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,

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 £600m to thank them for enabling the purchase of Virgin Money – meaning they will each receive £50.

Nationwide will give £50 to 12 million customers after the £2.8 billion Virgin Money takeover as a thank you gesture.

More than 12 million Nationwide customers will receive a £50 cash payment as a “thank you” following the purchase of Virgin Money.

Nationwide is giving over 12 million members a share of over £600 million to thank them for enabling the successful purchase of Virgin Money. They will each receive £50 and most of the payments will be made next month.