‘I’m getting free money from Nationwide – and right here is how you possibly can too’
Nationwide Building Society is handing out free cash to millions of Brits – here’s all you need to know about the payment and how to check if you’re in line to get it
I was delighted to find out from a recent letter sent by Nationwide that I’m one of the 12 million Brits due to receive free money from the bank. It’s only £50, but every penny counts in today’s financial environment.
The letter’s headline read: “The Big Nationwide Thank You.” It went on to inform members: “£50 for you and over 12 million other Nationwide members.”
This giveaway is Nationwide’s way of expressing gratitude to its clientele following its acquisition of Virgin Money. The letter outlined: “On October 1, 2024, we completed the purchase of Virgin Money, becoming an ever-stronger force in UK banking,” attributing this achievement to the resilience created by its customers, reports Lancs Live.
It went on to say: “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.”
CEO Debbie Crosbie expressed that this gesture signifies recognition of customers’ significant role in fostering the bank’s development, which she regards as “one of the genuine advantages of membership.”
Nationwide will begin distributing the £50 reward next month. Eligible customers will be informed via posted letter or email.
How to claim this bonus
Starting from March 11, Nationwide Building Society will begin notifying eligible members about the initiative. Members can check if they’re eligible using the online eligibility checker provided by Nationwide.
To be eligible for the payment, you must meet certain criteria:
- You must have a Nationwide current account, savings account, or mortgage established by September 30, 2024.
- You should have completed at least one transaction or maintained a balance of £100 or more in the year prior to September 2024.
- You must still possess your Nationwide account or mortgage at the time the payment is issued.
Nationwide has stated in its correspondence: “You don’t need to do anything. We will send the payment to you by cheque, which we will post to the address above by March 14, 2025. You will still need to be a Nationwide member when we send the cheque. You are a member if you bank, save, or have a mortgage with us.”
The letter also includes: “If, for any reason, you do not want to receive the payment, call 0330 123 1104 and let us know by March 31, 2025.” It continues: “Otherwise, your £50 is on its way.”
MoneySavingExpert.com’s financial experts, established by Martin Lewis, indicate that the £50 bonus payments are scheduled between Wednesday, April 9, and Sunday, April 30. The payment method will be automatic but varies depending on the type of product held.
Should you not receive communication by March 20, eligibility can be confirmed through Nationwide’s online banking service. MoneySavingExpert.com advises caution against scams that may arise, asking you to claim the payment or provide personal details, as fraudsters could exploit this opportunity.
Nationwide confirmed that the £50 sum given to those with a current or savings account is considered taxable savings income, akin to interest earned. Most individuals won’t have tax to pay on it because of this.
Basic-rate taxpayers benefit from the personal savings allowance, enabling them to earn up to £1,000 each year from savings interest, tax-free. However, for higher or additional-rate taxpayers, or those with sizable non-ISA savings, the bonus might be subject to tax.
MoneySavingExpert.com’s team also noted: “The society also revealed that it hopes to announce the continuation of its £100 Fairer Share payment in May this year, depending on financial performance.”
Wondering if there’s a perk for non-Nationwide members?
For those yet to join Nationwide, there is still time to snag a £175 switch incentive. But you need to move quickly – the offer only stands until March 31. To qualify, you must:
