Virgin Money transferring all ISAs to Clydesdale Bank.

harz99

Hi, I have a 5 Yr Virgin Fixed Rate E-ISA Issue 138 which I've been notified will transfer to Clydesdale, i would really prefer not to have money invested in a Scottish bank, so my question is do I have any entitlement to, or means of, transferring away without incurring a massive loss of interest penalty?

The letter sent out seems to indicate otherwise:

" If you’d prefer to move your Cash E-ISA(s) to a different provider rather than your Cash E-ISA(s) being transferred to Clydesdale*, you’ll need to get in touch with that new provider and request a Cash ISA transfer. Your usual terms and conditions will apply to the transfer if you move your Cash E-ISA. We need to receive the transfer instructions from your new provider by 7 October 2019 to ensure the request goes through before the change to Clydesdale."

IanManc

harz99 wrote: »

Hi, I have a 5 Yr Virgin Fixed Rate E-ISA Issue 138 which I've been notified will transfer to Clydesdale, i would really prefer not to have money invested in a Scottish bank, so my question is do I have any entitlement to, or means of, transferring away without incurring a massive loss of interest penalty?

The letter sent out seems to indicate otherwise:

" If you’d prefer to move your Cash E-ISA(s) to a different provider rather than your Cash E-ISA(s) being transferred to Clydesdale*, you’ll need to get in touch with that new provider and request a Cash ISA transfer. Your usual terms and conditions will apply to the transfer if you move your Cash E-ISA. We need to receive the transfer instructions from your new provider by 7 October 2019 to ensure the request goes through before the change to Clydesdale."

Virgin Money was bought by CYBG PLC in October 2018.

Clydesdale and Virgin Money are both owned by CYBG, and your ISA is being transferred from one CYBG subsidiary to another.

CYBG's registered office is in Merrion Way in Leeds.

heatherw_01

Apparently nothing will change and it will stay in your Virgin Money account as they bought Clydesdale bank.

Edit: I meant the other way round, just wrote it the wrong way. Clydesdale bought Virgin

IanManc

heatherw_01 wrote: »

Apparently nothing will change and it will stay in your Virgin Money account as they bought Clydesdale bank.

No they didn't. CYBG PLC bought Virgin Money PLC in October 2018.

CYBG's subsidiaries Clydesdale Bank, Yorkshire Bank and B are all going to be rebranded as Virgin Money over the next two years.

heatherw_01

IanManc wrote: »

No they didn't. CYBG PLC bought Virgin Money PLC in October 2018.

Sorry I meant that I wrote it the wrong way round :rotfl:

But yea my point is they are all technically one company now and branches will all be renamed Virgin Money soon

harz99

An answer to my original question in #1 would be helpful. Presumably Clydesdale is still registered in Scotland?

Alexland

I doubt them being related to Scotland (assuming you opened the account before Virgin Money were acquired in 2018) would be a material enough change for them to allow you to exit the fixed term early without penalty. You still have the same FSCS protection up to £85k.

Rich2808

As has been said Clydesdale bank is owned by CYBG which has its registered office in Leeds. Yorkshire bank is also part of the group.

Perhaps you can ask if you can get Yorkshire bank letter heading if you are worried about the Scottish connection?

Seriously nothing to worry about here - its a UK bank which has its offices in Yorkshire! If Scotland ever went independent I expect all would be sorted and the Yorkshire bank arm would take things over.

t0rt0ise

You can move your money if the change would take you over the £85,000 in one institution, otherwise no, you can't.