Nationwide is giving over 12 million members a share of over £600 million to thank them for enabling the successful purchase of Virgin Money. They will each receive £50 and most of the payments will be made next month.
Nationwide’s financial strength, which its members have helped build, allowed it to acquire Virgin Money in 2024. As a result, Nationwide is now even stronger and able to deliver the benefits of mutuality to even more people in the UK.
Debbie Crosbie, Nationwide 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.”
Nationwide is ranked as the UK’s best high street banking provider for service1. In November it announced record first half growth in mortgages and deposits and an increase in market share. After its acquisition of Virgin Money, it has continued to invest in improving customer service and recently revealed that it had become the UK’s top lender for first-time buyers2. It is now the country’s second largest provider of mortgages and savings accounts and the only mutual full-service banking provider in the UK.
The ‘Thank You’ payment is the latest demonstration of its mutual difference – a way of delivering even more value back to its members. Since April 2023, Nationwide has provided over £3.5 billion in member value, including £729 million through two Nationwide Fairer Share Payments.
The ‘Thank You’ payments will be made from 9 April across the country (see regional breakdown in Notes to Editors3). Nationwide will write to members receiving the payment from today, letting them know when and how the money will be paid4.
Members can check if they qualify and find out more at www.nationwide.co.uk/about-us/the-big-nationwide-thank-you/check.
The payments will go to over 12 million members who had a savings or current account, or mortgage, at the end of last September. Additionally, they must also have made at least one transaction on their current account or savings or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024. They must also still have their accounts or mortgage at the time the payment is made.
The Big Nationwide Thank You is separate to the Fairer Share Payment, which Nationwide wants to repeat this year, although this will depend on Nationwide’s financial performance. A decision will be made in May, when it publishes its results for the 2024/25 financial year.
