Nationwide is rewarding over 12 million customers with a £50 payment following its £2.9 billion acquisition of Virgin Money. As reported by Express.co.uk, this move is part of a £600 million initiative to thank customers for their role in helping make the takeover a success. The payment aims to recognise the contributions of Nationwide’s members, who have played a key part in strengthening the bank’s position as one of the largest providers of mortgages and savings accounts in the UK.
The acquisition, which has made Nationwide the second largest provider in the sector, marked a significant moment in the UK banking industry. In recognition of its customers’ support, Nationwide began notifying those eligible for the £50 payment from March 11, 2025. Payments will be issued from April 9 until May 14, 2025.
Why Nationwide is Offering £50 to Customers
The £50 payment is part of a broader £600 million package called the “Big Nationwide Thank You,” aimed at recognising the contributions of Nationwide’s customers. This gesture highlights the strength that the bank has gained through its acquisition of Virgin Money, which was a significant strategic move. The acquisition has allowed Nationwide to expand its services and improve its competitive edge in the market, which in turn benefits its members.
Debbie Crosbie, Nationwide’s Chief Executive, explained that the bank has become even stronger following the purchase of Virgin Money, and that improvements to services for customers are already underway. She added, “The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible.” This £50 payment is one way to show appreciation for the trust and loyalty of Nationwide’s members, who were integral in making this acquisition possible.
In addition to this direct reward, the purchase has allowed Nationwide to maintain its position as a key player in the mortgage and savings sector, with increased financial resources to enhance customer offerings.
Who Will Receive the £50 Payment?
The £50 payment will be issued to customers who held a savings or current account, or a mortgage with Nationwide at the end of September 2023. To qualify for the payment, customers must meet certain conditions. They must have made at least one payment into or out of their accounts, or maintained a minimum balance of £100. Furthermore, customers must still hold their accounts or mortgage at the time the payment is made between April 9 and May 14, 2025.
This means that many Nationwide members will automatically receive the payment, as long as they meet the eligibility requirements. The payments will be made to those who have been with the bank and kept their accounts active, thus ensuring that customers who have been engaged with the bank’s services are the ones receiving the benefit.
