Millions of Nationwide customers issued email alert over new bonus payment

Millions of Nationwide customers issued email alert over new bonus payment Newspoint | 13/03/2025 03:39:12

Millions of Nationwide members have been sent an alert about a new £50 payment that is due to be sent next month.

The money is being issued to over 12 million customers to say "thank you" for helping the building society complete its takeover of . In an update this week, said it expects to in "thank you" payments, which will be sent from April 9 onwards.

Nationwide has now started send alerts to everyone who will receive the cash. An email from the building society reads: "On October 1, 2024 we completed the purchase of Virgin Money, becoming an even stronger force in UK banking. This was made possible by the financial strength Nationwide members, like you, helped us build. To say thank you, we are pleased to be sending you, and over 12 million of our Nationwide members, a one-off payment of £50 as part of The Big Nationwide Thank You."

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The same message has also been shared to customers using Nationwide online banking and its mobile app. You'll receive the payment if you had a or current account, or , at the end of last September. You must also have made at least one transaction through 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.

Your account or mortgage must also still be active at the time the payment is made. The payment will be made automatically, meaning you won't need to apply for it. Nationwide announced its intention to acquire Virgin Money in March 2024 and the .

Debbie Crosbie, Nationwide CEO, said: “Nationwide became even stronger when it bought Virgin Money and we are 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. It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.”

The new "thank you" payment is separate to the £100 "Fairer Share" payment that the building society has paid out to members over the last two years. This is based on its financial performance, with Nationwide expecting to make an announcement on whether members will get a third "Fairer Share" payment in May this year.

Last year, a total of £385million was paid out in June to 3.85 million customers after the building society announced profits of £2billion.

Again, you had to meet certain eligibility criteria in order to receive the payment. You can read about .

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