Nationwide hands £50 to 12m eligible members following Virgin Money deal

• In November, Nationwide revealed a £2.3bn gain from Virgin Money takeover

By JANE DENTON

Updated: 08:28 GMT, 11 March 2025

Nationwide is dishing out £600million to eligible members as a ‘big thank you’ following its acquisition of Virgin Money last year. 

More than 12million eligible Nationwide members will receive £50 each, the building society said on Tuesday.

The payment scheme is separate to the lender’s 2025 Fairer Share Scheme, which Nationwide said it ‘hopes to announce’ in May, ‘depending on financial performance.’ 

The £50 payments linked to the Virgin Money acquisition will be made next month from 9 April, Nationwide said. All payments should be made by 14 May. 

The ‘Big Thank You’ payments will be doled out to more than 12million members who had a savings or current account, or mortgage, at the end of September 2024. 

Cheers: Nationwide is dishing out £600m to eligible members as a ‘big thank you’ following its acquisition of Virgin Money

To be eligible, members must have also made at least one transaction on their current account or savings account or had at a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024. 

Nationwide added: ‘They must also still have their accounts or mortgage at the time the payment is made.’  

The lender said acquiring Virgin Money had made it ‘even stronger and able to deliver the benefits of mutuality to even more people in the UK.’  

In November, the lender revealed a £2.3billion gain from its takeover of Virgin Money.

Virgin Money bosses were due to share a £6million payout as a result of the deal, after accumulating stock through years of service at the bank. 

On Tuesday, 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.’ 

In October, Crosbie owersaw the completion of the largest merger in the industry since the financial crisis with the £2.9billion takeover. The group has also pledged not to close branches for a further three years. 

In November, the group unveiled record first half growth in mortgages and deposits, as well as an increase in market share.

This week, Nationwide said it was now the the country’s second largest provider of mortgages and savings accounts. 

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Nationwide hands £50 to 12m eligible members following Virgin Money deal

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