Nationwide buy out of Virgin Money - query Fairer Share payment

Suzycoll

Hi

Apologies if this has been asked before, I cant seem to find the answer

re Nationwide taking over Virgin Money from April 2026.

I have current and savings accounts with both banks, and have for some time now. I understand Virgin will just trade much the same as now.

I am querying

1 if customer's of Virgin Money will receive the Fairer Share payment (if it is offered this year)?

2 If holding accounts with both banks will it pay twice?

Can anyone advise please ?

friolento

As of April 2, there will no longer be two companies - just one Building Society, with a single banking licence. VM current, savings and mortgage account holders will be Nationwide members

Look out for any 2026 Fairer Share announcement - until this has been made, nobody can know any details. It is, however, quite certain that no Nationwide member will get more than one bonus payment

You might find this useful : https://uk.virginmoney.com/nationwide-transfer/

Exodi

Given this is an unprecedented situation in context of the Nationwide Fairer Share scheme, any answer will just be speculation.

If I had to give an opinion, I'd imagine it will be paid to (previous) Nationwide members based on the usual eligibility criteria, with the justification it is the previous years Nationwide profits being paid out to Nationwide members at the time, where ex-Virgin members would have technically only just become Nationwide members around the time they announce the pay-out, so should not be liable to receive a share of the previous years profits.

Of course you can spin it any way you like, depending on your bias. I suspect Virgin account holders will vehemently argue they had an influence on Nationwide's profits over the past year.

Personally I just can't imagine they'll make two sets of payments to the same account holder.

WillPS

Worth remembering this is all a big (and successful!) PR/marketing exercise.

Excluding new members inherited as part of an acquisition having teased the possibility of a payment would be a bit of a weird move, but of course we won't know until the very rich lady sings.

Yorkie1

If the eligibility criteria for fairer share are similar to previous years, they must be met in January - March. Virgin account holders do not become part of NW until April, so it would seem that they would not meet the deadline for eligibility,

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81907724#Comment_81907724

I would guess the same. I.e. Virgin account holders weren't members during the Jan/Feb/Mar qualifying period, so won't get the bonus.

There will no doubt be some disgruntled comments from Virgin account holders, so Nationwide could potentially extend the payment to them. However given that Virgin's systems are a complete mess with different logins for ISAs and current accounts, it will be tricky to work out who qualifies. And then they'd have to cross-reference those against people who'd already qualified through their Nationwide account.

Ergates

https://forums.moneysavingexpert.com/discussion/6657809/nationwide-buy-out-of-virgin-money-query-fairer-share-payment

Eligible Virgin Money customers (those with mortgages, current accounts, savings accounts) will be added to the Nationwide membership register in April 2026. If they are already on the register (i.e. they're an eligible Nationwide customer) they won't be added a second time.

Exodi

WillPS

Excluding new members inherited as part of an acquisition having teased the possibility of a payment would be a bit of a weird move

I don't doubt what you're saying, but could you provide some detail behind this? I tried searching it up online but couldn't find anything. I know they did the Thank You payment, and I could imagine they may have said that by being a Nationwide member Virgin account holders would be eligible for future Fairer Share payments - though if that was what was communicated and is what you are referring to, I feel it might be a tad optimistic to think one would be eligible for a share of last years profits after having just become an official Nationwide member.

jimjames

https://forums.moneysavingexpert.com/discussion/comment/81907818#Comment_81907818

On the other hand it would be a good encouragement for VM account holders to remain with Nationwide for the possibility of a payment next year. "Look what you could have won"

friolento

https://forums.moneysavingexpert.com/discussion/comment/81908717#Comment_81908717

I haven't seen anyone from Nationwide or Virgin saying that by being a Nationwide member Virgin account holders would be eligible for future Fairer Share payments. See the link I posted earlier for what has been said.

WillPS

https://forums.moneysavingexpert.com/discussion/comment/81908717#Comment_81908717

Big ole numbered bullet here: https://uk.virginmoney.com/nationwide-membership/

https://forums.moneysavingexpert.com/discussion/comment/81908921#Comment_81908921

It's rather more prominent on here: https://uk.virginmoney.com/nationwide-membership/ https://uk.virginmoney.com/nationwide-membership/

Again, I'm not saying they've committed to it, they clearly haven't, but to make a big point of it as a virtue of membership would be odd if they intend to exclude them.