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 world's largest building society has said it will send texts to millions of customers to notify them about free cash.

More than 12 million Nationwide customers will receive a £50 cash payment as a “thank you” following the purchase of Virgin Money.

Nationwide is giving over 12 million members a share of over £600 million to thank them for enabling the successful purchase of Virgin Money. They will each receive £50 and most of the payments will be made next month.