A LITTLE-known loophole could result in you missing out on Nationwide's £50 “Thank You” payment.
Earlier this week, over .
However, approximately , as they did not meet the eligibility criteria.
The“BigThank You”payment is being issued to customersas a gesture of gratitude to its members for their contribution to the successful.
Nationwide first announced that it had in March 2024.
The deal was finalised in October 2024, following the required approvals from regulators and Virgin shareholders.
However, Nationwide customers were not given the opportunity to vote on the deal.
This led to dissatisfaction among some members, with a number expressing their concerns over the Virgin Money acquisition and even petitioning for a vote on whether the sale should proceed.
While nothing changed straight away for customers of either bank, there could be some changes in the as the Virgin Money brand is slowly phased out over the six years.
The acquisition of Virgin Money means Nationwide now serves over 24.5million customers, employs more than 25,000 staff, and operates nearly 700 branches.
“Thank You” payments began appearing in bank accounts from April 9, but eligible members may need to keep checking their until April 30.
For those who do not receive the payment directly into their account, there is a possibility that a cheque will be issued, which could arrive as late as May 14.
Who will miss out on the payment?
To be eligible for the you must have been a Nationwide member on September 30, 2024 and still currently be a member.
Meanwhile, in the year to the end of September 2024 you must also have:
- Had at least one qualifying transaction on your Nationwide current account or savings account, or
- Had at least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
- Owed at least £100 in total on one or more Nationwide residential mortgages, or
- Switched to a Nationwide current account between July 1, 2024 and September 30, 2024 using the current account switch service.
If you haven't met the above criteria, you won't be eligible for the payment.
Will Nationwide issue a £100 Fairer Share Payment this year?
MILLIONS of Nationwide customers could be due to get a free £100 payment in the coming months.
However, this will depend entirely on Nationwide's financial performance.
The building society added that a , 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.
Nationwide's boss, Debbie Crosbie, stated back in December that the bank is “well positioned” to distribute the £100 payment to members this year.
However, more than 12million customers missed out on last year's £100 “Fairer Share Payment” due to the society's strict eligibility criteria.
Assuming that the eligibility criteria remains the same in 2025, customers' current accounts should be “active” between January and March, so don't close your account between these dates.
You will also need to use your current account within the first three months of the year, but how you'll need to go about this will depend on your account type.
For example, customers with a Flex Account, Flex Basic and FlexDirect account must either pay at least £500 into the account and make two payments out.
The same customers may also qualify as long as they make at least 10 payments out.
Those with a FlexPlus packaged bank account will automatically qualify for the Fairer Share Payment as long as they continue to pay the monthly fee.
Customers with a FlexOne, FlexGraduate and FlexStudent can qualify as long as they make a payment into and out of the account in March 2025.
Finally, all customers outlined above must also ensure they have at least £100 in savings or owe at least £100 on a mortgage with Nationwide in March 2025.
