You can also currently get some bonus cash from Nationwide
Nationwide Building Society customers are reminded of a looming date for a key change to the business. The building society was recently discussed in a Treasury Committee meeting in Parliament, on January 28.
Sarah Harrison, the chief executive of the Building Societies Association, spoke about the improvements being made in the building society sector for the benefit of members. She stated: “We’ve seen in the building society sector acquisition, which of course is very positive.
“The two examples are Nationwide and Coventry [Building Society].” Nationwide completed its acquisition of Virgin Money in October 2024, while Coventry Building Society finalised its takeover of Co-operative Bank in January 2025.
Nationwide currently operates 605 branches, and with the addition of Virgin Money’s 91 branches, it now boasts a total network of 969 branches. The building society has committed to keeping all its branches open until at least the beginning of 2030.
This comes despite major banks such as NatWest, Lloyds, Halifax and Santander closing many of their high street outlets. Virgin Money still operates as a separate entity from Nationwide.
To combine the two businesses as one, Virgin Money will be transferred over to Nationwide. As long as this is approved by the courts, this will happen by April 2, 2026.
Following the successful acquisition of Virgin Money, Nationwide rewarded its members with a £50 thank you payment. Over 12 million customers received this £50 payment, resulting in more than £600 million being paid out in total.
In recent years, the building society has also distributed other bonuses to millions of its members through its Fairer Share Payment scheme. Nationwide has a scheme in place where it distributes its profits among eligible members, with £100 payments having been issued three times over the past three years.
The group was recently asked whether another round of payments would be made in 2026. A spokesperson for the group said: “Nationwide’s board will decide on a Fairer Share Payment for 2026 and it will depend on our financial performance.
“That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too. The decision will be announced as part of our full-year results in May.”
In addition to this, Nationwide is offering a £175 bonus to those who switch their current account to them. This offer is available when transferring your current account from a non-Nationwide bank to a new or existing FlexDirect, FlexAccount or FlexPlus account.
