More than 12 million customers of Nationwide will each receive a payment of £50 following the takeover of Virgin Money. The Nationwide, the UK's largest building society, described the money as a "thank you" to its members,

Nationwide hands £50 ‘thank you’ to 12m customers after Virgin Money buyout - The building society said the move, which will cost about £600 million, is to thank customers after the banking megadeal last year.

As a result of the takeover, Nationwide will pay around 12 million customers a share of more than £600 million to thank them for enabling the purchase of Virgin Money - meaning they will each receive £50.

Nationwide Building Society will give each of its members £50 as part of its Big Thank You initiative. Most of the payments will be made next month. The payments are a way to show appreciation to members for their role in making the successful acquisition of Virgin Money possible.