Nationwide issues “don’t miss out” warning as £50 free cash deadline approaches

Nationwide Building Society is urging customers to act quickly if they believe they are entitled to a £50 payment, warning that a looming deadline could see some people miss out on the cash altogether.

The UK’s largest building society has already completed its latest round of member distributions, part of a one-off “Big Nationwide Thank You” payment announced earlier this year. The £50 payout was made to more than 12 million members following Nationwide’s acquisition of Virgin Money.

While most eligible customers received the money directly into their accounts, Nationwide says some payments were issued by cheque. Those cheques must be paid in by 1 January 2026, after which the money will be forfeited.

Who was eligible for the £50 payment

To qualify, customers had to be Nationwide members on 30 September 2024 and still be members when the payments were processed.

In addition, during the 12 months to the end of September 2024, members needed to meet at least one of the following criteria:

• Hold a balance of at least £100 across one or more Nationwide current or savings accounts
• Complete at least one qualifying transaction on a Nationwide current or savings account
• Owe at least £100 on one or more Nationwide residential mortgages

Customers also qualified if they switched to a Nationwide current account between 1 July 2024 and 30 September 2024 using the Current Account Switch Service.

How the payments were made

For most customers, the £50 was paid automatically into a Nationwide current account or into an instant access or limited access savings account held in their name.

Mortgage customers typically received the payment into the bank account used to pay their mortgage direct debit, provided that account was in their name.

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All remaining eligible customers were sent a cheque through the post.

What to do if you have not received anything

Nationwide says anyone who believes they were eligible but has not heard from the society should check their details as soon as possible.

According to guidance on its website, missing payments may be due to incorrect contact information or because Nationwide records show the customer no longer lives in the UK, in which case a cheque may have been issued instead of a direct payment.

Customers can review and update their contact details using Nationwide’s internet banking service or mobile app. Those who think they should have received a cheque, or who need to confirm their eligibility, are advised to contact Nationwide before the 1 January 2026 deadline, either online or by visiting a branch. Identity checks may be required.

Nationwide has stressed that all payments have now been issued, and that the deadline applies only to customers who were sent a cheque. Anyone who does not pay in their cheque by the cutoff date will lose the £50 payment permanently.