Nationwide payment: building society to pay bonus to 12 million UK customers after Virgin Money takeover, news

• Nationwide will pay £50 to over 12 million customers as a ‘Big Thank You’ after acquiring Virgin Money
• The bank is spending over £600 million on the initiative to show appreciation for its members
• Payments will start on April 9 for qualifying customers with a savings, current account, or mortgage
• The acquisition strengthened Nationwide's position as the UK’s second-largest mortgage and savings provider
• Nationwide has also paused Virgin Money's branch closures, ensuring no branches will close before 2028

A major UK bank has confirmed it will pay out hundreds of millions of pounds to customers in a move it is calling the “Big Thank You”.

Nationwide will pay £50 to over 12 million customers as a gesture of appreciation following its acquisition of Virgin Money last year.

The company said the buyout strengthened its position in UK banking (following the deal, Nationwide is the country’s second largest provider of mortgages and savings accounts), and that it plans to spend more than £600 million on the initiative.

“This was made possible by the financial strength Nationwide members helped us build,” it said.

In November, Nationwide confirmed that Virgin Money, which it purchased the previous month, was worth more than the £2.8 billion paid for it.

At the time of the acquisition, CEO Debbie Crosbie said that the benefits would be directed towards improvements for customers. The buyout marked the largest banking deal since the financial crisis.

When Nationwide acquired the lender, it also halted Virgin Money's plans to close several of its branches, fulfilling a commitment not to shut any branch in towns or cities where one currently exists until at least 2028.

Crosbie 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.”

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How to get the ‘Big Nationwide Thank You’ payment

Payments will begin on Wednesday, April 9 and will be distributed to over 12 million members who had a savings or current account or mortgage with Nationwide as of the end of last September.

Nationwide has said that to qualify, members must have had a payment into or out of their current or savings account, or maintained a balance of at least £100.

The company will begin notifying eligible members today (March 11) with details on how and when they will receive the payment.

What do you think about Nationwide’s "Big Thank You"? Are you eligible for the payment, or do you have any thoughts on the bank’s latest moves? We’d love to hear your opinions - drop a comment!