributed through its Nationwide Fairer Share Payment. Ms. Crosbie has confirmed the intention to reintroduce this payment later in the year, contingent upon the organisation's financial results.