Martin Lewis' MSE issues warning to Nationwide and Virgin Money customers
Martin Lewis and his Money Saving Expert team have explained Nationwide has COMPLETED its takeover of Virgin Money - and while there are no changes "for now", they may be coming down the line. The BBC Sounds and ITV star's team from MSE have issued the update to Nationwide customers at the biggest building society in the UK.
MSE said: "Nationwide has completed its takeover of Virgin Money, meaning the bank's savers and borrowers could become members of the building society in future. The Virgin Money brand will also be phased out eventually – though there's NO change for new or existing customers of either brand for now.
"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"."
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There are no changes for new or existing Nationwide or Virgin Money customers for now. Virgin Money customers may eventually be moved to Nationwide. "This won't happen for at least a year, and we don't yet know which customers will be transferred or what the process will involve," MSE said.
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.
"For now, it's very much business as usual – there's no impact to Virgin Money (or Clydesdale and Yorkshire Bank) products and services. Customers who have savings with both Virgin Money and Nationwide will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Virgin Money and Nationwide accounts."