Nationwide to pay £50 bonus to customers following Virgin Money deal

Nationwide Building Society customers are set to receive a “Thank You” bonus to celebrate its takeover of Virgin Money.

Swindon-headquartered Nationwide acquired Virgin Money in a £2.9bn deal last October. It was the biggest UK bank takeover since the 2008 financial crisis, creating the UK’s second-largest mortgage and savings group.

As a result of the takeover, Nationwide will pay around 12 million customers a share of more than £600m to thank them for enabling the purchase of Virgin Money – meaning they will each receive £50.

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.”