Over £600m is being paid to clients

Nationwide is doling out greater than £600m to clients in one-off £50 funds in what it calls a ‘large thanks’, following the acquisition of Virgin Cash. 

On account of the buy-out, Nationwide has now turn out to be the second greatest mortgage lender and financial savings supplier within the UK – so it’s bought rather a lot to be pleased about!

However who will get the £50 fee and when will it’s paid? Right here’s all the pieces you need to know.

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Will I get the £50 ‘large thanks’?

To get the money you should’ve had a financial savings, present account or mortgage on the finish of final September.

On prime of this, that you must have made at the least one transaction in your present account OR had a stability of at the least £100 in your present account, financial savings or mortgage within the final 12 months to the top of September 2024.

You could additionally nonetheless have your financial savings, present account or mortgage on the time the £50 fee is made. 

How do I do know if I’m eligible for the fee?

It’s best to get a letter or electronic mail from Nationwide very quickly. This may let you recognize when and the way the cash goes to be paid. It says it’s writing to clients from right now.

You may as well check if you’re eligible on-line and when you’ve not heard from Nationwide by 20 March you’ll be able to login to your on-line banking to see when you’ve certified for the fee.

When will I get the money?

Nationwide says it is going to begin making the funds from 9 April. 

However while you get the cash will depend upon the way you qualify.

Prospects with a Nationwide present account or immediate or restricted entry financial savings will likely be paid instantly into their accounts by the top of April.

For those who’re an eligible mortgage buyer, you’ll get the £50 bonus by the top of April too. This will likely be paid into your present account that’s linked to your mortgage and the place the funds are taken from. Nationwide says if it may’t pay you this fashion for some motive, you’ll get a cheque despatched to you by 14 Might as an alternative.

All different eligible members, reminiscent of these with ISAs or Bonds, can anticipate a cheque by 14 Might too.

What about Virgin Cash clients?

Sadly, Virgin Cash clients received’t get the £50 fee. Nationwide informed me it is a ‘retrospective fee’ being made to Nationwide members who had been eligible on the finish of September final 12 months, earlier than the deal was accomplished. The concept is that the fee acknowledges the function Nationwide members performed within the buy of Virgin Cash.

Editor’s choose: £100 financial savings bonus

Efficient 6.45% fee for six months as a brand new Raisin buyer

Is that this £50 changing Nationwide’s Fairer Share funds?

You’ll be happy to comprehend it’s not. The £100 Fairer Share payment is separate and Nationwide says it needs to repeat it this 12 months. Nonetheless, it additionally says it’ll depend upon the mutual’s monetary efficiency and a choice will likely be made on the Fairer Share fee in Might. 

But when it does go forward, you’ll additionally solely be eligible when you’ve met sure standards. 

Whereas the foundations may change this 12 months, we’ve seen that for the final two years eligible clients should’ve had one in all its present accounts open by 31 March (one of many Flex accounts) and have to point out that they’ve been utilizing it. This consists of receiving or making current funds into the account or paying the month-to-month account price.

What you truly must do is dependent upon the account you could have, which we’ve outlined in our Nationwide Fairer Share explainer. You additionally must have a Nationwide financial savings account with £100 in it any day in March or a mortgage. 

With this in thoughts (and if the standards stays the identical) that you must act shortly to be in with an opportunity of getting the Fairer Share fee!

Get £175 for switching to Nationwide

You’ll additionally have to be swift if you wish to benefit from Nationwide’s £175 current account switching offer because it ends on March 31.

There’s doubtlessly three £175 funds up for grabs when you’re in a pair and change your private present accounts plus a joint account to Nationwide. 

As with every switching deal, you’ll want to satisfy a number of standards but it surely’s pretty straight ahead with this one. And when you’re undecided about switching your most important present account, we all the time assume it’s a good idea to have more than one, so hopefully you’ve bought a spare account to make use of particularly to get these switching bonuses.