For attention of Virgin Money and Nationwide account holders

NoodleDoodleMan

Just for information of travellers who might be interested parties - just had an email from Virgin Money, there are ongoing negotiations with Nationwide for the sale of VM to Nationwide.

No impact on VM customer accounts and cards etc. - at least in the short term presumably ?

If I've reported this incorrectly, please flag up a more accurate synopsis.

VM punting this out at 16:35 on a Friday - is that timing significant ?

mebu60

NoodleDoodleMan said:

Just for information of travellers who might be interested parties - just had an email from Virgin Money, there are ongoing negotiations with Nationwide for the sale of VM to Nationwide.

No impact on VM customer accounts and cards etc. - at least in the short term presumably ?

If I've reported this incorrectly, please flag up a more accurate synopsis.

VM punting this out at 16:35 on a Friday - is that timing significant ?

It was all over the mainstream news yesterday. 

TadleyBaggie

Indeed:  https://www.bbc.co.uk/news/business-68499145

MSE_ForumTeam5

MSE news story here: https://www.moneysavingexpert.com/news/2024/03/virgin-money-takeover-nationwide/

Ongoing forum thread here: https://forums.moneysavingexpert.com/discussion/6511397/nationwide-take-over-of-virgin-money

If there are any travel-specific issues then do discuss them here, but otherwise probably best to keep general discussion of the takeover to the existing thread.

hamski

If this goes ahead will it mean anyone with isas in both of these institutions totalling over £85k will no longer have the same protection.

NoodleDoodleMan

mebu60 said:

NoodleDoodleMan said:

Just for information of travellers who might be interested parties - just had an email from Virgin Money, there are ongoing negotiations with Nationwide for the sale of VM to Nationwide.

No impact on VM customer accounts and cards etc. - at least in the short term presumably ?

If I've reported this incorrectly, please flag up a more accurate synopsis.

VM punting this out at 16:35 on a Friday - is that timing significant ?

It was all over the mainstream news yesterday. 

I was not aware until that email arrived.

mebu60

hamski said:

If this goes ahead will it mean anyone with isas in both of these institutions totalling over £85k will no longer have the same protection.

any money

Not necessarily. They have indicated that initially at least they will keep the two entities separate with their own FSCS protection continuing. 

NoodleDoodleMan

https://www.thisismoney.co.uk/money/saving/article-13168241/Nationwide-agrees-buy-Virgin-Money-does-mean-YOU.html

Under the para - How Will It Affect Your Savings

"The regulator may also say that savers over £85,000 in the combined group have to be given the option to break or switch, penalty free, to get back within FSCS limits."

eskbanker

NoodleDoodleMan said:

https://www.thisismoney.co.uk/money/saving/article-13168241/Nationwide-agrees-buy-Virgin-Money-does-mean-YOU.html

Under the para - How Will It Affect Your Savings

"The regulator may also say that savers over £85,000 in the combined group have to be given the option to break or switch, penalty free, to get back within FSCS limits."

Putting aside that being taken from a Daily Mail site, the sentences immediately preceding that one clarify that at this stage there's no decision to combine licences (and therefore FSCS coverage) so the context of that quote was if that was to happen at some point in the future:

Initially, Virgin Money will have to continue as part of Nationwide but with separate licences.

Blower added: 'Nationwide then needs to decide whether to integrate or run it stand-alone. If they integrated, there will be a period of time before it went from two banking licences to one. 

However, as the forum admins observe above, this is all discussed on more relevant boards than the travel one....

NoodleDoodleMan

 Under the para - How Will It Affect Your Savings

"The regulator may also say that savers over £85,000 in the combined group have to be given the option to break or switch, penalty free, to get back within FSCS limits."

The key word in bold.

To my mind the takeover implications may affect travellers - in as much that both VM and Nationwide have popular "user friendly" cards for use abroad.

In the fullness of time it'll be interesting to see what changes, if any, come about.

eskbanker

NoodleDoodleMan said:

To my mind the takeover implications may affect travellers - in as much that both VM and Nationwide have popular "user friendly" cards for use abroad.

I haven't seen any mention of impact on travel cards, unsurprisingly at this stage, but obviously FSCS limits would be an issue for savers rather than travellers.