Nationwide Hint at More Free Cash for Customers as £50 Payment is Issued

In the upcoming weeks, Nationwide will give £50 thank-you payments to 12 million members; some consumers have expressed their desire for further payments on social media. Nationwide Building Society has hinted at potential future incentives after giving consumers a £50 “thank you” gift.

The company recently announced that it will give 12 million members the “Big Nationwide Thank You” to recognize their outstanding achievement after successfully acquiring Virgin Money. This act follows Nationwide’s £100 ‘Fairer Share Payment’ last year, in which it distributed its earnings to eligible current account customers.

The Big Nationwide Thank You is in addition to the Fairer Share Payment we made last year, Nationwide clarified in response to consumers’ inquiries on social media regarding further payments. Nationwide states: We would want to make another Fairer Share Payment this year, but this will depend on how we do financially. This means that potential future payments are contingent on financial success. When we release our 2024–2025 fiscal year results, we will make our choice public.

Membership as of September 30, 2024, is required to be eligible for the next £50 dividend. Qualifying members will get a notification from Nationwide and may anticipate receiving their bonus by April 30. The incentive will be applied to their existing, restricted access or quick access savings accounts with the society.

Nationwide offers incentives to new customers who migrate from a non-Nationwide supplier as part of their switching promotion. Those who convert to a FlexPlus, FlexDirect, or FlexAccount are eligible for this offer. If additional requirements are satisfied, you can still claim the payout even if you currently have one of these accounts.

Similar offers are now available from other banks as well. For example, Lloyds Bank pays £175 for customers who move to a Club Lloyds account, while NatWest offers a £150 cash incentive for customers who transfer to a Reward Account.