Biggest Member Windfall Yet From Nationwide After Virgin Money Takeover
It’s a good time to be a Nationwide member. Right after snapping up Virgin Money in a game-changing move, the building society is dishing out a record-breaking £600 million direct to its customers. If you’re among the 12 million eligible, there's a crisp £50 coming your way as part of the headline-grabbing 'Big Nationwide Thank You' giveaway. And the gravy train doesn’t stop there. In the same period, £2.8 billion has been pumped back to members in various ways, with some even landing an extra £100 Fairer Share bonus for sticking with the society.
This is all on the back of Nationwide’s biggest year ever. Since taking over Virgin Money, the building society has locked in a 30% rise in profits—jumping to a hefty £2.3 billion before tax for the year up to March 2025. That jump isn’t only about bigger numbers on a spreadsheet. Thanks to the takeover, Nationwide has shot up in the ranks to become Britain’s second-largest lender of both mortgages and savings accounts, hot on the heels of the UK’s major high street banks.
How the Takeover Is Paying Off for Customers
Unlike banks that answer to shareholders, Nationwide is owned by its members—which means the profits aren’t flying off to a boardroom full of investors. Instead, they’re going straight back into members’ pockets, better interest rates, and upgrades to customer service. Virgin Money’s strong performance in mortgage lending even gave Nationwide more muscle to compete for new homebuyers during a tough market, and the society topped the charts on first-time homebuyer deals yet again.
Debbie Crosbie, Nationwide’s CEO, is bullish about the future. She says the acquisition is all about growing Nationwide’s reach and giving back to members. The merger means that profits from Virgin Money now aren’t siphoned away as dividends but flow right back to the people who actually bank there—something most big banks just don’t offer. That’s allowed Nationwide to boost perks, reinvest in technology and branch services, and double down on its competitive mortgage and savings rates.
- Over 12 million members receiving direct payouts from the £600 million fund.
- Record £2.8 billion returned to members in the past year alone.
- Nationwide cements itself as the UK’s top lender for first-time homebuyers.
- Virgin Money profits now stay within the mutual, benefiting everyday members.
With so many customers seeing money back in their accounts, it’s hard not to see the appeal. For those fed up with the typical banking model, Nationwide’s mutual approach is looking more attractive than ever. And after one of the more dramatic bank takeovers in recent British history, Nationwide isn’t just holding its ground—it’s raising the bar for what members should expect from their bank.