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

WillPS

Section62 said:

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)

Still not sure I buy it. LBG and Natwest Group have strong regular savings options and they're closing branches as quickly as they can too.

IanManc

username said:

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.

I was surprised to see that the huge white elephant Manchester Market Street branch wasn't on the list.

It has accommodation over three floors, including a recording studio and seminar rooms that customers could book.

Market Street became busy when the popular Virgin Money Lounge in King Street was closed down. However, the staff at Market Street were never as welcoming as the ones at King Street had been, and seemed to actively resent the presence of the former Lounge users. 

Then Covid came, and it has been devoid of customers since. It has two cash machines inside and a counter - but it isn't a bank counter. It just is a place where coffee or tea is dispensed if your face fits. When you pass and look in through the windows the staff seem to mainly hang about chatting to each other.

The premises must be costing Virgin Money a  bomb as the place is enormous and it is on Manchester's busiest shopping street where retail rents are the highest in the city.

EarthBoy

IanManc said:

I was surprised to see that the huge white elephant Manchester Market Street branch wasn't on the list.

They might be tied into a lease they can't get out of, but expect the branch to be included in a later round of closures.

gsmh

I really liked the Clydesdale Bank. It had a great heritage. I was happy to have my main current account with them. Then they got all vulgar and bought into the Virgin brand. Now they're all fur coats and no knickers.

molerat

Surprised my local is not closing, never see anyone going in there, different to the other banks on the high street that always seem to have footfall.

Grizebeck

gsmh said:

I really liked the Clydesdale Bank. It had a great heritage. I was happy to have my main current account with them. Then they got all vulgar and bought into the Virgin brand. Now they're all fur coats and no knickers.

I always thought they and YB seemed rather old fashioned (branch wise / process etc)

jon81uk

gsmh said:

I really liked the Clydesdale Bank. It had a great heritage. I was happy to have my main current account with them. Then they got all vulgar and bought into the Virgin brand. Now they're all fur coats and no knickers.

But also have removed a lot of the unique things Virgin were trying such as the lounges and the free coffee.

Eco_Miser

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.

You may not have been in a bank for 5 years, I was in one (Virgin Money ex Yorkshire bank) last week, and I will be going in again this week. As Treasurer of a community association, I need to cash cheques (with two signatures) and pay cash in on occasion. Last time I looked a proper two authorisation online account wasn't available to us, and the constitution requires at least two people to authorise withdrawals.

boingy

jon81uk said:

gsmh said:

I really liked the Clydesdale Bank. It had a great heritage. I was happy to have my main current account with them. Then they got all vulgar and bought into the Virgin brand. Now they're all fur coats and no knickers.

But also have removed a lot of the unique things Virgin were trying such as the lounges and the free coffee.

Like many I no longer use branches but if I was queuing to be served in one and I was surrounded by a free coffee lounge I'd be thinking "Get rid of the ****ing lounge and put some more staff on the counter!"

jon81uk

boingy said:

jon81uk said:

gsmh said:

I really liked the Clydesdale Bank. It had a great heritage. I was happy to have my main current account with them. Then they got all vulgar and bought into the Virgin brand. Now they're all fur coats and no knickers.

But also have removed a lot of the unique things Virgin were trying such as the lounges and the free coffee.

Like many I no longer use branches but if I was queuing to be served in one and I was surrounded by a free coffee lounge I'd be thinking "Get rid of the ****ing lounge and put some more staff on the counter!"

The original Virgin Money lounges weren't branches, there was no counter.