High street lender Nationwide is handing out a £50 payment to 12 million savers and borrowers.
Britain’s biggest building society said the distribution, which is calls the "The Big Nationwide Thank You" will cost of £600 million.
Around 1.43 million people in the London area will benefit.
The “one off discretionary payment” will be reflected in Nationwide’s accounts for the year ending 31 March .
Nationwide CEO Debbie Crosbie said : “Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers.
“The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It’s another of the very real benefits of being a member of Nationwide and our modern mutual model.”
The ‘Thank You’ payments will be made from 9 April. Nationwide will write to members receiving the payment from today, letting them know when and how the money will be paid.
The payments will go to over 12 million members who had a savings or current account, or mortgage, at the end of last September.
Additionally, they must also have made at least one transaction on their current account or savings or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September 2024. They must also still have their accounts or mortgage at the time the payment is made.
