Nationwide £50 Payment: Free cash will be given to millions of clients Nationwide Building Society in the coming weeks. Know how you can get Nationwide Virgin Money here.
According to Nationwide, the £50 payments associated with the Virgin Money acquisition will begin on April 9 of next month. The deadline for all payments is May 14.
Nationwide reported record first-half growth in deposits and mortgages, along with a rise in market share, in November. With more than 25,000 workers and 700 locations, Nationwide is the largest building society in the world. It serves one in three families in the UK and oversees one out of every ten current accounts.
In October 2024, Nationwide paid £2.9 billion to purchase Virgin Money. One in three people were impacted by the largest bank takeover in the UK since the 2008 financial crisis, which also created the country’s second-largest mortgage and savings business.
In appreciation for facilitating the acquisition of Virgin Money, Nationwide will provide around 12 million clients a portion of over £600 million as a result of the deal, which translates to £50 for each customer.
In addition to the £100 bonus as part of its Fair Share payment, Nationwide customers who have benefited from some of the greatest savings accounts, including its former 8% regular savings, in recent months now receive an additional boost.
What is the purpose of Nationwide’s Thank You payment?
Nationwide is a mutual building society, so its consumers are referred to as members. Since technically your money, if you were a customer, went towards the acquisition, the bonus is a gift for its members’ support.
The CEO of Nationwide, Debbie Crosbie, stated: “Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
“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.”
More than 12 million members who had an active mortgage, savings account, or current account at the end of last September—just before the Virgin Money acquisition closed—will receive the reimbursements.
Additionally, within the 12 months leading up to the end of September 2024, you must have made at least one transaction on your Nationwide current account or savings, or have a balance of at least £100 in your current account, savings, or mortgage.
When will I receive the Nationwide Thank You money?
The building society is writing to members today (11 March) to inform them of the date and method of payment receipt. Payments will be issued nationwide starting on 9 April.
By the end of April, payments to holders of quick and limited access savings accounts and nationwide current accounts will be made straight into their accounts.
If this is not feasible, or for any other sort of mortgage payment, a cheque will be issued by May 14. Mortgage members will receive a payment into their current account by the end of April.
By May 14th, a cheque will be sent to all other qualified members, including bond and ISA clients.
The ‘thank you’ bonus is not the same as the building society’s well-known Fairer Share payment, which takes place later this year and has been giving customers a £100 extra every year since 2023.
Nationwide shares its profits with its consumers through the Fairer Share payment. The building society has made more than £700 million in Fairer Share Payments since the program’s inception in 2023.
Nationwide stated that it hopes to make the payment again this year, but it will rely on its financial results. When it releases its annual results in May, a choice will be made.
