Nationwide confirms three key dates for £50 payments

Building Society has issued an update to confirm some key dates for when customers will receive a £50 payment.

The £50 Big Nationwide Thank You is going out to 12 million customers, after the group completed its purchase of Virgin Money.

A customer contacted the building society over social media to ask: "When do we get the £50 payment from the Virgin deal, could it be any random date between now and April 30?"

In response, the group set out three key dates for when the payments will go out. Nationwide said: "We plan to make payments to the current account, instant access savings account, and limited access savings account by April 30, 2025. Mortgage payments will also be made by April 30, 2025. We plan to send cheques by May 14, 2025."

If you have a current account, instant access or limited access savings account in your name with Nationwide, you will get the payment into this account.

Those who don't have one of these accounts and have a mortgage with Nationwide will receive the £50 into the bank account you use to pay your mortgage direct debit. All other payments will go out as cheques and these have to be paid in by January 1, 2026.

To qualify, you must have been a Nationwide member on September 30, 2024, and you need to still be a member when the funds are paid out.

Other qualifying criteria you have to meet are 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
• At least £100 in total in one or more of your Nationwide current accounts and savings accounts
• Owed at least £100 in total on one or more Nationwide residential mortgages.

You will also be eligible if you completed a switch to any Nationwide current account between July 1, 2024 and September 30, 2024, using the Current Account Switch Service.

To count as a member, you usually need to have a Nationwide residential mortgage, current account, or savings account in your name.

You would not be deemed a member if you only have another type of Nationwide product, such as a personal loan, credit card, investment or insurance.

A person would also not be a member if they are only running an account for someone else that is held in the other person's name, such as under a power of attorney, a third-party mandate, or an order of the court.