Deputy Business Editor

Published 11th Mar 2025, 08:11 GMT

Updated 11th Mar 2025, 08:12 GMT

The company said the deal made it “an even stronger force in UK banking”. “This was made possible by the financial strength Nationwide members helped us build,” it said.

The business will spend more than £600 million on the move, which it called the “big Nationwide thank you”. Nationwide said in November that Virgin Money, which it bought the previous month, was worth more than the £2.8 billion takeover price.

When it bought the lender, Nationwide also paused Virgin Money’s plans to close some of its branches, as part of a promise not to leave any town or city where there is currently a branch until at least 2028.

Nationwide is to pay £50 to more than 12 million of its customers, described as a "thank you" to them following the purchase of Virgin Money last year. The company said the buyout made it "an even stronger force in UK banking. This was made possible by the financial strength Nationwide members helped us build," it said. (Photo by Nationwide/PA Wire)

Payments will be made from April 9, and will go to more than 12 million members who had a savings or current account, or mortgage, at the end of last September. They must also have a payment into or from their current account or savings, or had a balance of at least £100, the company said.

Nationwide to hand out £50 ‘thank you’ to 12m customers - are you eligible?

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