Nationwide Building Society has provided some guidance about a £50 payment going out to customers.
The group is paying the £50 bonus to over 12 million members, as a gesture of thanks after it acquired Virgin Money.
How you receive the payment depends on what type of customer you are, as some people will get the funds paid into their account while others will be sent a cheque.
The payments started going out earlier this month, and Nationwide was asked for an update on the payments scheme.
The group said: “We’ve now made over 95% of payments and as planned and previously announced, electronic payments should arrive by 30 April, while cheques will be sent out to be received by customers by 14 May.”
Nationwide also explained how to find out where your funds will be paid. The provider said: “Customers can check their original letter or email as this will detail which account we will make the payment into.”
To qualify for the cash, you must have been a Nationwide member on September 30, 2024, and still be a customer when the payment goes out.
Other qualifying rules include that in the 12 months to the end of September 2024, you must have had either:
- At least one qualifying transaction on your Nationwide current account or savings account, or
- At least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
- Owed at least £100 in total on one or more Nationwide residential mortgages.
You could also be in for the £50 thank you payment if you made a switch to a Nationwide current account, between July 1 and September 30, 2024, using the Current Account Switch Service.
If you have a Nationwide current account, instant access or limited access savings account in your name, the funds will be paid into one of these accounts, by April 30.
If not and if you have a mortgage with Nationwide, you’ll get the cash paid into the account used to pay your mortgage direct debit, also by April 30.
All other payments will go out as a cheque and will be issued by May 14. These must be paid in by January 1, 2026, to make sure you don’t miss out on the payment.
