Here’s what you need to know:
Payments will take place throughout April and May – with some members have already receiving their £50
Nationwide has revealed the exact dates that customers will receive £50 ‘thank you’ payments. The company is handing out over £600 million to its members from April – but not everyone will receive the money straightaway.
The payments are part of the ‘Big Nationwide Thank You’ – announced by the bank in March as a way to repay its customers after their ‘financial help’ aided the firm in buying the Virgin banking company. Nationwide is a mutual company, meaning it is owned by its members.
Around 12 million customers are set to get the one-off payment throughout April and May, with the bank paying out over £600 million in total.
The exact dates that customers will receive the one-off payment has been revealed after some members saw the £50 go into their bank account yesterday, April 9. But not everyone will get the payment straightaway.
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Nationwide said it could be April 30 before everyone who qualifies receives their bonus.
Its website states: “We’ve started making the payments. If you’re eligible, we’ll make the payment into your current account or savings account by 30 April.
“If we’re making the payment by cheque, we’ll send it by 14 May. We can’t tell you when you’ll get the payment within that time period and we can’t change when it gets paid.
“If after these dates you’ve not received your payment, please contact us. You will need to log in to the internet bank or banking app to chat with us or visit one of our branches. We may need you to confirm your identity.”
To be eligible for the payment, members must have had a savings or current account or mortgage at the end of September 2024. This account must still be active at the time the payment is made.
As well as this, customers must have made at least one transaction on their current account or savings, or had a balance of at least £100 in their current account, savings or mortgage in the 12 months leading up to the end of September 2024.
For members with a current account or instant and limited access savings, the payment will be paid directly into their accounts by the end of April.
Mortgage members will receive the payment in their current account used to pay their mortgage Direct Debit by the end of April. Where this is not possible, or for any other mortgage payment type, a cheque will be issued by May 14.
All other eligible members – such as ISA and Bond members – will receive a cheque by May 14.
Nationwide is a mutual bank, meaning it is owned by its members. As such, Nationwide says its customers have helped build its ‘financial strength’, which allowed it to acquire Virgin Money.
Nationwide CEO Debbie Crosbie said: “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.”
The ‘Big Nationwide Thank You’ is different to its Fairer Share Payment, which sees members receive £100 into their current account.
Published: 2025-04-10 14:45:25 | Author: [email protected] (Charlotte Fisher) | Source: MEN – News
Link: www.manchestereveningnews.co.uk
Tags: #Nationwide #reveals #exact #dates #payments #land #customer #bank #accounts
