Despite 12 million customers receiving £50, millions of loyal members are excluded due to strict criteria

Loyal Nationwide customers are up in arms after discovering they won’t receive the £50 “Big Thank You” payment, despite years of dedicated service to the UK’s largest building society.

Earlier this week, over 12 million members began seeing the bonus appear in their accounts. But while the gesture was meant to celebrate the building society’s recent £2.9 billion takeover of Virgin Money, around five million customers have been left disappointed—and furious.

The payment was unveiled as a goodwill move to thank Nationwide’s membership for their continued support during the landmark acquisition, which was finalised in October 2024 following regulatory and shareholder approval. However, the fine print reveals that only those meeting very specific criteria are eligible.

To qualify, members must have held an account with Nationwide on 30 September 2024, and still do so today. In addition, between October 2023 and September 2024, they must have:

• Completed at least one qualifying transaction
  
• Held £100 or more in current or savings accounts,
  
• Owed at least £100 on a Nationwide residential mortgage, or
  
• Switched to a Nationwide current account between July and September 2024 using the official switch service.
  

Customers who didn’t meet any of those requirements—even if they’ve banked with Nationwide for years—are excluded.

Many were stunned to learn they’d been ruled out by the small print. One user on social media said: “I’ve banked with Nationwide for over a decade. How does someone who joined three months ago get a payment, but I don’t?”

The payout is part of a broader PR push following a controversial takeover. Some customers were left fuming after they weren’t given the chance to vote on the Virgin Money deal. A number of members even petitioned to halt the sale, claiming the society had ignored its mutual roots.

Despite the backlash, the acquisition has made Nationwide a financial juggernaut—boasting 24.5 million customers, nearly 700 branches, and more than 25,000 employees across the UK.

Eligible members began receiving the £50 into their accounts from 9 April, and are advised to check their banking app regularly until 30 April. Those who don’t see a payment may receive a cheque by 14 May.

And that’s not the end of it. Members are now eyeing the upcoming £100 “Fairer Share” payment, due later this year—if the society’s profits allow.

A final decision will be announced on 29 May, when Nationwide publishes its full-year results. Last year, £385 million was paid out to 3.85 million members after the society reported pre-tax profits of £1.77 billion.

To qualify for the 2025 round, customers must again tick a number of boxes. Between January and March this year, they’ll need to:

• Keep their account active
  
• Meet specific usage requirements (e.g., pay £500 and make two payments out of 10 total transactions)
  
• Maintain at least £100 in savings or owe £100 on a mortgage in March 2025
  

Packaged account holders like FlexPlus qualify automatically if they continue to pay the monthly fee. But for everyone else, it’s a tightrope walk through terms and conditions.

Nationwide’s CEO, Debbie Crosbie, has said the bank is “well positioned” to offer the payment again—but with more than 12 million customers missing out last year, hopes are tempered by caution.

With trust in banks already shaky, some warn that Nationwide’s strict criteria risk alienating the very members the society claims to value.