Nationwide Building Society is paying customers £50 as a thank you gift following its merger with Virgin Money.
The mutual will pay a total of £600m to 12 million eligible customers by 30 April.
Nationwide will transfer the cash directly into the current account, instant-access account or limited-access savings accounts if people qualify.
If not, the firm will pay £50 into the bank account used to pay the direct debit for their mortgage, as long as that account is in the same name. The building society will contact customers who are eligible for the cash boost by 20 March.
Customers will be eligible if they were a Nationwide member as of 30 September 2024 and:
- Had at least one qualifying transaction on their Nationwide current account or savings account, or
- Had at least £100 in total in one or more of their Nationwide current accounts and savings accounts, or
- Owed at least £100 in total on one or more Nationwide residential mortgages
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Customers who switched from another bank to the mutual between 1 July 2024 and 30 September 2024 with the Current Account Switch Service (CASS) will also qualify for the money.
Debbie Crosbie, Nationwide’s CEO, said: “The Big Nationwide Thank You is our way of recognising the role our members have played in building our financial strength to make our purchase of Virgin Money possible.”
Nationwide acquired Virgin Money in October last year and became the second-biggest provider of savings and mortgage accounts in the UK.
The banks told customers it would be “business as usual” and that Virgin Money customers would see the rebrand of the company take place over the next two years.
This article was first published on Mortgage Solutions‘ sister site, YourMoney.com. Read: Nationwide customers gifted £50 bonus: Are you eligible?
