Nationwide is writing to members receiving the payment from now to let them know how and when they will get the money.
The payments will go to more 12 million customers who:
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Had a savings or current account, or mortgage, at the end of last September
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Additionally, have made at least one transaction on their current account or savings, or had a balance of at least £100 in their current account, savings or mortgage in the 12 months to the end of September last year
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Still have their accounts or mortgage at the time the payment is made
Those criteria mean about four million customers will not receive the payment.
The customers of Virgin Money – which was the name for the Clydesdale and Yorkshire bank group – will not be eligible for the money either.
Debbie Crosbie, Nationwide chief executive, said the payment “recognises the role our members played in building the financial strength that made the deal possible”.
Following last year’s deal – the biggest banking takeover since the financial crisis – Nationwide became the UK’s second largest provider of mortgages and savings accounts.
However,…
