Nationwide, the UK's largest building society, is preparing to distribute £50 bonus payments to over 12 million of its customers starting from 9 April. This initiative is designed as a token of appreciation following the acquisition of Virgin Money, with the funds set to be credited into customer accounts throughout April. Customers can expect that all bonuses will be processed by 30 April.
In a statement, Nationwide referred to these one-off payments as a "thank you" to its members. The bonuses are targeted specifically at those who have either a savings or current account, or a mortgage with the building society prior to the end of September last year. To qualify for the payment, account holders must have engaged in at least one transaction through their account or maintained a minimum balance of £100 over the past 12 months leading up to September 2024.
Debbie Crosbie, the Chief Executive Officer of Nationwide, expressed the significance of the recent merger with Virgin Money, stating, "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."
This bonus initiative comes as part of Nationwide's broader strategy to enhance member benefits, emphasizing their modern mutual model. The expected cash windfall is poised to provide financial support to families and individuals, encouraging savings behaviours for children and fostering healthy financial habits that the building society hopes will endure for generations to come.
Source: Noah Wire Services