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Nationwide Building Society's £50 Thank You Payment: Who Qualifies?
Millions of Nationwide Building Society members are set to receive a £50 one-off payment in April as a "big thank you" from the company. This follows Nationwide's acquisition of Virgin Money, making it the UK's second-largest mortgage and savings provider. The payment, part of a £600 million initiative, is a show of appreciation for members' contribution to the financial strength that enabled the deal.
Who's Eligible for the £50?
To receive the payment, members must have held a savings, current account, or mortgage with Nationwide by the end of September 2024. Furthermore, they must have made at least one transaction or maintained a balance of £100 or more in their account during the 12 months leading up to September 2024. Nationwide is sending letters to eligible members from March 11, detailing payment methods and timelines.
Payment Timeline and Methods
Payments will begin rolling out on April 9th. Current account and savings account holders will see the funds directly deposited by the end of April. Mortgage holders will receive the payment into their mortgage account's linked current account; otherwise, a cheque will be issued by May 14th. Other eligible members (ISA and bond holders) will also receive a cheque by May 14th. Over 12 million members are expected to benefit.
Beyond the Thank You: Fairer Share Payments
The £50 payment is separate from Nationwide's annual "Fairer Share" payment, which could potentially see eligible members receive another bonus later in the year. A decision on this will be made in May.
Nationwide's Continued Growth
The Virgin Money acquisition has significantly boosted Nationwide's position in the UK banking market. The company has pledged to maintain Virgin Money's branch network until at least 2028, demonstrating its commitment to community banking.
Check the Nationwide website for more details and to confirm your eligibility.
