Nationwide customers will receive a £50 cash payment as a “thank you” from the banking giant following the purchase of Virgin Money.

More than 12 million customers are set to get the payment from Nationwide. 

The company said the buyout made it “an even stronger force in UK banking”.

“This was made possible by the financial strength Nationwide members helped us build,” it said.

The business will spend more than £600 million on the move, which it called the “big Nationwide thank you”.

Nationwide said in November that Virgin Money, which it bought the previous month, was worth more than the £2.8 billion takeover price.

At the time of the deal, chief executive Debbie Crosbie said the benefits would go towards improvements for customers.

The buyout was the biggest banking deal since the financial crisis.

Following the deal, Nationwide is the country’s second largest provider of mortgages and savings accounts.

When it bought the lender, Nationwide also paused Virgin Money’s plans to close some of its branches, as part of a promise not to leave any town or city where there is currently a branch until at least 2028.

Payments will be made from April 9, and will go to more than 12 million members who had a savings or current account, or mortgage, at the end of last September.

They must also have a payment into or from their current account or savings, or had a balance of at least £100, the company said.

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Nationwide will write to members receiving the payment from March 11 to let them know how and when they will get the cash.

Debbie Crosbie, Nationwide chief executive, 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.”

The payment is separate to Nationwide’s so-called fairer share payments scheme, which periodically returns some of its profits to members.