Nationwide Building Society has confirmed updates on two major bonus payments for its members: a £50 “Big Nationwide Thank You” payment and a potential £100 “Fairer Share” payment. These bonuses are part of the society’s commitment to rewarding members for their contributions and loyalty. While millions of customers are set to benefit, some may miss out due to eligibility criteria. Here’s everything you need to know about the payments, including how to qualify and when to expect them.
What Is the £50 “Big Nationwide Thank You” Payment?
The £50 bonus is a goodwill gesture by Nationwide, recognizing its members’ role in maintaining the society’s financial strength, which allowed it to acquire Virgin Money in October 2024. Nationwide has announced that over 12 million members will receive this payment.
Eligibility Criteria
To qualify for the £50 bonus, members must meet the following conditions:
- Must have held a Nationwide current account or savings account with at least £100 or a Nationwide mortgage as of September 30, 2024.
- The account must remain active on the payment date.
Customers who do not meet these criteria will not receive the £50 payment. Approximately 5 million customers are expected to miss out due to these restrictions.
Payment Timeline
- Payments will begin on April 9, 2025, and will continue until April 30, 2025.
- If Nationwide is unable to deposit the amount directly into a customer’s account, a cheque will be issued by May 14, 2025.
For more details, customers can visit Nationwide’s official website.
What Is the £100 “Fairer Share” Payment?
Nationwide has been rewarding eligible members with a £100 “Fairer Share” bonus since 2023, and the scheme is expected to continue in 2025, subject to financial performance.
Eligibility Criteria
While final details are yet to be announced, previous years’ criteria included:
- Holding an active Nationwide current account.
- Having either a savings account with at least £100 or an active mortgage with Nationwide.
Final eligibility rules and confirmation of the 2025 payout will be announced in May 2025.
More information on previous schemes can be found on Nationwide’s “Fairer Share” page.
Why WON’T SOME CUSTOMERS Receive Payments?
Despite the bonuses benefiting millions, some customers have expressed disappointment about being left out. Reasons why certain members might not qualify include:
- Insufficient account activity: Some savings account holders may not have the required £100 minimum balance.
- Account type exclusions: Some account types, particularly older or inactive ones, may not be eligible.
- Recent account openings: Those who opened accounts after September 30, 2024, will not qualify for the £50 payment.
According to a report by The Scottish Sun, some customers feel penalized for their long-term loyalty if they do not meet specific criteria. Read more here.
How to Ensure Eligibility for Future Payments?
For members hoping to qualify for future bonus payments, experts suggest:
- Maintaining an active Nationwide current account.
- Ensuring a savings account balance of at least £100 at all times.
- Regularly using the account for transactions to show active engagement.
Customers who do not currently meet the eligibility criteria may consider switching to a qualifying account type or increasing their savings balance. The Sun offers further guidance on maximizing eligibility, which can be read here.
Government and Regulatory Oversight
As a building society, Nationwide is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Customers seeking further information on financial protections and regulations can visit:
Final Thoughts
The Nationwide bonus payments offer a welcome financial boost to millions of members, particularly amid ongoing economic challenges. However, the exclusion of certain customers has sparked debate about fairness in eligibility criteria. As Nationwide finalizes details on the £100 “Fairer Share” bonus in the coming months, members should review their account status to maximize their chances of receiving future rewards.
For the latest updates, members can visit Nationwide’s official website or contact their local branch.
Vikas is a seasoned finance writer with a keen eye for unraveling complex global financial systems. From government benefits to energy rebates and recruitment trends, he empowers readers with actionable insights and clarity. When he’s not crafting impactful articles, you can find him sharing her expertise on Social Media. You can connect with him via email at [email protected].
