Nationwide is set to distribute a £50 bonus payment to its members, described as a gesture of gratitude. This initiative, dubbed "The Big Nationwide Thank You," follows the building society's acquisition of Virgin Money UK in October, which bolstered its accounts significantly.

The building society has announced that approximately 12 million eligible customers will receive their £50 payment by April 30, 2025. This collective payout will amount to over £600 million.

To qualify for the payment, members needed to have held a savings or current account, or a mortgage, as of the end of September of the previous year. They also needed to have either made a transaction into or out of their current or savings account, or maintained a balance of at least £100.

The acquisition of Virgin Money, which was completed the previous month, was valued at a price exceeding the initial takeover cost. The deal, the largest banking transaction since the financial crisis, has positioned Nationwide as the second-largest provider of mortgages and savings accounts in the UK.

As part of the acquisition, Nationwide also halted Virgin Money's plans to close some of its branches, committing to maintain a presence in all current branch locations until at least 2028.

The CEO of Nationwide, Debbie Crosbie, emphasized that the "Big Nationwide Thank You" acknowledges the role members played in the financial strength that enabled the deal.

This payment follows previous efforts by Nationwide to provide value to its members, including a £100 payment to nearly 4 million eligible members in 2023 and 2024. Since April 2023, the building society has returned over £3.5 billion in member value.

The "Thank You" payment is distinct from the "Fairer Share" payments scheme, which periodically distributes profits to members. Ms. Crosbie has indicated plans to reintroduce the "Fairer Share" payment later this year, contingent on financial performance.