More than 12million Nationwide Building Society members received a £50 bonus throughout the month of April.
Nationwide handed out £600million to 12million members as part of the ‘Big Thank You’ payment following its takeover of Virgin Money.
In November last year, Nationwide revealed a £2.3billion gain from its Virgin Money takeover. The lender previously claimed that the gain could be approximately £1.5billion.
But some members have taken to social media to point out they are yet to receive their £50 payments.
When the Big Thank You payment was announced by Nationwide in March, it said all bonus payments would be made between 9 April and 14 May.
Shortly after, the mutual confirmed eligible members would receive the £50 payments by 30 April, as long as they had a Nationwide bank account or savings account that it can be paid into.
For others, the payment is being made in different ways depending on they type of bank account members have, which means that some members will receive it later this month.
Thank you: Nationwide announced it would pay 12million members £50 after its takeover of Virgin Money
A Nationwide spokesman says: ‘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.
‘If we haven’t been able to make the payment for any reason into a current account or savings account, we have sent a cheque. Cheques will be sent by May 14, 2025.’
Nationwide members could get another £100 bonus
Last May, Nationwide unveiled £100 Fairer Share payments worth £385million to 3.85million members.
Many members have been wondering if they will still receive a £100 bonus if they have already received a £50 bonus, or whether they would get a reduced Fairer Share payment.
Nationwide confirmed that the £50 bonus is a completely separate payment to Nationwide’s potential 2025 Fairer Share Scheme.
So millions more Nationwide members could receive a £100 payment in addition to the £50 Thank You payment if Nationwide unveils another Fairer Share bonus.
Nationwide said it ‘hopes to announce’ another £100 Fairer Share payment in May, ‘depending on financial performance.’
If the Fairer Share payment is announced again, it would be the third year in a row.
It means, in total, some Nationwide customers will have received £350 in three years.
The rules may not remain the same, but last year to qualify members needed to have a Nationwide current account and either £100 left to pay on a Nationwide mortgage, or £100 in a Nationwide savings account at the end of any day in March.
For the current account to be eligible it needed to be active and used in the first three months of this year.
So, if you are hoping to switch to a Nationwide current account now with the view of bagging a Fairer Share payment in the summer it is likely too late.
Different current accounts had different eligibility criteria. The current accounts deemed eligible have included FlexPlus, FlexOne, FlexStudent, FlexGraduate, FlexAccount, FlexDirect and FlexBasic.
For FlexAccount, FlexDirect or FlexBasic current accounts, in two out of three months of January 2025, February 2025 and March 2025, you are likely to need to receive at least £500 into your current account. Transfers in from other Nationwide accounts do not count.
In addition, customers with a FlexAccount, FlexDirect or FlexBasic current account are also likely to need to make at least two payments out of their current account in the first three months of this year.
Alternatively, customers with a FlexAccount, FlexDirect or FlexBasic current account could qualify by making at least 10 payments out of the current account in two out of three months of January 2025, February 2025 and March 2025.
FlexPlus customers have to have paid their account fees, while FlexOne, FlexStudent or FlexGraduate had to have made one payment in or out in March.
Customers who already have a Nationwide current account should act now to ensure they have at least £100 in their savings account or cash Isa at some point this month.
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