Nationwide Building Society customers are set to receive a "Thank You" bonus to celebrate its takeover of Virgin Money.
Nationwide acquired Virgin Money in a £2.9 billion deal in October 2024. It marked the biggest UK bank takeover since the 2008 financial crisis and creating the UK's second-largest mortgage and savings group, and affecting one in three people.
As a result of the takeover, Nationwide will pay around 12 million customers a share of more than £600 million to thank them for enabling the purchase of Virgin Money - meaning they will each receive £50.
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It is the latest boost for Nationwide customers who have benefited from some of the best savings accounts, such as its former 8% regular savings, in recent months, plus the £100 bonus as part of its Fairer Share payment.
What is Nationwide's Thank You payment for?
Nationwide’s customers are known as members due to its mutual status as a building society.
The bonus is a reward for its members support as technically your money, if you were a customer, has gone towards the acquisition.
Debbie Crosbie, chief executive of Nationwide, said: “Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
"The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.”
Who will receive the Nationwide £50 Thank You payment?
The payments will go to more than 12 million members who had an active savings or current account, or mortgage as of the end of last September, which is just before the Virgin Money deal went through.
Additionally, you need to have made at least one transaction on your Nationwide current account or savings or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024.
When will I get the Nationwide Thank You payment?
Payments will be made from 9 April across the country and the building society is writing to members today (11 March) letting them know when and how the money will receive the money.
Nationwide current account or instant and limited access savings account holders will be paid directly into their accounts by the end of April.
Mortgage members will get a payment into their current account by the end of April but where this is not possible, or for any other mortgage payment type, a cheque will be issued by 14 May.
All other eligible members, such as ISA and bond customers, will receive a cheque by 14 May.
What about Fairer Share payments?
The 'thank you' bonus is separate to the building society’s popular Fairer Share payment, an annual £100 bonus that has been paid to customers since 2023 and due again later this year.
The Fairer Share payment is a way of Nationwide sharing its profit with customers.
Since the scheme was launched in 2023, the building society has paid more than £700 million in Fairer Share Payments.
Nationwide said it wants to repeat the payment this year but it will depend on financial performance. A decision will be made in May, when it publishes its results annual results.
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