Nationwide forced to defend £50 takeover reward

Published on: March 16, 2025

By PATRICK TOOHER

Updated: 21:50 GMT, 16 March 2025

Nationwide has been forced to defend a surprise £50 bonus to its 12m members after a leading campaigner said the cash could be better spent elsewhere.

Britain’s biggest building society, led by Debbie Crosbie, is making the £600m payout following its takeover of Virgin Money – the biggest in banking since the financial crisis of 2008.

Nationwide has claimed the deal makes it ‘a stronger mutual’. However, it has proven controversial after its members had no say on the £2.9billion deal – despite owning the firm.

Cash in hand: Britain’s biggest building society, led by Debbie Crosbie (pictured), is making the £600m payout following its takeover of Virgin Money

James Sherwin-Smith, who led the push for a vote, said: ‘Nationwide has a habit of doing something first and then asking or ignoring members.’

DIY INVESTING PLATFORMS

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Hargreaves Lansdown

Free fund dealing and investment ideas

interactive investor

Flat-fee investing from £4.99 per month

Saxo

Get £200 back in trading fees

Trading 212

Free dealing and no account fee

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

Compare the best investing account for you

:
Nationwide forced to defend £50 takeover reward

***
Read more at DailyMail.co.uk

Nationwide forced to defend £50 takeover reward