Future of Virgin Money's Essential Current Account

Some_Guy

I have an "Essential Current Account" with Virgin Money (it's not my main account). This account is no longer available, and is I understand based on the old Northern Rock platform - whilst the current Virgin Money accounts (M Account, M Plus, Club M) are based on the Clydesdale platform.

I've been expecting these old Essential Current Accounts to be closed and customers moved over to one of the new accounts, either automatically or as part of an opt-in process.

I was in a Virgin Money branch recently and was told that the Essential Current Accounts were all being closed in June - however I haven't knowingly received any information about this (statements and information comes by post), and I can't find any mention of this on the Virgin Money website, nor in the (rather limited) online banking portal for the account.

I'm just wondering if I've missed a letter (perhaps it's in a pile somewhere!) about this closure, and wondering if I need to take any action.

To be clear, I haven't got any problem with my account being closed (I expected it to happen well before now!) and am quite happy to be migrated over to a new account - I'm just after some information on what the plan is!

(And no, I don't fancy giving them a call as the last time I did the wait to speak to someone took ages!)

Hoenir

Virgin are likely to be acquired by the Nationwide. Don't expect anything to happen for a while.

Some_Guy

Hoenir said:

Virgin are likely to be acquired by the Nationwide. Don't expect anything to happen for a while.

My question was not prompted by the likely Nationwide takeover, rather it was prompted by recent advice given by a clerk in a Virgin Money branch (who was definitely referring to this old "Essential Current Account").

The closure of Virgin Money's legacy "Essential Current Account" was suggested as a likely outcome way back when Virgin Money was taken over by CYBG in 2018 and subsequently merged into Clydesdale Bank in 2019, with the latter taking on "Virgin Money" as a trading name. (And it really is a legacy account - the online banking portal only allows you to view transactions - you can't make payments, set up standing orders or cancel Direct Debits for example, and there's no banking app either!)

If the takeover by Nationwide has any relevance to this situation, I'd imagine it would be to spur on Virgin Money to deal with this situation and close down a legacy banking platform before acquisition by Nationwide. (I'd imagine the overwhelming majority of Virgin Money customers will have accounts held on the Clydesdale banking platform, which offers full-function online banking including an app.)

WillPS

My guess since the CYBG/VM takeover has been and continues to be that the accounts will eventually be closed. I reckon there's not enough customers there for it to worthwhile undertaking a migration programme, as will eventually happen for the other VM accounts to Nationwide. I could be wrong.

Perhaps a carrot will be offered for customers who opt to CASS in to Nationwide themselves.

friolento

Could you make some money from a switch offer? https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/