Nationwide issues 'fresh' update to all customers after free cash handout

Nationwide told its millions of members it was 'introducing your new look MyNationwide' which has 'all the helpful tips and information you are used to, but with a fresh new look'

Nationwide has rolled out a "fresh" update to all its customers after many received £200 in free cash from the building society.

In a series of emails sent earlier this week, Nationwide informed its members about the launch of the revamped MyNationwide, boasting "all the helpful tips and information you are used to, but with a fresh new look." The correspondence from the world's largest building society proudly stated: "We're owned by our members, not shareholders. That means we can put you first in a way that other major banking providers can't."

The building society further detailed how for the last two years, Nationwide has rewarded members who have their main bank account with them, as well as qualifying savings or a mortgage, with a £100 Fairer Share Payment. Nationwide also said it has been crowned "the UK's number one banking provider for service by our customers" in the UK Customer Satisfaction Index, released by The Institute of Customer Service in July.

And the company highlighted its unique pledge to keep every branch open until at least the start of 2028, reports the Manchester Evening News. It added: "We'll only close a branch if there are circumstances out of our control and we have no other workable option. It's worth checking our branch opening hours before you visit as they do vary."

It comes after Nationwide finalised its £2.9bn acquisition of Virgin Money, merging two of Britain's largest banking groups. Following the takeover, Virgin Money's shares have been removed from trading on the London Stock Exchange. The acquisition by the building society sets the stage for a combined group with approximately 24.5 million customers, over 25,000 employees and nearly 700 branches.

However, the merger of these two major lenders is anticipated to take several years. Eventually, the Virgin Money brand will vanish from UK high streets, but this won't happen immediately. The two brands will coexist on UK high streets for between four and six years, before Virgin Money is fully integrated into Nationwide and customers are transitioned.

The acquisition was approved by a judge at a specialist court last week, following the support of 90 per cent of Virgin Money's shareholders in a vote earlier this year. Nationwide, being a building society, stated it didn't need to seek members' approval for such a takeover, a decision that faced some backlash and led to a small group of members campaigning for a vote.