Millions of additional customers now qualify for Nationwide’s £100 Fairer Share payment following the recent integration of Virgin Money accounts.
Around 6.3 million Virgin Money customers with personal current accounts, savings, or mortgages automatically became Nationwide members earlier this month. These individuals gain eligibility for the Fairer Share payment, which deposits directly into their bank accounts.
Eligibility Timeline
The eligibility cutoff for this year’s payment occurred in March, prior to the account transfer. As a result, these new members will not receive the bonus in 2024 but qualify starting next year.
Customers holding Virgin Money credit cards or business accounts must open a qualifying Nationwide product, such as a current account, to participate.
Payment History and Upcoming Details
Nationwide plans to announce specifics for the 2024 payment—including amount and distribution date—in its end-of-year financial results on May 21. Past payments totaled £100 each and arrived in June, notified through the banking app, email, or post. Statements typically list it as “Nationwide Fairer Share Payment.” Last year, more than four million customers received the bonus.
Stephen Noakes, Nationwide’s director of retail, stated: “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.”
Future Payments and Account Considerations
Nationwide aims to issue the Fairer Share payment annually, provided the society maintains strong financial performance. However, no guarantees exist for future years.
Prospective account holders should review terms and conditions carefully. Key factors include minimum monthly deposits, maintenance fees, overdraft charges, and comparisons of savings or mortgage rates against competitors. Weigh the one-time bonus against long-term benefits before switching.
