Nationwide Building Society is paying millions of customers a £50 "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, creating the UK's second-largest mortgage and savings group, and affecting one in three people.
Last month, Nationwide announced it would give around 12 million eligible customers a share of more than £600 million to thank them for enabling the purchase of Virgin Money – meaning they will each receive £50.
Start your trial of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
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 Fairer Share payment scheme for the past two years.
Latest Videos FromMoneyWeek
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. If you were a customer then technically your money 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 September 2024, which is just before the Virgin Money deal went through.
You must have been a Nationwide member on 30 September 2024 and still be a member when the building society makes the payment.
Additionally, in the 12 months to the end of September last year, you must have:
- Had at least one transaction on your Nationwide current account or savings accounts, or
- Had a balance of at least £100 in one or more of your current accounts and savings accounts, or
- Owed at least £100 in total on one or more Nationwide residential mortgages.
If you completed a switch to any Nationwide current account between July 2024 and 30 September 2024 using the Current Account Switch Service, then you also met the requirements.
When will Nationwide make the £50 Thank You payment?
Payments will be made from 9 April across the country.
The building society wrote to members on 11 March to let them know when and how they would receive the money.
The building society has since confirmed that eligible members will get the £50 payment by 30 April, provided they have a Nationwide current account, instant access or limited access savings account that it can be paid into.
If the building society can’t pay the money into one of these accounts, but the eligible customer has a Nationwide mortgage, they will pay £50 into the bank account used to pay the mortgage Direct Debit. If the account is in their name, the £50 should land by 30 April.
All other payments, including to ISA and bond customers, will be made by cheque, which will be sent by 14 May 2025. Recipients must pay it in by 1 January 2026.
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. Nationwide said it hopes to announce a 2025 Fairer Share Payment, although it depends on financial performance. A decision will be made in May, when it publishes its annual results.
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.
