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Nationwide Building Society has issued an update to some of its members, about how to receive a £50 bonus payment.

The provider has been paying out £50 to over 12 million of its members as a gesture of thanks after it acquired Virgin Money. Most of the payments have now gone out with some being paid into bank accounts while other customers have been sent cheques.

One person reached out to Nationwide over social media to ask: "If I've received the big thank you £50 via cheque, can it be paid into a different bank (TSB) that's in my name or does it have to be payed into Nationwide?"

Nationwide responded to confirm that the cheque can be paid into another current account rather than their Nationwide account. But the provider did mention one condition, that you can only do this "as long as the account is in your name".

Who is eligible for the £50 Nationwide payment?

To qualify for the funds from Nationwide, you must have been a Nationwide member on September 30, 2024. You also still have to be a member when the payment goes out.

You also need to meet one of these qualifying criteria, that in the 12 months to the end of September 2024, you had either:

• At least one qualifying transaction on your Nationwide current account or savings account, or
• 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.

A person may also be eligible for the cash if they completed a switch to any Nationwide current account, between July 1 and September 30, 2024, using the Current Account Switch Service.

How is the £50 Nationwide payment being paid?

If Nationwide can pay the amount into a current account, instant access or limited access savings account in your name, you will receive your funds this way. These payments should have arrived by April 30.

If not, customers will get the £50 paid into the bank account used to pay their direct debit. These payments should also have arrived by April 30.

All other payments will go out as cheques and these will be sent out by May 14. You need to cash these by January 1, 2026, to make sure you don't lose out on the cash.

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