Nationwide to pay a free £50 'thank you' bonus to some customers in April – here's who'll get it

Nationwide's takeover of Virgin Money was formally completed in October last year, amid backlash from some Nationwide members who had petitioned for a vote on whether the sale should take place.

However, the building society says the deal has made it "even stronger" and that the one-off £50 payment, announced today (Tuesday 11 March), recognises the role its members have played in "building the financial strength that made the deal possible".

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.

Here's who will get the £50 one-off bonus payment

The building society will be writing to eligible members from today (Tuesday 11 March) to let them know. To see if you qualify, you can use Nationwide's online eligibility checker, but in summary:

1. Firstly, you must have had any current account, savings account or mortgage with Nationwide on 30 September 2024.
   
   AND...
   

2. Secondly, you must also have either:
   
   - Made at least one transaction on your current or savings account between 1 October 2023 and 30 September 2024.
   
   Qualifying transactions include card purchases, withdrawals, deposits, Direct Debits, Standing Orders and bank transfers, as well as payment of the FlexPlus monthly account fee. If you have more than one Nationwide account, transfers between them also qualify.
   
   OR
   
   - Have had a balance of at least £100 in your current or savings account or owed on your mortgage between 1 October 2023 and 30 September 2024.
   
   AND...
   

3. Finally, you must still have your current account, savings or mortgage with Nationwide at the time the payment is made in April 2025.

If you qualify, you'll get the payment automatically

The £50 bonus payments will be made between Wednesday 9 April and Sunday 30 April and will be paid automatically, though how you'll receive it will depend on what type of product you have:

• If you have a Nationwide current account or instant or limited-access savings account, you'll be paid directly into your account.

• If you only have a Nationwide mortgage, you'll be paid to the account used to pay your Direct Debit.

• If you have a Nationwide cash ISA, fixed-rate bond, Child Trust Fund, junior ISA or an account where the money is held in trust, you'll be paid by cheque sent to the address on record by 14 May 2025; so you'll need to make sure this is up to date.

Watch out for scams inviting you to claim or apply for the payment or asking you to hand over your personal details, as fraudsters may jump on the opportunity to trick you.

The payment will be treated as savings income for tax purposes – if you have a Nationwide current or savings account

Nationwide says that, if you have a current or savings account with it, the £50 payment is taxable savings income, which will be treated in the same way as any interest you earn from your account.

This means most people won't have to pay tax on the reward, as thanks to the personal savings allowance, basic-rate taxpayers can earn £1,000 a year from savings interest tax-free. However, if you're a higher- or additional-rate taxpayer and/or you have a substantial amount in non-ISA savings, you may have to pay tax on the bonus.

For those who don't file self-assessment returns to pay their taxes each year (which is most people), then you won't need to do anything as Nationwide will report the bonus to HMRC automatically for you.

However, if you do pay tax through the self-assessment system, you will need to include any payment in your tax return.

If you ONLY have a Nationwide mortgage, and hold no other current or savings account product with Nationwide, the building society says it is working to confirm whether this payment will be treated as savings income or not. We'll update this story when we know more.