Latest news with #VirginMoney
Yahoo
3 days ago
- Business
- Yahoo
Nationwide announces date £100 bonus payments will arrive in accounts
Millions of Nationwide customers will start receiving a £100 bonus payments this week. The building society is poised to distribute a total of £400 million amongst four million customers, reports WalesOnline. The bonus cash forms part of Nationwide's Fairer Share scheme, which redistributes the company's profits back to its customers. READ MORE: Arrival of £200 cost of living payments and who'll be eligible this time around Get breaking news on BirminghamLive WhatsApp, click the link to join The funds will be directly deposited into customers' Nationwide current accounts between 18 June and 4 July. To be eligible for the payment, customers must hold a current account with Nationwide, as well as either a savings account or mortgage. The specific qualifying criteria for each type of Nationwide current account can be found below. Current accounts must have been opened on or prior to March 31, 2025 whereas savings accounts must have had at least £100 saved at the end of any day in March 2025. Nationwide sent those eligible an email or letter last month. This announcement comes on the heels of a 30% increase in annual profits for Nationwide following its acquisition of Virgin Money. Pre-tax profits climbed to £2.3 billion for the year ending 31 March, up from £1.8 billion the previous year. However, on an underlying basis, pre-tax profits dipped to £1.9 billion from £2 billion, as Nationwide stated it had prioritised offering competitive interest rates to its customers. Nationwide, the UK's largest building society, recently announced an unprecedented profit of £3.1billion. Earlier in the year, members celebrated a one-off £50 bonus, following its acquisition of Virgin Money. Nationwide's financial success has resulted in a series of generous rewards for its members. The previous year saw 3.85 million eligible members sharing a total of £385million after Nationwide reported £2billion in profits. Nationwide's Chief Executive, Debbie Crosbie, said: "Nationwide has had an outstanding twelve months. "We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." The announcement confirmed that the bonus is set to be paid from tomorrow, June 18 to Friday, July 4 for those meeting the eligibility criteria. Listed below are the qualifying requirements for each Nationwide current account: FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexAccount, FlexDirect or FlexBasic: In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexPlus: Pay the monthly fee for maintaining the account.
Wales Online
3 days ago
- Business
- Wales Online
Nationwide confirms £100 payment to land in bank accounts within days - full list of who is eligible
Nationwide confirms £100 payment to land in bank accounts within days - full list of who is eligible The building society is set to hand out a total of £400 million to four million customers in the latest round of its Fairer Share scheme. This is what you need to know Nationwide customers are in for another round of bonus payments as profits soar (Image: Alan Morris via Getty Images ) Millions of Nationwide customers will start receiving a £100 bonus payments this week. The building society is poised to distribute a total of £400 million amongst four million customers. The bonus cash forms part of Nationwide's Fairer Share scheme, which redistributes the company's profits back to its customers. The funds will be directly deposited into customers' Nationwide current accounts between 18 June and 4 July. To be eligible for the payment, customers must hold a current account with Nationwide, as well as either a savings account or mortgage. The specific qualifying criteria for each type of Nationwide current account can be found below. Current accounts must have been opened on or prior to March 31, 2025 whereas savings accounts must have had at least £100 saved at the end of any day in March 2025. Those who have mortgages must have at least £100 of payment pending on March 31, 2025. For money-saving tips, sign up to our Money newsletter here Nationwide sent those eligible an email or letter last month. Article continues below This announcement comes on the heels of a 30% increase in annual profits for Nationwide following its acquisition of Virgin Money. Pre-tax profits climbed to £2.3 billion for the year ending 31 March, up from £1.8 billion the previous year. However, on an underlying basis, pre-tax profits dipped to £1.9 billion from £2 billion, as Nationwide stated it had prioritised offering competitive interest rates to its customers. Nationwide, the UK's largest building society, recently announced an unprecedented profit of £3.1billion. Earlier in the year, members celebrated a one-off £50 bonus, following its acquisition of Virgin Money. Nationwide's financial success has resulted in a series of generous rewards for its members. The previous year saw 3.85 million eligible members sharing a total of £385million after Nationwide reported £2billion in profits. Nationwide's Chief Executive, Debbie Crosbie, said: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." The announcement confirmed that the bonus is set to be paid from tomorrow, June 18 to Friday, July 4 for those meeting the eligibility criteria. Listed below are the qualifying requirements for each Nationwide current account: FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. Article continues below FlexAccount, FlexDirect or FlexBasic: In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexPlus: Pay the monthly fee for maintaining the account.
