The Big Nationwide Thank You Terms and Conditions

To be eligible, you must have been a member of Nationwide Building Society on 30 September 2024 and on the day we make the payment. You must also have met the other requirements that applied between 1 October 2023 and 30 September 2024.

You can find out whether you are a member in section 2 and whether you met the other requirements in section 3. There are some additional exclusions which we explain in section 6.

If you are eligible, you will only receive one payment of £50.

You are usually a member if you are an individual and have a Nationwide residential mortgage, current account, or savings account in your name.

You are not a member if:

• You only have a different type of Nationwide product such as a personal loan, credit card, investment or insurance.
• You are only running an account for someone else that is held in the other person’s name, for example under a power of attorney, a third-party mandate, or an order of the court.
• You are only the beneficiary under a trust or similar arrangement and the account is in the name of someone else. For example, a Future Saver account is in the name of a parent who holds the money for the benefit of a child and therefore only the parent will be a member. A Child Trust Fund or Smart Junior ISA is an account in the name of a child and therefore the child will be a member. The Registered Contact will not be a member unless they are also the child account holder.
• You only have a mortgage, current account, or savings account with one of our subsidiaries such as Clydesdale Bank plc (which also trades as Virgin Money or Yorkshire Bank) or The Mortgage Works (UK) plc.
• You are a body corporate such as a limited company or a limited liability partnership.
• You are a bare trustee for a body corporate.

For more details of this and any other exceptions, please refer to our Memorandum and Rules - PDF, 441KB (opens in a new window) and the terms and conditions for any product you have.

In these terms and conditions, when we refer to a ‘member product’, we mean a product you have that makes you a member of Nationwide Building Society.

The requirements you had to meet will depend on the type of member product you held between 1 October 2023 and 30 September 2024, as shown in the table below. If you had more than one of the products, you only needed to have met the requirements for one of them.

If a member product has more than one account holder, each of you will be a member of Nationwide, so these terms and conditions apply to each of you individually. This means that if a member product is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment.

If you are a sole trader, your Business Savings account and the money in it will count towards the requirements in section 3 along with any other Nationwide accounts you may have.

If the account is held on behalf of a partnership (other than a limited liability partnership) or an unincorporated body, such as a club or other association, then the partnership or unincorporated body may qualify for the payment if the other requirements in these terms and conditions are met. We will only make one payment to the partnership or unincorporated body, regardless of the number of partners or members of the club or association.

If the account holder is a body corporate such as a limited company or a limited liability partnership, then they will not be a member and will not qualify for the payment.

For more details of whether the account holder is a member, please refer to the Business Savings Accounts General Terms and Conditions - PDF, 137KB (opens in a new window).

In some circumstances, although you have met the requirements in sections 1 to 3, we won’t make the payment to you unless you ask us for it before 1 January 2026. These circumstances are:

• We reasonably believe you no longer live at the current address we hold for you in our records. For example, because a letter we sent to that address has been returned to us undelivered.
• Our records show you no longer live in the UK, or we have repossessed a property that you mortgaged to us, and we are due to make the payment by sending you a cheque (see section 7).

You will not be eligible to receive the payment if any of the following apply:

• We do not make the payment for one of the reasons set out at the beginning of this section, and you do not ask us to make it by 1 January 2026.
• We attempt to make the payment to you by cheque and you do not pay it into an account by 1 January 2026 (see section 7).
• You are only a member because you hold a deferred share investment, such as Core Capital Deferred Shares (CCDS) or Permanent Interest Bearing Shares (PIBS).
• We are notified of your death.
• We reasonably believe that one or more of your accounts has been used for illegal or fraudulent purposes.
• By making the payment, we reasonably believe we may:
  • break a law, regulation, code, court order or other duty
  • be exposed to action from a regulator, government, or law enforcement agency.
• You owed money to Nationwide that was written off between 1 October 2023 and 30 September 2024.

We may also refuse to make the payment if:

• We are engaged in ongoing legal proceedings with you.
• We have written to you saying that we will be closing one or more of your accounts because we reasonably believe you have breached the terms and conditions.

How we make the payment will depend on the member product you have. The table below shows the different ways and the order in which we will apply them.

If we make the payment into a Nationwide account, it will appear on your statement as ‘The Big Nationwide Thank You’.

It will not always be possible to make the payment into your Nationwide current account or savings account, or the current account we collect your monthly mortgage payment from by Direct Debit. For example, you may only have a cash ISA, or a technical issue may stop us from making the payment into your current account. When this happens, we will send you a Building Society cheque to the address we hold for you instead. The cheque will be in pounds sterling only.

We plan to send any cheques by 14 May 2025. Some building societies and banks may not accept a cheque that is more than six months’ old, so please make sure you pay it into an account as soon as possible. If you do not pay in the cheque by 1 January 2026, you will not be eligible to receive the payment, and we will cancel the cheque (see section 6).

We will not make the payment in any other way.

The payment is a one-off share of our profits to members. The treatment of the payment for UK tax purposes depends on whether you are an investing member, a borrowing member, or both, when we make it.

If the member product or products you hold include at least one current account or savings account, you will be an investing member. If your member product, or products include a mortgage, you will be a borrowing member (see section 2 for more about member products).

If you are an investing member, or both an investing member and a borrowing member, when we make the payment, it is treated as interest for UK income tax purposes.

We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC). You may be liable for income tax on the payment, depending on whether the total amount of interest you receive in the tax year when the payment is made is more than your Personal Savings Allowance. You can find out more about your Personal Savings Allowance at nationwide.co.uk/psa 

There may be an exception where we make the payment to a sole trader, a partnership or an unincorporated body (see section 5) as the tax treatment can differ depending on individual circumstances.

If you are only a borrowing member when we make the payment, we are taking steps to confirm how it is treated for UK income tax purposes, and you may be liable for tax. When we know we will put a notice on nationwide.co.uk/tax-terms.

This tax information is based on our understanding of current law and HMRC practice applying to UK resident taxpayers. Current law and HMRC practice may change. For more information visit www.hmrc.gov.uk (opens in a new window)

Nationwide takes no responsibility for tax advice and if you are in any doubt, you should seek your own tax advice.

If you do not want to receive the payment for any reason, you can choose not to. You will need to let us know by calling us on 0330 123 1104, Monday to Friday between 9am and 5pm, Saturday between 9am and 2pm or by visiting us in branch no later than 31 March 2025.

Once you have chosen not to receive the payment, you will not be able to change your mind.

We will decide whether you are eligible for the payment based on the information we hold about you and the products you have with us as explained in these terms and conditions.

We always do our best to ensure that the information is accurate and complete, but incomplete, inaccurate, or out of date information may mean we wrongly exclude you from the payment. We will make the payment if we find out you were wrongly excluded, but we will not be liable for any other loss you may incur if this happens.

We also cannot guarantee how quickly an application for a qualifying product might be completed and therefore will not be responsible if you miss out on the payment because of a delay in opening a relevant product.

If, after checking your eligibility, you think you have been wrongly excluded, please get in touch and if we have got it wrong, we will take steps to put it right.