Nationwide Building Society has announced a massive £600 million payout to over 12 million UK customers as a token of appreciation for their role in the successful acquisition of Virgin Money last year. Dubbed ‘The Big Nationwide Thank You,’ this initiative aims to reward loyal members who have contributed to the bank’s financial strength.
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Why is Nationwide Paying Out £600 Million?
Following the acquisition of Virgin Money, Nationwide’s CEO Debbie Crosbie emphasized the importance of its members in making the deal possible. In her statement, she said:
‘The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible.’
She further highlighted that the payout reflects Nationwide’s mutual model, reinforcing its commitment to offering tangible benefits to its customers.
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How Much is the Nationwide ‘Big Thank You’ Payment?
Eligible members will receive £50 each as part of this scheme. However, starting from March 11, 2025, Nationwide will begin informing customers about their eligibility, the exact amount they can expect, and when they should receive it.
Who is Eligible for the Nationwide Thank You Payment?
Nationwide has confirmed that over 12 million customers across the UK will benefit from this payout, with key regional distributions as follows:
- South East England: 2.4 million customers
- London: 1.4 million customers
- Other UK regions: Remaining balance of eligible members
While Nationwide has not specified the exact eligibility criteria in full detail, previous payout schemes included current account holders, savings account customers, and mortgage members.
When Will the Nationwide Big Thank You Payments Be Made?
Nationwide will begin making payments from April 9, 2025. The exact timeline for payouts depends on the type of account held by each eligible member:
1. Current Account & Savings Account Holders
- Payments will be deposited directly into Nationwide accounts by the end of April 2025.
2. Mortgage Holders
- If a customer has a Nationwide current account linked to their mortgage payments, the £50 will be deposited into that account by the end of April 2025.
- If no current account is linked, or if payments are made by other means, Nationwide will issue a cheque by May 14, 2025.
3. ISA & Bond Account Holders
- These customers will receive their payout via cheque by May 14, 2025.
Has Nationwide Paid Out Before?
Yes! Nationwide has been rewarding its members with various financial benefits. Since April 2023, the building society has distributed over £3.5 billion in what it calls ‘member value,’ which includes:
- Two previous ‘Fairer Share’ payouts totaling £729 million
- Competitive interest rates and special mortgage offers
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Final Thoughts: What Should You Do Next?
If you’re a Nationwide customer, check your account details and ensure that your contact information is up to date. Nationwide will be sending official communications regarding the payout, so keep an eye on your emails, letters, or mobile banking notifications.
This £600 million payout is another example of how mutual banks like Nationwide reinvest in their members, providing real financial benefits beyond just banking services. If you qualify, expect your payment between April 9 and May 14, 2025!
For further details, visit Nationwide’s official website or contact their customer service for any specific queries regarding eligibility and payment methods.