Nationwide Building Society has announced a £50 bonus payment to 12 million eligible customers in the UK, a gesture of gratitude following its recent acquisition of Virgin Money UK. The total payout will exceed £600 million and is part of the society's "Big Nationwide Thank You" campaign, aimed at rewarding members for their role in the institution's financial success.
Payments will be automatically deposited into the qualifying members' current accounts, savings accounts, or mortgages by April 30, 2025. For those without an appropriate account, cheques will be mailed out by May 14, 2025, which must be deposited by January 1, 2026, to avoid expiration.
This one-off payment comes on the heels of Nationwide's significant £2.8 billion acquisition of Virgin Money UK, finalized in October 2024. This acquisition was noted as the largest banking deal in the UK since the financial crisis. The move has been characterized as a strategic effort to enhance customer service and expand the society's market share.
Debbie Crosbie, the CEO of Nationwide, emphasized the importance of this payment, stating, "The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible." She added that the acquisition has allowed Nationwide to strengthen its services and customer offerings.
To qualify for the £50 bonus, members must have held a savings account, current account, or mortgage with Nationwide as of September 30, 2024. Additionally, they must have made at least one transaction or maintained a minimum balance of £100 in any of their accounts during the 12 months leading up to September 2024. Alternatively, members must still hold an active account or mortgage at the time of the payment.
In 2024, nearly four million members benefited from a £100 bonus under Nationwide’s Fairer Share Scheme. However, the new £50 payment is distinct from this earlier initiative. Nationwide has indicated that it plans to announce another Fairer Share payment in May 2025, contingent on its financial performance.
Nationwide, which serves approximately one in three households in the UK, operates more than 700 branches and employs over 25,000 staff members. The society has reported record growth in mortgages and deposits since the Virgin Money acquisition, solidifying its position as a leading lender for first-time buyers.
Chairman Kevin Parry also commented on the acquisition's benefits, stating, "As we integrate Nationwide and Virgin Money carefully over time, the impact we have in communities across the UK, and the benefits we offer to members and customers, will only increase." He highlighted that customers with savings across both institutions would continue to enjoy maximum protection under the Financial Services Compensation Scheme.
The announcement of the £50 payment has generated excitement among customers, many of whom have taken to social media to express their anticipation. One customer inquired, "When do we get the £50 payment from the Virgin deal, could it be any random date between now and April 30?" Nationwide promptly clarified that all payments would be processed by the end of April.
As the UK’s largest building society, Nationwide's commitment to its members is evident in its ongoing efforts to provide fair and rewarding banking solutions. The Big Nationwide Thank You campaign not only serves to acknowledge member loyalty but also reinforces the society's dedication to serving the community.
With the financial landscape continually evolving, Nationwide's proactive approach following the Virgin Money acquisition could set a precedent for other institutions in the sector. As they enhance their services and expand their reach, members can look forward to more initiatives that prioritize their needs and financial well-being.
In summary, the £50 bonus payment is a significant gesture from Nationwide, reflecting its commitment to its members and the positive impact of its recent acquisition. As the payment date approaches, many are eager to see how this will further enhance their banking experience.
