The mutual will pay a total of £600m to 12 million eligible customers by 30 April.
Nationwide will transfer the cash directly into your current account, instant-access account or limited-access savings account if you qualify.
If not, the firm will pay £50 into the bank account used to pay your direct debit for your mortgage, as long as that account is in your name. The building society will contact customers who are eligible for the cash boost by 20 March.
When you are paid, it will appear on your statement as ‘The Big Nationwide Thank You’.
You will be eligible if you were a Nationwide member as of 30 September 2024 and:
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- 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
There are scenarios in which you are not considered a member and therefore not eligible for the payment. They include if you only have a different type of Nationwide product, such as a personal loan, credit card, investment, or insurance policy open. Another is if you are only running an account for someone else that is held in the other person’s name under a power of attorney, for example.
Further, if there are any technical issues when the mutual tries to make the payment, it will issue a cheque that needs to be paid by 1 January 2026.
Customers who switched from another bank to the mutual between 1 July 2024 and 30 September 2024 with the Current Account Switch Service (CASS) will also qualify for the money.
Debbie Crosbie, Nationwide’s CEO, said: “The Big Nationwide Thank You is our way of recognising the role our members have played in building our financial strength to make our purchase of Virgin Money possible.”
Nationwide acquired Virgin Money in October last year and became the second-biggest provider of savings and mortgage accounts in the UK.
The banks told customers it would be “business as usual” and that Virgin Money customers would see the rebrand of the company take place over the next two years.
Nationwide’s giveaway follows the £175 offer for new customers who switch banks to open a FlexPlus, FlexDirect or FlexAccount.
Customers have until 31 March to make the switch and secure the £175 boost.
