Nationwide Building Society has announced it will reward more than £600million to over 12 million members as part of "The Big Nationwide Thank You" initiative.
The payments are intended to thank members for enabling the successful acquisition of Virgin Money, which was approved by regulators last year.
Most payments will be made next month as the building society shares the benefits of its mutual model with customers.
Members will receive their £50 payment from April 9 across the country with Nationwide already writing to eligible members from today, explaining when and how the money will be paid.
It should be noted that this initiative is separate from Nationwide Building Society's "Fairer Share Payment" scheme, which also hands out cash to customers.
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Millions of Nationwide members will get an extra £50 from the lender
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Who is eligible for Nationwide Building Society's free £50 in cash?
In order to qualify, the building society's members must have had a savings or current account, or mortgage, at the end of September 2024.
They must also have made at least one transaction or had a balance of at least £100 in the 12 months to September 2024.
The building society's members are encouraged to check their eligibility by visiting Nationwide's checker on the lender's website.
Nationwide states: "If you think you're eligible and haven't heard from us by March 20, 2025, you can check by logging in to our online banking or using our eligibility checker."
Debbie Crosbie, the CEO of Nationwide Building Society, outlined why the high street banking staple is rewarding members in this way.
She shared: "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," the chief executive added.
According to the building society, Nationwide is currently ranked as the UK's best high street banking provider for service.
In November 2024, the financial institution confirmed record first half growth in mortgages and deposits despite a challenging environment.
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Customers at Nationwide have turned to the building society for competitive interest rates
GETTYFollowing the Virgin Money acquisition, Nationwide has become the UK's second largest provider of mortgages and savings accounts.
In the aftermath of this merger, Nationwide Building Society is now the only mutual full-service banking provider in the UK.
Since April 2023, Nationwide has provided over £3.5billion in member value, including £729 million through two previous Nationwide Fairer Share Payments.
Nationwide has expressed its desire to repeat the Fairer Share Payment this year, but this will depend on the building society's financial performance. A decision about the Fairer Share Payment will be made in May 2025.
