While there isn’t a specific promotion called the “Nationwide 100 Bonus” currently active in April 2025, Nationwide Building Society has recently concluded a significant initiative called “The Big Nationwide Thank You,” which provided a £50 bonus to millions of its eligible members. This article aims to provide a comprehensive overview of this recent bonus, addressing common questions and clarifying the details surrounding this act of appreciation from the UK’s largest building society.
A Thank You for Building Financial Strength
In October 2024, Nationwide Building Society completed its acquisition of Virgin Money UK, a move that significantly strengthened its position in the UK banking sector. This acquisition was made possible, in part, by the collective financial strength built by its members over the years. To acknowledge this contribution and share the benefits of this growth, Nationwide launched “The Big Nationwide Thank You,” a one-off payment of £50 to its qualifying members.
Debbie Crosbie, Nationwide’s Chief Executive, emphasized that this payment “recognises the role our members played in building the financial strength that made the deal possible.” This initiative saw over £600 million being distributed to over 12 million eligible members, demonstrating Nationwide’s commitment to its mutual status and its members.
Who Was Eligible for the £50 Bonus?
To receive the £50 “Thank You” payment, members had to meet specific criteria as of September 30, 2024, and also needed to maintain their membership at the time of the payment. The key eligibility requirements were:
Membership Status: You had to be a Nationwide member on September 30, 2024, and remain a member when the payment was made. Being a member meant having at least one of the following with Nationwide: a current account, a savings account, or a residential mortgage. Certain products like personal loans, credit cards, and investments did not qualify for membership in this context.
Account Activity or Balance: In the 12 months leading up to September 30, 2024, members also needed to satisfy one of the following conditions:
Made at least one qualifying transaction (e.g., deposit, withdrawal, transfer, Direct Debit, standing order, card purchase, or payment of FlexPlus monthly fee) on their Nationwide current or savings account. Transfers between different Nationwide accounts held by the same member also counted.
Held a total balance of £100 or more across one or more of their Nationwide current and savings accounts.
Owed a total of £100 or more on one or more Nationwide residential mortgages.
Switching Customers: Individuals who switched to any Nationwide current account between July 1, 2024, and September 30, 2024, using the Current Account Switch Service were also eligible, even if they didn’t meet the account activity or balance criteria.
It’s important to note that simply holding a Nationwide product on the eligibility date wasn’t always enough; the criteria also considered the member’s engagement with their accounts.
How and When Were Payments Made?
Nationwide began making these £50 payments in April 2025, with the aim of completing the majority of payments by April 30, 2025. The method of payment depended on the type of account the eligible member held:
Current and Instant/Limited Access Savings Accounts: If Nationwide held details for a current account or an instant access or limited access savings account in the member’s name, the £50 was directly deposited into that account.
Mortgage Accounts Only: For eligible members who only had a Nationwide residential mortgage and no qualifying current or savings account, the £50 was credited to the bank account used to pay their mortgage Direct Debit, provided the account was in their name.
Other Accounts (e.g., ISAs, Fixed-Rate Bonds, Child Trust Funds): Members holding accounts where direct payment wasn’t feasible, such as Cash ISAs, fixed-rate bonds, Child Trust Funds, or accounts held in trust, received their £50 bonus via cheque. These cheques were mailed to the members’ registered addresses by May 14, 2025. Members receiving cheques were advised to ensure their contact details were up to date and to pay in the cheque by January 1, 2026.
Nationwide communicated directly with eligible members via email or letter starting from March 11, 2025, to inform them about the payment. Members who believed they were eligible but hadn’t received communication by March 20, 2025, were advised to check their contact details and reach out to Nationwide for confirmation.
Taxation of the £50 Bonus
For members who received the £50 payment into a Nationwide current or savings account, this bonus was treated as taxable savings income, similar to any interest earned on their account. However, due to the personal savings allowance in the UK, most basic-rate taxpayers can earn up to £1,000 a year in savings interest tax-free, meaning many recipients would not have to pay tax on this bonus. Higher-rate and additional-rate taxpayers have a lower allowance (£500 and £0, respectively) and might be liable for tax if their total savings income exceeds their allowance.
Nationwide stated that they would automatically report the bonus to HMRC for those who do not file self-assessment tax returns. The tax treatment for members who only had a Nationwide mortgage and received the payment into their mortgage payment account was being reviewed.
The “Big Nationwide Thank You” vs. the Fairer Share Payment
It’s crucial to distinguish “The Big Nationwide Thank You” payment from the Fairer Share Payment, another initiative by Nationwide to return value to its members. The £50 bonus was a one-off event directly linked to the acquisition of Virgin Money.
