Nationwide bonus payment: This is when £50 will hit your bank account, check if you're qualified

The building society announced that the payment, dubbed "The Big Nationwide Thank You", will land in qualifying members’ bank accounts on April 30.

The one-off bonus is being issued to 12 million eligible customers, amounting to a total payout of over £600 million.

A Nationwide spokesperson said the payment is “a thank you” to members and follows its £2.8 billion acquisition of Virgin Money UK in October 2024, which boosted the society’s financial position by £2.3 billion.

To qualify, members must have held a current account, savings account, or mortgage with Nationwide as of 30 September 2024, and must either have had a payment in or out of their account, or held a balance of at least £100.

This bonus follows a previous round of £100 payments made to around 4 million eligible members in 2023 and 2024.

Nationwide’s acquisition of Virgin Money made it the UK’s second-largest provider of mortgages and savings accounts. As part of the deal, the building society also paused plans to close Virgin Money branches, pledging not to leave any town or city with a branch before 2028.

Nationwide says the Virgin Money deal will deliver long-term benefits to customers. At the time of the buyout, CEO Debbie Crosbie said: “The benefits would go towards improvements for customers.”