Millions of Nationwide customers to receive free cash in WEEKS – ahead of £100 fair share payment
MILLIONS of Nationwide customers are set to get a free £50 payment within weeks.
The building society has announced the payment as a gesture of gratitude to its members for their contribution to the successful acquisition of Virgin Money.
Each eligible member will receive a one-off payment of £50, dubbed the "Big Nationwide Thank You".
This payment is separate from Nationwide's annual "Fair Share Payment", which last year rewarded members with £100 in recognition of the society's financial performance.
However, the building society has indicated today that it hopes to distribute the "Fair Share Payment" once again later this year.
To qualify for the £50 payment, members must have held a savings account, current account, or mortgage as of September 30, 2024, and still have the account open at the time the payment is made.
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Additionally, members must have either completed at least one transaction on their current or savings account or maintained a minimum balance of £100 across their accounts or mortgage within the 12 months preceding 30 September 2024.
Nationwide has said that the payment will be issued on April 9 to approximately 12million eligible members, with the building society beginning to contact qualifying customers from today.
Members can also check if they qualify for the payment by visiting nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
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."
Nationwide first announced that it had agreed to a £2.9billion deal to take over Virgin Money in March 2024.
The deal was finalised in October 2024, following the required approvals from regulators and Virgin Money shareholders.
However, Nationwide customers were not given the opportunity to vote on the deal.
This led to dissatisfaction among some members, with a number expressing their concerns over the Virgin Money acquisition and even petitioning for a vote on whether the sale should proceed.
While nothing changed straight away for customers of either bank, there could be some changes in the future as the Virgin Money brand is slowly phased out over the next six years.