Virgin Money to close almost a third of its bank branches — here's the full list, plus alternatives

MSE_Molly_G

Virgin Money will close another 39 bank branches this year, almost a third of its network, with the firm claiming that more customers are choosing online banking over in-person visits. We list the branches disappearing and what alternatives are available if you still want face-to-face banking.

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Virgin Money to close almost a third of its bank branches — here's the full list, plus alternatives

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Bigwheels1111

In 5 years there will not be any banks on the high street.

All banking will be done in a hub, that deals with all banks or the post office.

I have not been in a bank in near 5 years, when I did they did not have a counter.

So what good were they.

TimSynths

Bigwheels1111 said:

In 5 years there will not be any banks on the high street.

All banking will be done in a hub, that deals with all banks or the post office.

I have not been in a bank in near 5 years, when I did they did not have a counter.

So what good were they.

2005 for me. (I work for a bank....)

robatwork

To be frank, I didn't know before this post that they had real branches. Been a by-post customer a few times over the years. 

SevenOfNine

As trustees for grandsons Virgin Headstart accounts, 30 day notice can only be given for withdrawals or closure in branch. Isn't one where they live it closed ages ago, & ours will close in a couple of months.

HampshireH

I travelled to the Reading branch a few years ago to update records I couldnt do online due to needing to provide ID.

They couldn't assist with anything credit card or mortgage related. Seemed a bit of a pointless kiosk really (The branch is very very small) and they only dealt with current account queries - despite their telephone/online support sending me there.

It was a reasonable distance to go and was a bit pointless. I'm not sure they would have enough work in branch to actually remain open.

Never had any problems with their telephone banking - advisors are always quick to answer and very knowledgeable

[Deleted User]

HampshireH said:

I travelled to the Reading branch a few years ago to update records I couldnt do online due to needing to provide ID.

They couldn't assist with anything credit card or mortgage related. Seemed a bit of a pointless kiosk really (The branch is very very small) and they only dealt with current account queries - despite their telephone/online support sending me there.

It was a reasonable distance to go and was a bit pointless. I'm not sure they would have enough work in branch to actually remain open.

Never had any problems with their telephone banking - advisors are always quick to answer and very knowledgeable

It's a very odd bank. 

They don't seem to have fully integrated the old VM products with the old Clydesdale/Yorkshire to form a combined VM service. I also see that they've closed their classic Head Office branch and kept the poky ex-VM one round the corner. 

Section62

[Deleted User] said:

They don't seem to have fully integrated the old VM products with the old Clydesdale/Yorkshire to form a combined VM service....

The last time I went into a branch (which already felt very much like they were running branches down before closure) there was a comment made about the old-style passbook savings accounts being end-of-life.

In the past there was talk of a new IT solution which integrated those store-based accounts into the other VM/CYBG systems.  I suspect they've worked out the cost and risk of doing that is too great... so I fully expect to get a letter sooner or later saying those legacy accounts will be closed. In any event I'll probably close them before the local store closes to save the hassle of doing that by post.

I feel really sorry for the staff in my local branch.  They have always been friendly and helpful - and it isn't clear what VM mean about offering staff other roles as I can't see a branch remaining open within 100 miles of my local one.  From my POV the reason fewer people are using the branches is because VM effectively stopped offering attractive branch-based savings accounts.  Back in the day of branch/postal RS accounts there was often a queue out of the door on launch day for a new issue.  VM seems to lack a clear strategy on what it wants to be.

WillPS

Section62 said:
  From my POV the reason fewer people are using the branches is because VM effectively stopped offering attractive branch-based savings accounts.  Back in the day of branch/postal RS accounts there was often a queue out of the door on launch day for a new issue.  VM seems to lack a clear strategy on what it wants to be.

But there's a reason they don't do accounts in this way any more, isn't there? (Aside from cost cutting)

By insisting on passbook/branch use you basically exclude anyone who doesn't travel past a branch (and lets remember Northern Rock/VM's network was never 'complete') or simply can't be bothered with the faff of branch banking.

username

Not surprised to see that the London Haymarket branch is closing, it is cavernous and must cost a lot in rent. It is at least GF+basement.

It was one of the Virgin Money lounges that offered free tea/coffee, snacks, places to sit (and work) and even a piano to tinkle the ivories if you so fancied.

It was a nice perk to have a Virgin account, but sadly, that was all killed off by covid - the seated areas and piano disappeared, as did all of the freebies.

Section62

WillPS said:

Section62 said:
  From my POV the reason fewer people are using the branches is because VM effectively stopped offering attractive branch-based savings accounts.  Back in the day of branch/postal RS accounts there was often a queue out of the door on launch day for a new issue.  VM seems to lack a clear strategy on what it wants to be.

But there's a reason they don't do accounts in this way any more, isn't there? (Aside from cost cutting)

By insisting on passbook/branch use you basically exclude anyone who doesn't travel past a branch (and lets remember Northern Rock/VM's network was never 'complete') or simply can't be bothered with the faff of branch banking.

As I said, the branch RS accounts were postal as well.  They also offered an online version in parallel.  Thus all customers had access, nobody was excluded.

But my point wasn't whether or not they should offer branch-based accounts, rather that the reason fewer people are using VM branches may have something to do with the lack of any accounts worth visiting a branch for.  (Staff in branch aren't able/allowed to help with online accounts either)