Nationwide to Pay £50 Pounds to 12 Million Customers After Virgin Money Acquisition

More than 12 million Nationwide customers are set to receive a £50 payment as a “thank you” gesture, following the building society’s acquisition of Virgin Money last year. This £600 million initiative will be distributed to eligible members who held either a savings or current account with at least £100 in it, or a Nationwide mortgage, as of the end of September.

The payments are scheduled to commence on 9 April and will conclude by mid-May. For those whose payments cannot be deposited directly into an account, such as customers holding fixed-rate bonds, the money will be sent via cheque. To receive the payment, members must ensure their accounts or mortgages remain open until the funds are disbursed.

Nationwide, as a mutual owned by its 16 million members, has increasingly returned money to its customers in recent years instead of issuing dividends. The £50 “thank you” payment has broader eligibility criteria than past distributions, meaning approximately three times as many customers may benefit compared to previous schemes.

This latest giveaway follows the society’s £385 million and £344 million Fairer Share payments in 2024 and 2023, respectively. However, the Fairer Share scheme faced some criticism for limiting eligibility to about 20 per cent of members, requiring certain criteria around current account usage, savings, or mortgages.

Nationwide completed its £2.8 billion acquisition of Virgin Money in October, solidifying its position as the UK’s second-largest mortgage lender. The building society now holds over £210.8 billion in home loans.

Nationwide’s chief executive, Debbie Crosbie, highlighted the significance of this payment, stating, “The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the Virgin Money deal possible.”