Are you wondering how to be eligible for the Nationwide £50 "Thank You" payment? You're in the right place! Nationwide, one of the UK's largest building societies, recently provided a £50 bonus to millions of its members as a "thank you" following its acquisition of Virgin Money. This comprehensive guide will walk you through the eligibility criteria, payment process, and everything you need to know.
The Big Nationwide "Thank You": What It Is
Nationwide Building Society recently completed its acquisition of Virgin Money. To acknowledge the role its members played in building the financial strength that made this deal possible, Nationwide decided to share some of its success by giving eligible members a one-off £50 bonus. This is separate from their annual "Fairer Share" payment.
Let's dive into the specifics of how you could have qualified for this generous payment.
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| How To Be Eligible For Nationwide 50 |
Step 1: Discover If You're Part of the Nationwide Family
*Were you a Nationwide Member? The very first and most crucial step is to determine if you were considered a member of Nationwide Building Society on September 30, 2024, and still remained a member when the payment was made (payments generally concluded by the end of April/mid-May 2025).
* **What defines a Nationwide member?**
Generally, you are a member if you held a Nationwide residential mortgage, current account, or savings account in your name.
* **Who was NOT considered a member for this payment?**
* If you only held other Nationwide products like a personal loan, credit card, investment, or insurance.
* If you were only running an account for someone else (e.g., under a power of attorney).
* If you were only a beneficiary under a trust or similar arrangement where the account was in someone else's name (e.g., a Smart or Future Saver account in a parent's name for a child's benefit).
* If you only had a mortgage, current account, or savings account with one of Nationwide's subsidiaries (like Virgin Money, The Mortgage Works (UK) plc).
* If you were a corporate body (e.g., a limited company).
*It's important to understand that simply having a product with Nationwide didn't automatically make you eligible if it didn't fall into the core membership categories.*
Step 2: Meet the Activity/Balance Requirements
Beyond being a member, you also needed to meet specific activity or balance requirements within a particular timeframe. This was the second critical hurdle for eligibility. These requirements applied between October 1, 2023, and September 30, 2024.
QuickTip: The more attention, the more retention.
There were generally two ways to satisfy this step:
Sub-heading: Option A: Account Activity
- Made at least one transaction on your Nationwide current account or savings account.
- This included a wide range of activities: card purchases, withdrawals, deposits, Direct Debits, Standing Orders, and bank transfers. Even transfers between different Nationwide accounts you held counted! If you had a FlexPlus account, the monthly account fee payment also qualified as a transaction.
Sub-heading: Option B: Minimum Balance
- Had a balance of at least £100 in one or more of your current accounts and savings accounts, OR owed at least £100 in total on one or more Nationwide residential mortgages.
- This meant that even if you weren't actively making transactions, simply maintaining a certain balance in your eligible accounts or owing a minimum amount on your mortgage during the specified period could qualify you.
Remember, you only needed to meet the requirements for ONE of these options (Option A or Option B) if you had multiple eligible products.
Step 3: Maintain Your Membership Until Payment
This might seem obvious, but it's a crucial condition. Even if you met all the criteria in Steps 1 and 2, you had to still have your qualifying current account, savings account, or mortgage with Nationwide at the time the payment was made. If you closed your account before the payment rolled out, you would not have received the bonus.
Step 4: How the Payments Were Made (and What to Expect if You Were Eligible)
For those who met the criteria, the payment process was largely automatic.
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Sub-heading: Direct Account Payments
- If you had a Nationwide current account or an instant/limited-access savings account, the £50 was paid directly into one of these accounts by the end of April 2025. If you held multiple current accounts, Nationwide generally prioritized paying into an account in your sole name if you had one, otherwise into a joint account.
Sub-heading: Mortgage-Linked Payments
- If you only had a Nationwide mortgage (and no qualifying current or savings account), the £50 was typically paid into the bank account used to pay your mortgage Direct Debit. These payments were also aimed to be completed by the end of April 2025.
Sub-heading: Cheque Payments
- For all other eligible members, such as those with a Nationwide Cash ISA, fixed-rate bond, Child Trust Fund, Junior ISA, or an account where the money was held in trust, a cheque was issued by May 14, 2025.
