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.

Nationwide is continuing its commitment to returning value to its members with a new round of payments, building on previous successful initiatives.

Nationwide Building Society will give each of its members £50 as part of its Big Thank You initiative. Most of the payments will be made next month. The payments are a way to show appreciation to members for their role in making the successful acquisition of Virgin Money possible.

As a result of the takeover, Nationwide will pay around 12 million customers a share of more than £600 million to thank them for enabling the purchase of Virgin Money - meaning they will each receive £50.

A major UK bank has confirmed it will pay out hundreds of millions of pounds to customers in a move it is calling the “Big Thank You”. Nationwide will pay £50 to over 12 million customers as a gesture of appreciation following its acquisition of Virgin Money last year.

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

The £50 payments linked to the Virgin Money acquisition will be made next month from 9 April, Nationwide said.