Nationwide Building Society has announced it will distribute £50 payments to more than 12 million members, sharing over £600 million following its takeover of Virgin Money last autumn. The cash will begin landing in accounts from 9 April.
Eligible members include those who held a Nationwide savings or current account, or mortgage, at the end of September 2024. They must also have made at least one transaction on their account or maintained a balance of at least £100 in the 12 months to that date, and still hold the account at the time of payment.
Members with current accounts or instant access savings will be paid directly by the end of April. Mortgage holders will receive the money into their linked current account, or by cheque by 14 May if that is not possible. Other eligible members, such as those with ISAs, will receive a cheque by 14 May.
The payout is separate from Nationwide's Fairer Share scheme, which has paid £100 in 2023 and 2024. The building society hopes to announce a third annual payment in May, with funds likely distributed in June if approved. Eligibility for that scheme last year required a qualifying current account and savings, or a current account and mortgage.
One member, Imaan, an educational psychologist from Essex, said: 'It was lovely – you don’t expect to be given free money, so it was nice to wake up to that information today.' She and her husband Theo, a teacher, plan to use their combined £100 towards a family holiday.
