Nationwide has confirmed the exact date 12 million eligible Brits should see a ‘one-off’ payment of £50 hit their accounts – following the bank’s acquisition of Virgin Money
Millions of Brits will receive a ‘one-off’ cash boost in their bank account in the coming weeks, it has been confirmed. The £50 ‘Thank You’ payment comes after Nationwide successfully purchased Virgin Money – a move it says was only possible thanks to its members.
In an online statement, Debbie Crosbie, Nationwide CEO, said the bank became ‘even stronger’ when it bought Virgin Money and that it’s 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,” she added. “It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.”
Around 12 million Nationwide customers across the nation will cash in a share of more than £600 million, without having to lift a finger – as qualifying Brits will receive a letter or email from the bank, letting them know when and how the money will be paid. Nationwide states the’ Thank You’ payments will be made from April 9 – but not every customer will be eligible.
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However, to receive the bonus, you will need to have had a savings or current account, or mortgage, at the end of last September. You must also have made at least one transaction on your current account or savings or had a balance of at least £100 in your current account, savings or mortgage in the 12 months to the end of September 2024.
“You must also still have your accounts or mortgage at the time the payment is made,” Nationwide stated. If you think you’re eligible for the bonus, but haven’t received an email or letter about it by March 20, you can log onto your online banking and use Nationwide’s eligibility checker.
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If you’re not a Nationwide customer, you could still be entitled to a much larger £175 bonus for opening a new account. As previously reported, there are just days (March 31) left before the bank axes its popular incentive, which has been running its switch bonus since September 25, 2024.
For those wanting to join the bank, you’ll need to switch from a non-Nationwide bank account with at least two active Direct Debits. You’ll also close your non-Nationwide bank account when you switch and complete your switch within 28 days. Within the first 31 days of requesting the switch, customers will have to put at least £1,000 into the account, not counting transfers from other Nationwide accounts or Visa credits, as well as make a payment on their new debit card. “Some transactions – like gambling – don’t count towards this, so make sure you check the terms,” Nationwide added.
*The £50 bonus is separate from the ‘Fairer Share Payment’ which the bank will repeat this year depending on its financial performance.
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