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,

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.

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

The building society said the move, which will cost about £600 million, is to thank customers after the banking megadeal last year.