Martin Lewis and his Money Saving Expert team confirmed that Nationwide has completed its takeover of Virgin Money, with potential changes coming in the future.
Nationwide and Virgin Money Customers Warned by Martin Lewis’ MSE
By Lydia Amazouz
Published on 2 October 2024 10:02
Martin Lewis and his Money Saving Expert team have shared that Nationwide has completed its takeover of Virgin Money. Although there are no changes yet, some could happen in the future. His MSE team gave this update to Nationwide customers at the UK’s largest building society.
Nationwide Completes Takeover of Virgin Money: What It Means for Customers
MSE explained that Nationwide has now fully taken over Virgin Money, which means that in the future, Virgin Money’s savers and borrowers might become members of the building society, as reported by BirminghamLive. The Virgin Money name will also be gradually removed, but at the moment, nothing is changing for new or existing customers of either bank.
MSE added: "The deal, first announced earlier this year, was formally completed on 1 October 2024 after receiving the necessary approvals from regulators and Virgin Money shareholders. Some Nationwide members were unhappy with the plan to takeover Virgin Money and had petitioned for a vote on whether the sale should take place – though Nationwide has maintained that a member vote was not required and that the deal will make it 'stronger.'"
Current Status of Nationwide and Virgin Money Customers After Takeover
There are currently no changes for new or existing Nationwide or Virgin Money customers. Eventually, Virgin Money customers might be transferred to Nationwide, but this won’t happen for at least a year. It's still unclear which customers will be affected or how the process will work, according to MSE.
Chris Rhodes CEO Virgin Money said: "We’re excited about our future as two purpose-driven businesses with a shared goal of supporting our customers, colleagues and communities. Virgin Money Stores are now included in Nationwide’s Branch Promise. This means that everywhere there is a Virgin Money Store, we promise to still be there until at least the start of 2028."
He further explains that, for the time being, everything remains the same—there’s no effect on Virgin Money, Clydesdale, or Yorkshire Bank products and services. Customers with savings at both Virgin Money and Nationwide will still be covered separately by the maximum protection from the Financial Services Compensation Scheme for each of their accounts.