NATIONWIDE has confirmed that millions of customers are set to receive cash within hours after releasing its latest update.
More than 12 million could benefit from the payments which do not require any action apart from being eligible.
The building society previously revealed that it would be granting £50 to some of its members as a gesture of goodwill.
It is thought will dish out over in total as part of the Big Nationwide Thank You.
will receive the cash directly into their regular or savings accounts held in their name.
Whilst payments were first set to be made between April 9 and May 14, eligible members might continue searching their until April 30.
If account holders do not receive their money this way, it is possible they will be sent a cheque as late as May 14.
The financial reward follows the company's takeover from .
To qualify, members must have held a savings accounts, as of September 30 2024.
The account will also still need to be open for the payment to be made.
Members must also have made a transaction or maintained a minimum balance of £100 across their accounts or mortgage within the 12 months following the September deadline.
They can also check if they qualify for the payment by visiting nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
Debbie Crosbie, chief executive of , said:“Nationwide became even stronger when it bought VirginMoneyand we are already improving services for its customers.
“The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible.
“It's another of the very realof being a member of Nationwide and our modern mutual model.”
The deal was first launched in March 2024 and finalised in October.
customers were not offered the chance to vote on the deal with some dissatisfied members expressing concern over the acquisition.
It is not clear how the deal will impact bankers but the will be slowly phased out over the next six years.
Following the deal, Nationwide became the country's second-largest provider of mortgages and savings accounts.
It is also the only mutual full-service banking provider in the UK.
Customers could also benefit from a similar this .
Nationwide revealed earlier this month that it intended to issue £100 to its members but the offer is subject to its financial performance.
added that a final decision will be made in May, when it publishes its results for the 2024/25 financial year.
Last June, the building society paid £385million in £100 payments to 3.85million members after announcing a pre-tax profit of £1.77billion.
‘s boss, Debbie Crosbie, stated back in December that the bank is “well positioned” to distribute the £100 payment to members this year.
However, some millions missed out on payments last year following the enforcement of strict eligibility criteria.
If this repeats, will need to ensure their current accounts have been “active” during certain months and ensure they have not closed their account too.
Bankers currently not with Nationwide could consider switching.
By opting for a different bank account, individuals have the chance to easily boost their balance.
offer cash incentives and so it is always best to do some research rather than leaping for the first offer.