- Important Note: If you received a cheque, it needed to be paid in by January 1, 2026, to avoid losing out on the payment.
Step 5: What If You Think You Were Eligible But Didn't Receive It?
- Check Your Contact Details: Nationwide communicated with eligible members via email or letter. If your contact details were out of date, you might have missed the notification. You could have checked and updated these via the internet bank or banking app.
- UK Residency: If Nationwide's records indicated you no longer lived in the UK, they might have sent a cheque. In such cases, you would have needed to contact them by January 1, 2026, to confirm your details.
- Contact Nationwide Directly: If you believed you met all the criteria and still hadn't received your payment, the recommended course of action was to contact Nationwide directly through their internet bank, banking app, or by visiting a branch. They would likely need to verify your identity.
- Beware of Scams: Nationwide explicitly stated they would never ask you for your account details to process this payment. Any call, email, or text asking for such information was likely a scam.
Understanding the Tax Implications
For most people, the £50 payment was treated as savings income, similar to interest earned on an account. Thanks to the Personal Savings Allowance (PSA), most basic-rate taxpayers can earn up to £1,000 a year from savings interest tax-free. Higher-rate taxpayers have a £500 PSA, and additional-rate taxpayers have none.
Nationwide reported the bonus to HMRC automatically for most individuals. However, if you typically file self-assessment tax returns, you would have needed to include this payment in your return. If you only had a Nationwide mortgage and no other qualifying accounts, Nationwide was working to confirm the tax treatment for those specific cases.
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10 Related FAQ Questions:
How to check if I was eligible for the Nationwide £50 bonus?
You could have checked your eligibility by reviewing Nationwide's official communications (email or letter) sent out from March 11, 2025, or by using Nationwide's online eligibility checker on their website.
How to update my contact details with Nationwide?
You can typically update your contact details by logging into your Nationwide internet banking account, using their mobile banking app, or by visiting a local Nationwide branch in person.
Tip: Note one practical point from this post.
How to ensure my Nationwide account is active?
An active account usually means you have made at least one transaction (deposit, withdrawal, direct debit, etc.) within a specified period, or maintained a minimum balance. Refer to Nationwide's terms for precise definitions of "active" for their various products.
How to contact Nationwide if I have not received my payment?
If you believe you were eligible and did not receive your payment, you should contact Nationwide directly through their internet banking secure message service, their banking app's chat function, or by visiting a Nationwide branch.
How to deposit a Nationwide cheque if I don't have a Nationwide account?
If you received a cheque from Nationwide for the £50 bonus and don't have an active Nationwide account to pay it into, you can usually deposit it into another bank account you hold, as long as that account is in your name.
How to understand the "Fairer Share" payment vs. the £50 "Thank You" payment?
The £50 "Thank You" payment was a one-off bonus related to the Virgin Money acquisition. The "Fairer Share" payment is an annual bonus that Nationwide provides to eligible members based on its financial performance, and it typically requires a broader set of criteria related to account holdings and activity.
QuickTip: Reread tricky spots right away.
How to protect myself from scams related to bank bonuses?
Always be wary of unsolicited calls, emails, or texts asking for personal or account details to "release" a bonus. Legitimate banks will not ask for this information. If in doubt, always go directly to the official bank website or contact them using a verified phone number.
How to find Nationwide's official terms and conditions for the £50 payment?
The official terms and conditions for "The Big Nationwide Thank You" payment were published on Nationwide's official website, typically in a dedicated section about the bonus or in their newsroom.
How to know if my mortgage made me eligible for the £50 payment?
If you owed at least £100 on one or more Nationwide residential mortgages between October 1, 2023, and September 30, 2024, and still held that mortgage when the payment was made, you likely qualified. Exclusions applied to commercial mortgages or those with subsidiaries.
How to cash a cheque received from Nationwide by the deadline?
To cash a cheque received from Nationwide, simply deposit it into any bank account you hold (ensuring the account is in your name) before the specified deadline of January 1, 2026. You can typically do this via your bank's app (if they offer cheque imaging), at an ATM, or by visiting a branch.
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