After Virgin Money's deal, who will receive the £50 Nationwide Building Society bonus?

Nationwide's recent banking acquisition will benefit its customers

Who is going to receive the 50 bonus?

To commemorate its acquisition of Virgin Money, Nationwide Building Society is planning to give its customers a "Thank You" bonus.

In October 2024, Nationwide paid £2.09 billion to acquire Virgin Money. It affected one in three people and was the largest bank takeover in the UK since the 2008 financial crisis. It also created the second-largest mortgage and savings group in the UK.

Due to the acquisition, Nationwide will give approximately 12 million consumers a portion of over 600 million dollars as a token of appreciation for making it possible to acquire Virgin Money; each customer will receive 50 million.

For Nationwide customers who have benefited from some of the best savings accounts, including its previous regular savings of 8 percent, in recent months, along with the 100 bonus as part of its Fairer Share payment, this is the most recent boost.

Why does Nationwide offer a Thank You payment?

Customers of Nationwide are referred to as members because of their shared status as a building society.

Since technically your money, if you were a customer, went toward the acquisition, the bonus is a reward for its members' support.

Nationwide CEO Debbie Crosbie stated: "Nationwide's acquisition of Virgin Money strengthened the company even more, and we are already enhancing services for its clients.

"Our members' contributions to establishing the financial stability that enabled the transaction are acknowledged by The Big Nationwide Thank You. It's just one more of the many tangible advantages of joining Nationwide and our contemporary mutual model.

Who will be compensated with the Nationwide 50 Thank You?

Over 12 million members who had an active savings or current account, or mortgage, as of the end of last Septemberjust before the Virgin Money deal closedwill receive the payments.

In addition, you must have had a balance of at least £100 in your current account, savings, or mortgage during the 12 months ending in September 2024, or you must have made at least one transaction on your Nationwide current account or savings.

When can I expect to receive the Nationwide Thank You payment?

Payments will be made nationwide starting on April 9th, and the building society is informing members via letter today, March 11, about the date and method of payment receipt.

By the end of April, payments to holders of instant and limited access savings accounts and nationwide current accounts will be made directly into their accounts.

A check will be issued by May 14th for any other type of mortgage payment, but mortgage members will receive a payment into their current account by the end of April if this is not feasible.

By May 14th, a check will be sent to all other qualified members, including bond and ISA clients.

How about payments for Fairer Shares?

The 'thank you' bonus is not the same as the building society's well-known Fairer Share payment, which is a 100 bonus that is given to clients every year since 2023 and is due again later this year.

One method Nationwide uses to distribute its profits to its clients is the Fairer Share payment.

More than 700 million Fairer Share Payments have been made by the building society since the program's inception in 2023.

According to Nationwide, it hopes to make the payment again this year, but it will rely on its financial results. In May, when it releases its annual results, a decision will be made.