Millions of Nationwide customers receive free £50 'thank you' bonus in accounts from today - are you eligible?

Customers should see the money appear automatically in their accounts starting from today.

The payment comes following Nationwide's successful £2.9billion acquisition of Virgin Money, which was completed in October 2024.

The banking society wrote to eligible members last month to inform them of the details.

Those who don't receive the payment immediately shouldn't worry, as Nationwide has confirmed all payments will be made by April 30.

If Nationwide cannot pay the money directly into a customer's current account, they may send a cheque in the post instead.

These cheques will be sent by May 14 and must be paid in before January 2026.

The building society will pay out more than £600million in total to its members.

This significant payout follows the successful takeover of Virgin Money, which was approved after 90per cent of Virgin Money shareholders backed the scheme at a vote early last year.

The acquisition was led by Debbie Crosbie, who has previously been labelled as one of the world's 50 most influential women.

To qualify for the £50 payment, customers must have been Nationwide members on September 30, 2024, and still be members when the payment is made.

In the 12 months to the end of September, members must also have made at least one qualifying transaction on their Nationwide current account or savings account.

Alternatively, they must have had a balance of at least £100 in their current account, savings or mortgage during that period.

Customers can check if they're eligible for "The Big Nationwide Thank You" payment on the Nationwide website.

The building society has already contacted those who qualify for the bonus.

Debbie Crosbie, Nationwide CEO, said: "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 initiative is happening so Nationwide can thank its members "for enabling the successful purchase of Virgin Money".

The company explained that last year's acquisition was a result of its financial strength "which its members have helped build".

It's important to note that this £50 "thank you" payment is separate from Nationwide's "Fairer Share" payment scheme.

The building society has paid out the "Fairer Share" bonus to members over the last two years based on its financial performance.

Nationwide is set to confirm its next set of financial results on May 29 this year.

At that time, the building society should announce if another round of "Fairer Share" payments will be made.

Last year, Nationwide distributed £385m in June to 3.85 million customers after announcing profits of £2bn.