Yahoo
4 days ago
- Business
- Yahoo
Nationwide draws up bonus plan that could give CEO £7m payday
Nationwide's chief executive, Debbie Crosbie, could land a maximum pay package of nearly £7m as part of a new bonus plan that has been criticised as 'borderline hypocritical' for a UK building society. The pay policy, which will be put to its customers next month, would raise Crosbie's maximum payout by 43% to £6.9m. She had previously been allowed to earn up to £4.8m under the building society's remuneration guidelines. The plans were outlined in Nationwide's annual report, which argued that Crosbie's pay should reflect new demands following the £2.9bn takeover of Virgin Money, and should be offering payouts close to packages offered by rivals including Lloyds Banking Group and NatWest. Those rivals, it said, had 'significantly increased' executive pay following the eradication of the UK banker bonus cap, which previously limited payouts to two times' salary. 'This has materially increased the gap between Nationwide and the firms with which we compete for senior talent,' its annual report said. Nationwide now wants to offer Crosbie an annual bonus worth up to 150% of her £1.1m salary, up from 100%, and said it would consider hiking other elements – which could include long-term bonuses – in order to compete with other big high street lenders. 'While our proposed changes for 2025-26 will go some way to addressing the competitive gap, we remain materially behind some of our UK banking peers, and the committee recognises that future policy changes among other firms may further increase the existing gap,' the annual report said. Nationwide is hoping that its customers back the new plan at its annual meeting, which is being held online on 25 July. But the pay policy drew criticism from the High Pay Centre thinktank, which said a member-owned UK building society like Nationwide should not be trying to match UK banks on pay. Luke Hildyard, the director of the High Pay Centre, said: 'It's borderline hypocritical for a building society that presents itself as an ethical alternative to the major banks to replicate their pay culture, the aspect of modern banking that people find most egregious. 'Nationwide is a longstanding institution with an established brand and business model. They really don't need to make such vast executive payouts and could better reflect the values they project in TV adverts by doing things differently.' Nationwide had a TV advert banned last year that mocked its bank rivals. The original advert showed the actor Dominic West as a fictional, hard-nosed bank manager intent on closing branches. He mocked customers who have lost their life savings as a 'total yawn fest', clicks his fingers for a green smoothie and says: 'We're not Nationwide are we, we're nothing like them.' Nationwide's annual report showed Crosbie was paid a total of £2.5m for the financial year to March, up 2.4% from a year earlier. The staff bonus pot – excluding new Virgin Money colleagues – rose 16.8% to £97m. Including the newly added Virgin Money workforce, the bonus pot totalled £132m. A Nationwide spokesperson said: 'Nationwide has become the second largest provider of mortgages and retail deposits, and remains first for customer satisfaction, because it can attract, retain and motivate talented leaders to run a business of this scale and prioritise member value.'
The Guardian
4 days ago
- Business
- The Guardian
Nationwide draws up bonus plan that could give CEO £7m payday
Nationwide's chief executive, Debbie Crosbie, could land a maximum pay package of nearly £7m as part of a new bonus plan that has been criticised as 'borderline hypocritical' for a UK building society. The pay policy, which will be put to its customers next month, would raise Crosbie's maximum payout by 43% to £6.9m. She had previously been allowed to earn up to £4.8m under the building society's remuneration guidelines. The plans were outlined in Nationwide's annual report, which argued that Crosbie's pay should reflect new demands following the £2.9bn takeover of Virgin Money, and should be offering payouts close to packages offered by rivals including Lloyds Banking Group and NatWest. Those rivals, it said, had 'significantly increased' executive pay following the eradication of the UK banker bonus cap, which previously limited payouts to two times' salary. 'This has materially increased the gap between Nationwide and the firms with which we compete for senior talent,' its annual report said. Nationwide now wants to offer Crosbie an annual bonus worth up to 150% of her £1.1m salary, up from 100%, and said it would consider hiking other elements – which could include long-term bonuses – in order to compete with other big high street lenders. 'While our proposed changes for 2025/26 will go some way to addressing the competitive gap, we remain materially behind some of our UK banking peers, and the committee recognises that future policy changes among other firms may further increase the existing gap,' the annual report said. Nationwide is hoping that its customers back the new plan at its annual meeting, which is being held online on 25 July. But the pay policy drew criticism from the High Pay Centre thinktank, which said a member-owned UK building society like Nationwide should not be trying to match UK banks on pay. Luke Hildyard, director of the High Pay Centre, said: 'It's borderline hypocritical for a building society that presents itself as an ethical alternative to the major banks to replicate their pay culture, the aspect of modern banking that people find most egregious. 'Nationwide is a longstanding institution with an established brand and business model. They really don't need to make such vast executive payouts and could better reflect the values they project in TV adverts by doing things differently.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Nationwide had a TV advert banned last year that mocked its bank rivals. The original advert showed the actor Dominic West as a fictional, hard-nosed bank manager intent on closing branches. He mocked customers who have lost their life savings as a 'total yawn fest', clicks his fingers for a green smoothie and says: 'We're not Nationwide are we, we're nothing like them.' Nationwide's annual report showed Crosbie was paid a total of £2.5m for the financial year to March, up 2.4% from a year earlier. The staff bonus pot – excluding new Virgin Money colleagues – rose 16.8% to £97m. Including the newly added Virgin Money workforce, the bonus pot totalled £132m. A Nationwide spokesperson said: 'Nationwide has become the second largest provider of mortgages and retail deposits, and remains first for customer satisfaction, because it can attract, retain and motivate talented leaders to run a business of this scale and prioritise member value.'
