Nationwide makes major bonus payment update as 12 million Britons receive cash boost

Payments to current accounts, savings accounts and mortgages will be made by April 30, 2025.

Cheques will be sent by May 14, 2025.

To qualify, customers must have been Nationwide members on September 30, 2024, and still be members when payments are distributed.

Customers with a current account, instant access or limited access savings account in their name will receive the payment directly into that account.

For mortgage holders without these accounts, the £50 will be paid into the bank account used for their mortgage direct debit.

This follows Nationwide's completion of its Virgin Money purchase.

A customer had asked on social media: "When do we get the £50 payment from the Virgin deal, could it be any random date between now and April 30?"

Nationwide confirmed these payments will all be processed by the end of April.

All other eligible customers will receive their payment by cheque, which Nationwide plans to send by May 14, 2025.

These cheques must be deposited by January 1, 2026, or they will expire.

The building society has made this clear timeline to ensure all 12 million qualifying customers receive their £50 payment in an orderly fashion.

Nationwide stated: "We plan to send cheques by May 14, 2025."

This gives customers who receive cheques more than seven months to deposit their payment.

To qualify for the £50 payment, customers must meet specific criteria for the 12 months to the end of September 2024.

Eligible customers need to have had at least one qualifying transaction on their Nationwide current account or savings account.

Alternatively, they must have had at least £100 in total across Nationwide current accounts and savings accounts.

Those who owed at least £100 on one or more Nationwide residential mortgages also qualify.

Customers who completed a switch to any Nationwide current account between July 1 and September 30, 2024, using the Current Account Switch Service are eligible too.

Nationwide has clarified that not everyone with a financial product at the building society qualifies as a member for this payment.

Those with only personal loans, credit cards, investments or insurance products are not considered members.

Additionally, individuals who only manage accounts for others, such as through power of attorney, third-party mandate, or court order, do not qualify as members themselves.

To count as a member, customers typically need a Nationwide residential mortgage, current account, or savings account in their own name.