Nationwide Building Society is giving over 12 million members a share of more than £600 million as a thank you for enabling its successful purchase of Virgin Money.

Each eligible member will receive £50, with most payments to be made next month.

The financial strength built by Nationwide's members allowed it to acquire Virgin Money in 2024, creating the UK's only mutual full-service banking provider and the country's second largest provider of mortgages and savings accounts.

Debbie Crosbie, Nationwide chief executive officer, 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."

According to The UK Customer Satisfaction Index published by The Institute of Customer Service in January 2025, Nationwide is ranked as the UK's best high street banking provider for service. The building society reported growth in mortgages and deposits in November 2024, and claims to have become the UK's top lender for first-time buyers, according to data from CACI's MMDB for January to December 2024.

The 'Thank You' payments will begin from 9 April across the country. Nationwide will write to eligible members from today, informing them when and how the money will be paid.

To qualify, members must have had a savings or current account, or mortgage, at the end of September 2024, and made at least one transaction or had a balance of at least £100 in the 12 months to that date. They must also still have their accounts or mortgage when the payment is made.

The Big Nationwide Thank You is separate from the Fairer Share Payment, which Nationwide hopes to repeat this year, dependent on its financial performance. A decision will be announced in May when it publishes its results for the 2024/25 financial year.

Since April 2023, Nationwide has provided over £3.5 billion in member value, including £729 million through two previous Nationwide Fairer Share Payments. While presented as member benefits, these payments also serve clear business purposes. As a mutual organisation, Nationwide distributes profits to members rather than external shareholders, but these payments also function as strategic customer retention tools in an increasingly competitive banking market.

The building society's mutual structure allows it to reinvest profits into better rates and services or return them directly to members, a business model it frequently highlights in marketing to attract customers dissatisfied with shareholder-owned banks. However, like all financial institutions, these decisions are ultimately driven by commercial considerations of growth, market share and long-term profitability.

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