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Every little helps, so they say. Nationwide building society announced this week that it would be dishing out £50 mini-windfalls to more than 12 million members.
And there should be more “free cash” coming down the track for many of them, as Nationwide hopes to announce its third annual “Fairer Share” payout in May. This would follow payments of £100 that were made in 2023 and 2024.
The latest giveaway involves giving eligible customers a share of more than £600m after the takeover of Virgin Money last autumn. They will each receive £50, and the cash will start to land in people’s accounts from 9 April.
However, as Nationwide has 16 million members, there will inevitably be some left disappointed and possibly angry that they are missing out.
The building society started writing to members this week to let them know when and how the money will be paid. Those benefiting from the payout include Imaan and Theo, who have two young children – Nyla, four, and Kylian, three – and live in Essex.
Imaan and Theo, who is a teacher, are each in line for the £50 payment, and several members of their wider family are poised to benefit, too.
“Both of our mothers bank with Nationwide,” says Imaan, an educational psychologist. “Two of my brothers will be getting the £50 too.”
She adds: “It was lovely – you don’t expect to be given free money, so it was nice to wake up to that information today.”
The couple, both 37, plan to put the money towards a family holiday, joking that if the children had their way, “they would blow it on sweets, Barbie dolls and Hot Wheels”.
This sort of payment does make a difference, they say: “People will be able to use the cash to help with the rising cost of bills.”
The couple have also benefited from both the previous Fairer Share payments and hope to do so again this year.
The new £50 payments will go to those who had a Nationwide savings or current account or mortgage at the end of last September. Additionally, they must have made at least one transaction on their current account or savings, or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024. They must also still have their account(s) or mortgage at the time of the payment.
To check eligibility, members can go to nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
Members with a Nationwide current account or instant access or limited access savings will be paid directly into their accounts by the end of April.
Mortgage-holders will be credited into the current account used to pay their mortgage direct debit by the end of April. Where this is not possible, or for any other mortgage payment type, a cheque will be issued by 14 May.
All other eligible members – for example, those with an Isa – can expect to receive a cheque by 14 May.
The £50 payments are separate to the Fairer Share payment scheme, which Nationwide wants to repeat this year. A decision on this will be made in May. The scheme was launched in 2023 and repeated last year. But it has proved controversial: some said it created a “haves” and “have nots” within the membership, with some longstanding customers and people holding multiple Nationwide products angry at being excluded.
Assuming the Fairer Share scheme runs again this year, payments are likely to be made in June. To be eligible last year, you had to have one of two product combinations: a qualifying current account and savings, or a qualifying current account and mortgage.
March 2024 was the key month in terms of eligibility, so bear that in mind if you are thinking of closing your account or making changes, as that could affect whether you are entitled to a 2025 Fairer Share payment.
To find out more about last year’s eligibility rules, go to nationwide.co.uk/about-us/fairer-share/terms-and-conditions/.
