Nationwide Building Society has announced a key date concerned with a new round of bonus payments for members.

The group rewards its customers with a Nationwide Fairer Share Payment, a bonus cash payment to share its profits. In 2024, the provider issued an £100 payment to four million of its members through the scheme.

Nationwide was asked about its plans for a Fairer Share Payment this year. A spokesperson said: "Nationwide's Board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance. The decision will be announced as part of our full year results May 29."

A wide range of customers were eligible for last year's payment, that went out in June 2024. You qualified if you had either a current account, a savings account or a mortgage with the group, and met other specific conditions.

The Nationwide website about the payment: "The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us."

The building society has recently been paying out a separate £50 payment to millions of its members to say thank you after it acquired Virgin Money.

The bonus cash is going out to over 12 million members, as direct payments into bank accounts or as cheques.

One person recently asked the group over social media about the cheques going out, asking if these could be paid into a non-Nationwide account.

The group said in response: "The cheque can be paid into another current account as long as the account is in your name."

To qualify for the £50 payment from Nationwide, you need to have been a Nationwide member on September 30, 2024. You also need to still be a member when the payment goes out.

Customers also have 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.

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

For customers that Nationwide can pay the amount by depositing the funds 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 this isn't a possibility, customers will receive the £50 into the bank account used to pay their direct debit. These payments should also have landed in accounts 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 get your payment.