Nationwide Building Society has announced it will distribute £50 payments to more than 12 million eligible members, sharing over £600 million following its takeover of Virgin Money last autumn. The cash will start appearing in accounts from 9 April, with the building society beginning to notify members this week.
To qualify, members must have held a Nationwide savings or current account or mortgage at the end of September 2024, and have made at least one transaction or maintained a balance of at least £100 in the 12 months to that date. They must also still hold the account or mortgage at the time of payment.
Current account and savings holders will receive the money directly into their accounts by the end of April. Mortgage holders will have it credited to the account used for their direct debit, or receive a cheque by 14 May. Other eligible members, such as those with ISAs, will get a cheque by the same date.
This payment is separate from Nationwide's 'Fairer Share' scheme, which has paid £100 in 2023 and 2024. The society hopes to announce a third annual payout in May, with payments likely in June if approved. Eligibility for that scheme last year required a qualifying current account plus savings or a mortgage.
One couple, Imaan and Theo from Essex, who each qualify for the £50, said they plan to use the money towards a family holiday. Imaan described it as 'nice to wake up to' free cash, noting it helps with rising bills. However, with 16 million members, some will miss out, and the Fairer Share scheme has previously caused controversy over eligibility criteria.
