Nationwide is giving its 12.3 million customers an early Easter present in the form of £50 to thank them for their support during the building society‘s merger with Virgin Money.
This takeover produced Britain’s second-largest provider of mortgages and savings and was led by the UK’s best-known female banker Debbie Crosbie, who recently featured on the Independent‘s list of the 50 most influential women in the world.
The gesture of more than £600m, called The Big Nationwide Thank You, represents an astonishing dividend for a large proportion of the nation.
Ms Crosbie, Nationwide’s CEO, 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.”
Last October, Ms Crosbie oversaw the completion of the biggest merger in the industry since the financial crisis with the £2.9bn takeover, and has also pledged not to close branches for a further three years.
The payments are due to land from 9 April until 14 May, and will go to members who had a savings or current account or mortgage at the end of September 2024. They must also have made at least one transaction or had a balance of at least £100 in their accounts.
They must also still have their accounts or mortgage at the time the payment is made.
Nationwide is the world’s largest building society, and is connected to one in three households in the UK, manages one in ten current accounts, and has more than 25,000 employees and over 700 branches.
Following the acquisition of Virgin Money, it revealed it had made a gain of £2.3bn.
In October 2023, the company rebranded for the first time in 40 years, giving a patriotic streak to the high street with its new red, white and blue logo.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
This new payment is the latest in a series of moves from Nationwide to return value to its members, following a £100 payment to almost four million eligible members in 2023 and 2024.
Since April 2023, it has returned over £3.5bn in member value including £729m through its Nationwide Fairer Share Payment, with Ms Crosbie confirming she intends to reintroduce the payment later this year, subject to financial performance.
