Nationwide issues update for all customers receiving £50 payments | Personal Finance | Finance

Nationwide Building Society has provided a key update on £50 payment going out to millions of customers.

The group has been issuing the payments as a thank you gesture to over 12 million members, after the group acquired Virgin Money.

Payments have been going out as direct payments into bank accounts and also as cheques sent in the post.

May 14 marks an important deadline for the scheme as all cheques were due to have been sent out, while all the direct payments were due by April 30.

Nationwide was asked for an update on the payments. A spokesperson said: “We are really pleased to confirm all payments have been made and cheques have been sent.

“If you have been contacted by us to confirm you are eligible and have not received the payment you can contact us in branch or over the phone.”

Who is eligible for the £50 Nationwide big thank you payment?

To qualify to receive the £50 payment, you need to have been a Nationwide member on September 30, 2024, and still be a customer with the group when the payment is issued.

You also need to have done one of several things in the 12 months to the end of September 2024. This can be either:

• Had at least one qualifying transaction on your Nationwide current account or savings account, or
• Had 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.

A person will also qualify for the payment if they completed a switch to any Nationwide current account, between July 1 and September 30, 2024, using the Current Account Switch Service.

How is the £50 Nationwide big thank you payment being issued?

All payments directly into bank accounts were sent out by April 30. You will have received the funds in a current account, instant access account or limited access savings account in your name, if Nationwide was able to pay you in this way.

Otherwise if you have a mortgage with Nationwide, the £50 would have been paid into the account used to pay your mortgage direct debit. These payments were also all sent out by April 30.

In all other cases, customers will have been sent a cheque in the post, which were all sent out by May 14.