Nationwide rewards members with £50 bonus payments
- Nationwide is distributing a £50 bonus to eligible members as a thank you gesture.
- The total amount for distribution is expected to exceed £600 million.
- This initiative enhances customer relationships and follows Nationwide's acquisition of Virgin Money.
In October 2023, Nationwide Building Society completed its acquisition of Virgin Money UK, a significant banking deal valued at £2.8 billion. This acquisition positioned Nationwide as the second largest provider of mortgages and savings accounts in the UK. As a gesture of appreciation to its customers, the society announced 'The Big Nationwide Thank You,' a £50 bonus payment for eligible members who maintained a savings or current account or a mortgage by the end of September. This initiative totals over £600 million distributed, acknowledging the contributions of its millions of members to Nationwide's financial strength. Nationwide also committed to keeping Virgin Money's branches open until at least 2028, reinforcing its focus on customer service and community presence. Chief Executive Debbie Crosbie emphasized that the financial advantages gained from the Virgin Money purchase will directly benefit customers, thus enhancing service quality and accessibility. Overall, the bonuses serve not just as a reward but as a strategic move to strengthen customer relationships following a major acquisition.