Virgin to merge with Clydesdale & yorkshire

Mnd

Just been announced on 5live
Headquarters to be in Glasgow

[Deleted User]

Hi,


BBC News

Doshwaster

Interesting news. I recently moved my mortgage from Yorkshire to Virgin Money. Looks like it will be moving back.

Steve_xx

It may spell the end of Virgin's half decent, by todays standards, regular saver products. So I guess I'm not in favour of a merger.

AndyPK

Clydesdale have had good savings products previously.

Kleb

So 2 x £85000 FSCS limits will be reduced to 1.

I have large, multi-year cash ISAs with each bank and numerous RS's with Virgin - I'm going to break through the limit by quite a margin. Looks like I'm going to be searching for a new home for some of my stash.

eskbanker

Kleb wrote: »

So 2 x £85000 FSCS limits will be reduced to 1.

I have large, multi-year cash ISAs with each bank and numerous RS's with Virgin - I'm going to break through the limit by quite a margin. Looks like I'm going to be searching for a new home for some of my stash.

Do you need to be keeping significantly more than £85K in cash form though, i.e. when's it likely to be needed?

ColdIron

Kleb wrote: »

So 2 x £85000 FSCS limits will be reduced to 1

Not necessarily. Bank of Scotland is part of LBG but has it's own licence. Same with NatWest and RBS

hoc

Not surprised, their rates haven't been as competitive recently for a supposed challenger bank and lost some major investor backing a few years ago. Shame as they offered good savings accounts.

eskbanker

ColdIron wrote: »

Not necessarily. Bank of Scotland is part of LBG but has it's own licence. Same with NatWest and RBS

Indeed, but, in this case, according to that BBC piece:

Under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.

which suggests that all customers will be within the same licence.

GreenBitterfly

I have a few savings accounts with Virgin Money, be interesting to see the merger progress.