With New Year just days away, Nationwide Building Society is urging members who received a paper cheque—rather than an automatic bank credit—to pay it in before 1 January 2026 or risk losing the money. Nationwide says all payments under its “Big Nationwide Thank You” scheme have already been issued, but cheques must be paid in by the deadline to avoid missing out. Nationwide
The timing matters: 1 January 2026 is a UK bank holiday, so leaving it to the last moment could be a gamble if your bank’s cheque-deposit options (branch, app, or Post Office) are limited over the holiday period. Gov
Below is what Nationwide has said, who qualified, what to do if you can’t find your cheque, and how to stay alert to scams that often surge around high-profile payments.
What is the Nationwide “Big Nationwide Thank You” £50 payment?
Nationwide launched the Big Nationwide Thank You as a one-off £50 payment to eligible members, saying it was made possible by the financial strength members helped build—strength that enabled Nationwide to complete its purchase of Virgin Money on 1 October 2024. Nationwide
Nationwide states that:
- Over 12 million members received £50 each
- Over £600 million was paid out in total Nationwide
Nationwide CEO Debbie Crosbie said the payment was intended to recognise members’ contribution to the mutual’s strength, describing it as a thank-you connected to the Virgin Money deal. Nationwide
The key deadline: when must the £50 cheque be paid in?
Nationwide’s official guidance is clear: if you received the £50 by cheque, it must be paid in by 1 January 2026. Nationwide
In its terms, Nationwide also says that if a cheque isn’t paid in by that date, you won’t be eligible to receive the payment and Nationwide will cancel the cheque. Nationwide
Practical takeaway: because 1 January is a bank holiday, deposit the cheque before the end of December to avoid disruption from closures or cut-off times. Gov
Who qualified for the £50 Nationwide payment?
Nationwide’s eligibility summary (and independent coverage of it) focuses on two main layers: you needed to be a member at the cutoff date and still be a member when the payment was made, plus meet activity/balance requirements.
According to Nationwide, you had to be a member on 30 September 2024 and still be a member when the payment was made. You also needed to meet at least one of the following conditions in the 12 months up to the end of September 2024: Nationwide
- At least one qualifying transaction on a Nationwide current or savings account, or
- At least £100 total balance across Nationwide current/savings accounts (including cash ISAs), or
- At least £100 owed on one or more Nationwide residential mortgages Nationwide
Nationwide also said some members qualified automatically if they completed a switch to a Nationwide current account using the Current Account Switch Service between 1 July 2024 and 30 September 2024. Nationwide
Why did some people get a cheque instead of money paid into their account?
Nationwide explains that payment method depended on the products you held and whether it was technically possible to credit an eligible account.
In its terms, Nationwide says it planned to pay the £50 (in order) into:
- a Nationwide current account, then
- instant access savings, then
- limited access savings, then
- the account used to pay a Nationwide mortgage direct debit (if you’re named on it). Nationwide
If none of those routes worked—such as if you only held certain products like a cash ISA or trust-related accounts—Nationwide says it would send a Building Society cheque to the address it held on file, and it planned to send cheques by 14 May 2025. Nationwide
Nationwide adds an important warning: some banks/building societies may not accept a cheque more than six months old, so it recommends paying the cheque in as soon as possible (not waiting for the final deadline). Nationwide
How to check if you got the £50—and what to do if you can’t find the cheque
1) Check your Nationwide statement first
Nationwide says that where the £50 was paid into a Nationwide account, it would appear on your statement as “The Big Nationwide Thank You.” Nationwide
2) Use Nationwide’s eligibility tools and official contact channels
MoneySavingExpert reports Nationwide began writing to eligible members in March 2025 and points to Nationwide’s online eligibility checker for people who want to confirm whether they qualified. Moneysavingexpert
Nationwide’s own FAQ says that if you believe you were eligible but haven’t received the payment, it may be because your contact details were incorrect, or because Nationwide’s records suggested you no longer lived at the address on file—situations where you may need to contact Nationwide by 1 January 2026 to confirm details. Nationwide
3) If you received a cheque, don’t delay depositing it
If you’ve found the cheque (or suspect it’s in unopened post), deposit it as soon as you can—Nationwide explicitly warns cheques can become harder to bank as they age. Nationwide
Scam warning: don’t “apply” for the £50—legitimate payments were automatic
Whenever a big, widely-publicised payout is in the headlines, scammers often try to exploit it with fake texts, emails, or calls.
Nationwide states plainly: you did not need to provide account details to receive the payment, and it says it will never reach out asking you for your account details—messages that do are likely scams. Nationwide
Nationwide also publishes guidance on fraud alert messaging, noting it will not ask for sensitive information such as account number or PIN in fraud alerts. Nationwide
If you think you’ve been targeted (or worse, shared information), the UK’s national fraud reporting has been moving to the Report Fraud service run by the City of London Police—available online and by phone. Gov
And official guidance warns against giving personal or financial information in response to unsolicited contact—verify independently using known contact details. Report Fraud
Will the Nationwide £50 payment be taxed?
Nationwide’s terms describe the payment as a one-off share of profits and state that, for many members, it is treated as interest for UK income tax purposes. Nationwide says it is not required to deduct tax but will report the payment to HMRC, and you may owe tax depending on your Personal Savings Allowance. Nationwide
HMRC guidance explains the Personal Savings Allowance limits as:
- £1,000 for basic-rate taxpayers
- £500 for higher-rate taxpayers
- £0 for additional-rate taxpayers Gov
MoneySavingExpert similarly reported Nationwide’s position that the payment is generally treated as taxable savings income (like interest), and noted that most people won’t pay tax if they stay within the allowance—though higher earners or those with substantial non-ISA savings might. Moneysavingexpert
(This is general information, not personal tax advice—if you’re unsure, check HMRC guidance or ask a tax professional.) Nationwide
How does the £50 “Thank You” compare to Nationwide’s Fairer Share payment?
Nationwide is explicit that the £50 “Big Nationwide Thank You” is separate from its Fairer Share scheme. Nationwide
MoneySavingExpert also described the £50 payment as separate from Fairer Share, which has previously involved larger member payouts (subject to eligibility and Nationwide’s financial performance). Moneysavingexpert
What Nationwide members should do now
If you think you might be affected, the simplest checklist is:
- Search for the cheque (letters, unopened post, paperwork folders)
- Check your statements for “The Big Nationwide Thank You”
- Pay the cheque in immediately if you find it—don’t wait for 1 January
- Avoid scams: don’t click unsolicited links and don’t share bank details
- Use official Nationwide channels if you believe you qualified but weren’t paid Nationwide
With the 1 January 2026 deadline approaching fast—and the date falling on a bank holiday—acting early is the safest way to make sure the £50 doesn’t slip away. Nationwide