The Fairer Share Payment, on the other hand, is an annual reward distributed to eligible members who have a qualifying Nationwide current account and either qualifying savings or a qualifying mortgage with the society. For the 2024 Fairer Share Payment, eligible members received £100. Nationwide has indicated its intention to announce details about the 2025 Fairer Share Payment in May 2025, contingent on the society’s financial performance in the past year. The eligibility criteria for the Fairer Share Payment are typically different from those of the “Thank You” bonus and often focus on members who use Nationwide for their everyday banking.
Looking Ahead: Other Member Benefits at Nationwide
While the “Big Nationwide Thank You” has largely concluded, Nationwide continues to offer various benefits to its members. These can include:
Exclusive Savings Accounts: Members often have access to savings accounts with more competitive interest rates than those offered to the general public. Examples include the Flex Regular Saver and Flex Instant Saver.
Mortgage Deals: Existing mortgage members may be offered preferential rates when switching to a new Nationwide mortgage deal.
Fairer Share Payment: As mentioned earlier, this annual payment rewards members who actively use Nationwide for their banking needs. The details for the 2025 payment are expected in May 2025.
Member Voice: Nationwide actively seeks feedback from its members to shape its products and services.
Branch Promise: Nationwide has committed to keeping its network of over 600 branches open until at least the start of 2028, ensuring members have access to in-person banking services.
Scam Checker Service: Members can utilize this service if they are unsure about a payment they are about to make.
Voting Rights: Eligible members have the opportunity to vote at the Annual General Meetings (AGM).
Current Account Benefits: Some Nationwide current accounts, like the FlexPlus account, offer additional benefits such as worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover.
FAQs
What is the Nationwide £100 bonus?
The Nationwide £100 bonus, known as the Fairer Share Payment, is a profit-sharing initiative where eligible members receive £100 directly into their Nationwide current account. This payment is part of Nationwide’s commitment to rewarding loyal members who use their services for everyday banking, savings, or mortgages.
Who is eligible for the £100 bonus?
To qualify for the Fairer Share Payment, members must have:
A Nationwide current account that allows payments into it.
Either:
At least £100 in a Nationwide savings account or cash ISA.
A Nationwide residential mortgage with a balance of at least £100.
Eligibility is typically assessed based on account status and balances as of March 31st of the qualifying year.
When are the payments made?
Payments are usually made in June. For instance, in 2024, payments were distributed between June 13 and June 28. Members are notified of their eligibility by the end of May.
How will I receive the payment?
If eligible, the £100 bonus will be automatically deposited into your Nationwide current account. If you have multiple current accounts, Nationwide may choose any of them for the deposit. For joint accounts, the payment is made to the account, and both account holders are considered individually for eligibility.
Is the £100 bonus taxable?
Yes, the £100 bonus is considered taxable savings income. Nationwide does not deduct tax from the payment but reports it to HM Revenue & Customs (HMRC). Depending on your total savings income and personal savings allowance, you may need to pay tax on this bonus.
Can I opt out of receiving the bonus?
Yes, if you prefer not to receive the £100 bonus, you can opt out by contacting Nationwide by a specified date before the payment is made. Once you opt out, you cannot change your decision for that year’s payment.
What if I think I was wrongly excluded?
If you believe you met the eligibility criteria but did not receive the payment, you should contact Nationwide. They will review your case and, if an error is found, take steps to rectify it.
Will there be a £100 bonus in 2025?
Nationwide has expressed intentions to continue the Fairer Share Payment annually, subject to financial performance and board approval. A decision regarding the 2025 payment is expected in May 2025, with potential payments following in June.
How can I increase my chances of receiving the bonus?
To enhance your eligibility:
Maintain an active Nationwide current account.
Ensure you have at least £100 in a Nationwide savings account or cash ISA, or a residential mortgage with a balance of at least £100.
Keep your accounts open and in good standing through the eligibility assessment date, typically March 31st.
Are there other bonuses or incentives from Nationwide?
Yes, in addition to the £100 Fairer Share Payment, Nationwide has offered other incentives, such as a £50 “thank-you” bonus following the acquisition of Virgin Money. These bonuses have their own eligibility criteria and timelines.
To conclude
The Nationwide Fairer Share Payment is a testament to the building society’s commitment to rewarding its members. By maintaining an active current account and either a qualifying savings or mortgage product, members can benefit from this annual bonus. Staying informed about eligibility criteria and key dates ensures you don’t miss out on this opportunity. As Nationwide continues to evaluate its financial performance, members can look forward to potential future bonuses that recognize their loyalty and engagement.
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