Virgin to merge with Clydesdale & yorkshire

Kleb

eskbanker wrote: »

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

Well my Cyborg ISA reaches the end of its term early next year so I might consider moving that out of cash when the time comes (these mergers take months don't they?).

eskbanker

Kleb wrote: »

my Cyborg ISA

Recommended by a robo-adviser?

Anthorn

Bombshell of all bombshells lol

I did in fact speculate that CYBG would acquire MBNA but Virgin Money has come out of the wide blue yonder. One wonders what now will happen to the VM Essential Current Account which is currently temporarily suspended.

The question is what will now happen to Virgin Money: Will it be maintained as a separate bank or will it be absorbed into CYBG and if the latter will it be Yorkshire Bank or Clydesdale?

Personally I have both a Yorkshire Bank B credit card and a VM credit card so it will no doubt be interesting.

eskbanker

Anthorn wrote: »

The question is what will now happen to Virgin Money: Will it be maintained as a separate bank or will it be absorbed into CYBG and if the latter will it be Yorkshire Bank or Clydesdale?

The answer is in post #10 above, which in turn referenced the article linked at post #2!

kidmugsy

A new cult devoted to the Yorkdale Virgin will be led by a rascal with a beard.

EarthBoy

Anthorn wrote: »

The question is what will now happen to Virgin Money: Will it be maintained as a separate bank or will it be absorbed into CYBG and if the latter will it be Yorkshire Bank or Clydesdale?

Personally I have both a Yorkshire Bank B credit card and a VM credit card so it will no doubt be interesting.

There is no Yorkshire Bank, it's just a trading name of Clydesdale Bank, it hasn't been a bank in its own right for years.

bundoran

EarthBoy wrote: »

There is no Yorkshire Bank, it's just a trading name of Clydesdale Bank, it hasn't been a bank in its own right for years.

……… and Clydesdale Bank PLC is a wholly owned subsidiary of CYBG PLC, which was floated off by its former owner National Australia Bank in 2015. NAB had owned it since 1990.

stclair

Anthorn wrote: »

Bombshell of all bombshells lol

I did in fact speculate that CYBG would acquire MBNA but Virgin Money has come out of the wide blue yonder. One wonders what now will happen to the VM Essential Current Account which is currently temporarily suspended.

The question is what will now happen to Virgin Money: Will it be maintained as a separate bank or will it be absorbed into CYBG and if the latter will it be Yorkshire Bank or Clydesdale?

Personally I have both a Yorkshire Bank B credit card and a VM credit card so it will no doubt be interesting.

The Virgin Money essential account is still listed on there website:

https://uk.virginmoney.com/virgin/current-account/essential-current-account.jsp

However it was temporarily suspended the other day.

Anthorn

EarthBoy wrote: »

There is no Yorkshire Bank, it's just a trading name of Clydesdale Bank, it hasn't been a bank in its own right for years.

Er... Hmmm

I have a B credit card which is accessed through the B app on my mobile but I can also access it through the Yorkshire Bank website or I can go into the Yorkshire Bank branch at 10 Church Street, Peterborough.

Trading name or not Yorkshire Bank is a physical entity which has a presence on the High Street.

Anthorn

ColdIron wrote: »

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

But Yorkshire Bank is a part of CYBG and doesn't have its own FSCS membership which is shared with Clydesdale Bank and that is more relevant to the post you quoted.
https://secure.ybonline.co.uk/personal/savings/compensation-scheme/

At this stage probably everything about the merger is speculation but what we know is that CYBG customers (Clydesdale and Yorkshire Banks) will be merged into Virgin Money and CYBG will license the Virgin Money brand. That's all we have at this time but looking at the past performance of CYBG I think we can look forward to some eyebrow raising particularly with regard to branch closures. Oh well, there goes my free coffee in the VM lounge!