Millions of Nationwide members are set to miss out on a potential £100 windfall this year following a takeover of the Virgin Money by the building society.
Britain’s biggest mutual has confirmed that millions of Virgin Money customers will be eligible for its popular “Fairer Share” scheme from 2027, however they have missed a crucial March cut-off for any payout in 2026. Virgin Money’s customers automatically became Nationwide members earlier this month after the takeover was legally completed on April 2.
The fact that the deal was completed in April rather than March means around three million joined Nationwide after the equivalent eligibility date from the previous year, meaning they will likely not qualify for this year’s payment – if one is announced.
Last year customers needed a current account open by March 31, along with either £100 in savings or £100 owed on a mortgage to qualify for the Fairer Share payout. The criteria is expected to be similar when Nationwide announces this year’s scheme on May 21.
Because the transfer from Virgin Money to Nationwide happened just days too late, millions will now have to wait until at least 2027 for any payout, assuming the scheme continues and does so under the same criteria.
Alongside those who simply missed the deadline, another group of Virgin Money customers will not qualify at all unless they take action.
Those with credit cards only, business accounts only and some other non-qualifying products means they are not classed as Nationwide members.
That is because Nationwide operates as a mutual, meaning only customers with a current account, savings account or mortgage are members – and only members are entitled to a share of profits.
In practice, this means customers who have not opened a current account or savings product will miss out entirely unless they do so.
£100 payments for millions
Nationwide’s Fairer Share scheme has proved hugely popular, handing out £100 payments to more than four million customers in 2025 alone.
The initiative is designed to return profits to members rather than external shareholders.
In total, more than £600million was shared among over 12million members last April, including a separate distribution linked to the Virgin Money deal.
Nationwide has said it is aiming to repeat the payment again this year, subject to financial performance and board approval.
Frustration for new members
The silver lining is that most Virgin Money customers who are now members will be eligible for future payouts. But for many, the frustration will be immediate – having missed out by a matter of weeks.
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.”
Nationwide now has more than 20million customers following the takeover and has pledged to keep all 696 branches open until at least 2030.
