Nationwide completes Virgin Money takeover, creating UK's largest customer-owned bank
Almost half of Virgin Money's 6.3million customers have become members of Nationwide Building Society this month. All Virgin Money customers with personal current accounts, savings and mortgages now qualify as members after Nationwide's purchase of the bank - first revealed in October 2024 - was legally finalised on 2 April 2026. The remaining customers, such as those with credit cards or business bank accounts, can become Nationwide members by opening at least qualifying product, such as a current account or savings deal. Britain's biggest mutual says new members will be eligible for Fairer Share payments from next year - they have missed the March cut off to hit the eligibility criteria for any potential payment this year. In 2025, around one in four eligible Nationwide members - more than 4million people - received Ā£100 as Fairer Share was paid for the third consecutive year as part of its profit-sharing initiative. Nationwide has told This is Money it is aiming to make the payment again this year, subject to financial performance and board approval. Any announcement, including criteria and amount, will be made on 21 May at Nationwide's end of year financial results, including eligibility criteria and payment amount. Last year, members needed a qualifying current account open on 31 March 2025, combined with either at least Ā£100 in total savings or a minimum of Ā£100 owed on a mortgage, on the same date. Stephen Noakes, Nationwide's director of retail, said: '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.' Nationwide has seen more than a million new people switch to its current accounts since the launch of the Current Account Switching Service in 2013. It now has more than 20million customers thanks to the acquisition of Virgin with welcome letters going out to new members from the start of May. Nationwide has also pledged to keep all its 696 Nationwide or Virgin Money branches open until at least 2030 - making it the UK's largest branch network. Last April, Nationwide paid more than 12million members a share of over Ā£600million to thank them for enabling the purchase of Virgin Money.
