Nationwide take over of Virgin Money

Albermarle

King_Of_Fools said:

wmb194 said:

Nationwide thinks it already has problems with creaking IT...

Yes, I have a current account, credit card and savings account with Virgin and they use three different systems with different logins.

• The current account can be accessed on the website or via an app
• The credit card can only be accessed via a different app
• The savings account can only be accessed by a different website login (and you have to remember what your savings account sort code is as there are three different choices each with different logins)

I imagine they have given themselves 6 years to sort out all the different systems.

I find Nationwide app/IT/website to work fine, and with none of the issues mentioned above.

The more tech savvy ( younger ?) posters who decry Nationwide IT, say it is behind the times compared to some of the new banks. However for normal use it does the job, and in the last few days the app has changed its appearance to look more modern .

Lightning360

Albermarle said:

King_Of_Fools said:

wmb194 said:

Nationwide thinks it already has problems with creaking IT...

Yes, I have a current account, credit card and savings account with Virgin and they use three different systems with different logins.

• The current account can be accessed on the website or via an app
• The credit card can only be accessed via a different app
• The savings account can only be accessed by a different website login (and you have to remember what your savings account sort code is as there are three different choices each with different logins)

I imagine they have given themselves 6 years to sort out all the different systems.

I find Nationwide app/IT/website to work fine, and with none of the issues mentioned above.

The more tech savvy ( younger ?) posters who decry Nationwide IT, say it is behind the times compared to some of the new banks. However for normal use it does the job, and in the last few days the app has changed its appearance to look more modern .

It might look a bit more modern (the app that is. The online banking is still from the 90s) but it still lacks so many features that essentially every other bank has at the moment.

nmtd

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

CuparLad

Something that may have bypassed a few people, but contained within the regulatory announcement of the possible offer (my emphasis)...

Virgin Money customers would not automatically become members of Nationwide.

Suggests if the acquisition goes through, Nationwide aren't planning on bringing existing Virgin Money accounts into the scope of the Fairer Share scheme.

Virgin Group also look to pocket over £413M for the sale of their 14.5% holding.

CuparLad

nmtd said:

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

From the regulatory announcement:

In the medium term, Virgin Money would continue to operate as a separate legal entity within the Nationwide group, with a separate board of directors and a separate banking licence.

Nationwide plan to license the Virgin Brand for four years and complete the rebrand within another two. Suggests that in the medium term (circa four years) the existing separate FSCS protections will remain but ultimately likely to be merged into one. Presumably, if a formal offer is made, more information on this sort of thing will be released.

[Deleted User]

nmtd said:

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

Are you kidding - it will take them years to combine the two banking licences as they'll need things like the agreement of the various regulators and the Court of Session or English High Court...

adamp87

[Deleted User] said:

nmtd said:

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

Are you kidding - it will take them years to combine the two banking licences as they'll need things like the agreement of the various regulators and the Court of Session or English High Court...

The Yorkshire bank/Virgin takeover seemed to move quite quickly to be fair.

Surprised Virgin would sell so soon. Another set of banks gone from the highstreet though. There’s usually one near Nationwide I’ve found 

[Deleted User]

adamp87 said:

[Deleted User] said:

nmtd said:

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

Are you kidding - it will take them years to combine the two banking licences as they'll need things like the agreement of the various regulators and the Court of Session or English High Court...

The Yorkshire bank/Virgin takeover seemed to move quite quickly to be fair.

Surprised Virgin would sell so soon. Another set of banks gone from the highstreet though. There’s usually one near Nationwide I’ve found 

Virgin is just a brand that Virgin Enterprises licence for a fee
Clydesdale should have used one their existing brands and ditched the Virgin brand when they took it over.

Lightning360

[Deleted User] said:

adamp87 said:

[Deleted User] said:

nmtd said:

I've just moved/combined ISA's from amongst others Nationwide into Virginmoney's 5.25% fixed rate cash ISA in part to avoid the £85k protection cap of having money in one institution. What happens to the protection value if there is a takeover, and what action can be taken especially if money on either side is in fixed term accounts, taking into account single name / joint named accounts?

Are you kidding - it will take them years to combine the two banking licences as they'll need things like the agreement of the various regulators and the Court of Session or English High Court...

The Yorkshire bank/Virgin takeover seemed to move quite quickly to be fair.

Surprised Virgin would sell so soon. Another set of banks gone from the highstreet though. There’s usually one near Nationwide I’ve found 

Virgin is just a brand that Virgin Enterprises licence for a fee
Clydesdale should have used one their existing brands and ditched the Virgin brand when they took it over.

They probably wanted a brand that wasn't specific to a certain location.

gsmh

[Deleted User] said:

Virgin is just a brand that Virgin Enterprises licence for a fee
Clydesdale should have used one their existing brands and ditched the Virgin brand when they took it over.

I ditched my Clydesdale Bank current account when they adopted the exceedingly tacky Virgin Money brand. Everything about the bank became brash and unacceptable to me. Clydesdale was a historic Scottish brand which they unadvisedly ditched as a customer-facing service.