Millions of Nationwide members will get a one-off payment for free. The offering comes as a “thank you” after the building society purchased Virgin Money.

An email to its members reads: “On October 1, 2024, we completed the purchase of Virgin Money, becoming an even stronger force in UK banking. This was made possible by the financial strength Nationwide members, like you, helped us build.

“To say thank you, we are pleased to be sending you, and over 12 million of our Nationwide members, a one-off payment of £50 as part of The Big Nationwide Thank You.” For money-saving tips, sign up to our Money newsletter here

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The email said that to receive the payment members “don’t need to do anything”. It stated: “We will send your £50 payment to your Nationwide current account by April 30, 2025. If you only have a joint account, we will send your payment there. And if we have your mobile number, we will send you a text to let you know when it is in your account.”

To be classed as a Nationwide member, the email states that you need to bank, save or have a mortgage with the building society “You will still need to be a Nationwide member when we make the payment to receive it. You are a member if you bank, save or have a mortgage with us.

“The payment is a share of profits to our members. If, for any reason, you do not want to receive the payment, you will need to let us know by March 31, 2025.” The payment is in addition to the Fairer Share payment members received in 2024.