Daily Mail
7 days ago
- Business
- Daily Mail
Why has Virgin Money held up an Isa transfer to Lloyds for four months
My father died last September and after the grant of probate in January this year, as executor, I arranged the transfer of his cash Isa with Virgin Money to a Virgin account in my mother's name as per his will. My mother is in a nursing home and I hold Power of Attorney and manage her affairs. As the Virgin Money Isa has a low interest rate and Virgin Money only allows attorneys to issue instructions by post, I decided to transfer the funds from Virgin Money to my mother's Lloyds Bank Isa. The nursing home fees are almost £7,000 every four weeks and my parent's property has not yet sold, so we require every penny of income to pay the fees. But since January we have been unable to access the income from my father's Virgin Money Isa as Lloyds has been unable to complete the transfer of these funds. Why is the transer taking so long? Helen Kirrane of This is Money replies: You would think the transfer of an Isa from one establshed bank to another would be smooth enough. But Isa transfers between providers can be thwarted by old technology or the fact that different providers use different systems for transfers. For example, the majority of transfers from Virgin Money stocks and shares Isas are processed by default as a cheque and posted to the new provider while other providers use electronic transfers. You requested to transfer the Isa from Virgin Money to Lloyds on Janury 10. But four months later when you contacted This is Money, the transfer had still not moved forward. Given that a transfer from one cash Isa to another is supposed to take no more than 15 calendar days and no more than 30 calendar days for other types of Isas, according to HMRC rules, it's clear this is a huge hold-up. Virgin Money says it never received a transfer request to move your mother's funds out of the account and into Lloyds. You were bounced around between Virgin Money and Lloyds, with both providers insisting the issue was the problem of the other. You were told that Lloyds sent the transfer request via the interbank system to Clydesdale bank, but the automatic system rejected it as the Virgin Money details are not recognised by Clydesdale. Clysedale Bank acquired Virgin Money in 2019 but retained the Virgin Money brand. Virgin Money confirmed as much when it looked into your case at This is Money's request. It said it could not find a record of your transfer being submitted with the likely reason being because the request didn't have the correct details included, therefore its systems were not able to make a match. Your most recent request, received by Lloyds on 14 April was again sent to Clydesdale on 25 April, where it was rejected again after which you got in touch with This is Money. Unfortunately, this is not the first time we have heard of very long Isa transfer delays like yours. In November 2023, almost £1million worth of Isa transfers went 'missing' at NatWest after the bank became overwhelmed by the volume of savers requesting to transfer their Isas into its best buy two-year cash Isa. Given the rules say transfers between a cash Isas should take no longer than 15 days I think the delay you have faced is very poor. Virgin Money said the issue has now been resolved and it will process the transfer to Lloyds. You told me it has also agreed to backdate interest to January 10 when you originally requested the transfer. A Virgin Money spokesman replies: After a thorough review, we found no record of a transfer request being submitted to us. It could be that the request didn't have the correct details included, therefore our systems haven't been able to make a match. Our team contacted the customer to confirm the correct account details needed for Lloyds to request the transfer. We've also reached out to our senior contact at Lloyds to help expedite the process once the customer submits the request using the confirmed information. We've arranged to call the customer next week and will continue to monitor the account closely, keeping them updated throughout the process until the transfer is complete.
