More than six million Britons will be eligible for a free £100 cash bonus from Nationwide Building Society after a recent overhaul in the banking sector.
Former Virgin Money customers will become eligible for Nationwide's annual £100 Fairer Share payment starting next year, following the completion of the business transfer earlier this month.
Approximately half of Virgin Money's 6.3 million account holders have now joined the building society as members, including those with personal current accounts, savings products, and mortgages.
The payment is deposited directly into qualifying members' bank accounts each year. However, these new members will not receive the bonus this year, as the eligibility cut-off date fell in March, prior to the transfer taking place.
Millions of Britons will now be eligible for the Nationwide scheme
|GETTY / NATIONWIDE
Nationwide has confirmed they will qualify from 2027 onwards in a major boon for the customers previously with Virgin Money.
Stephen Noakes, Nationwide's director of retail, said: "The acquisition of Virgin Money enables us to expand the benefits of mutuality, and we look forward to sharing the additional value we can create for our new members.
"From exclusive savings rates to existing member benefits, we want there to be every reason to join Britain's biggest building society, which continues to be the UK's most switched to current account provider."
Those holding only Virgin Money credit cards or business accounts will need to open a qualifying Nationwide product, such as a current account, to become eligible for the annual payment.
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Nationwide launched its Fairer Share Payment after producing a strong set of financial results and profits of £2.2billion | PANationwide will announce the precise details of this year's payment, including the exact amount and distribution date, when it publishes its annual financial results on May 21.
In previous years, the bonus has been worth £100 and distributed throughout June. Members typically receive notification of the payment through the Nationwide banking app, by post, or via email.
These transactions from the building society will appear on bank statements as "Nationwide Fairer Share Payment".
More than four million customers benefited from the scheme last year. The building society has indicated it plans to continue making the annual payment, provided its financial performance remains strong, though future payments are not guaranteed.
Nationwide agreed to takeover Virgin Money
| NATIONWIDE/VIRGIN MONEYThe building society has indicated it plans to continue making the annual payment, provided its financial performance remains strong, though future payments are not guaranteed.
Anyone considering opening a new Nationwide account should carefully review all terms and conditions to ensure the products suit their needs.
Some accounts may require minimum monthly deposits or charge maintenance fees, while overdraft charges vary between providers.
Prospective customers should also weigh whether the appeal of an immediate cash payment outweighs the potential advantages of choosing a financial institution offering more competitive savings or mortgage rates.