Nationwide is giving millions of customers free cash (Image: Getty Images)
Nationwide members are in for a financial treat as the building society is giving away £50 to over 12 million customers as a “thank you”. From April 9, the cash will drop into accounts in appreciation of the loyalty shown by its members.
Notices have been rolled out to those eligible for the payment. An email from Nationwide informed members: “On October 1, 2024 we completed the purchase of Virgin Money, becoming an even stronger force in UK banking. This was made possible by the financial strength Nationwide members, like you, helped us build. To say thank you, we are pleased to be sending you, and over 12 million of our Nationwide members, a one-off payment of £50 as part of The Big Nationwide Thank You.”
This message has also been relayed through Nationwide’s online and app-based banking services. Criteria for the £50 “thank you” include having a savings or current account, before the end of September last year, at least one transaction in the past 12 months or maintaining a minimum balance of £100.
Nationwide account and holders are set to receive a the payments, as the building society plans to automatically deposit a bonus into active accounts, with no need for members to apply, reports .
Nationwide’s top boss, Debbie Crosbie, remarked on the recent Virgin Money purchase: “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.”
Earmarked as a separate initiative from the prior £100 “Fairer Share” payouts linked to the firm’s robust financial results, Nationwide members should keep an eye out in May for news about a potential third instalment of this reward scheme.
Last year saw Nationwide generously distribute an enormous sum of £385 million in June to 3.85 million beneficiaries, celebrating a profitable year reporting £2 billion in profits. Similar to the upcoming handout, certain eligibility conditions were set, with details on the previous criteria accessible here.