VM now part of Nwide - VM customer email text

mebu60

On 1 October 2024, Nationwide completed its acquisition of Virgin Money.

The combination of both businesses will result in a mutually owned, full-service organisation with enhanced investment in customer service and a wider range of products. Together, we will be the UK’s second largest provider of mortgages and savings accounts.

We’re excited about our future as two purpose-driven businesses with a shared goal of supporting our customers, colleagues and communities. Virgin Money Stores are now included in Nationwide’s Branch Promise. This means that everywhere there is a Virgin Money Store, we promise to still be there until at least the start of 2028.

For now, it's very much business as usual – there's no impact to Virgin Money (or Clydesdale and Yorkshire Bank) products and services. Customers who have savings with both Virgin Money and Nationwide will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Virgin Money and Nationwide accounts.

Just so you know, fraudsters often take advantage of times of change to try and persuade people to share personal or financial information. We’ll never ask you for security details, whether over the phone, by email or via any other channel, so if someone does – please don’t share this information with them.

We’ll continue to keep our website up to date with the latest news and our teams are as committed as ever to delivering great service to you.

As we integrate Virgin Money and Nationwide carefully over time, the benefits we offer to our customers will only increase.

DullGreyGuy

mebu60 said:
As we integrate Virgin Money and Nationwide carefully over time, the benefits we offer to our customers will only increase.

and do we believe that or is that the scam part of the post? It'll change is undoubted, if its only for the positive we'll wait and see... sure some will see some detriment even if overall its positive for most.

steven141

I got the email from Nationwide:

Virgin Money is now part of a stronger Nationwide Dear xxxx,

I am pleased to confirm that Nationwide has completed its acquisition of Virgin Money.   Nationwide is now stronger and able to deliver even greater value for our members, including through our unique Branch Promise, leading customer satisfaction, and competitive savings and lending rates.   We aim to deliver market-leading standards of customer service as the UK’s second largest provider of mortgages and savings accounts.   Importantly, Nationwide is still a mutual and owned by our members. All of the profits generated by Virgin Money will be retained for the benefit of customers and, for the first time in the UK, a full-service business bank will be part of a large mutual.   The country’s small and medium businesses will be able to choose to bank with a national brand that cares about the services and support it provides for customers and the impact it has on society without having to meet the needs of external shareholders.   I can also confirm that Virgin Money branches are now included in our Branch Promise. This means that everywhere there is a Nationwide or Virgin Money branch, we promise to still be there until at least the start of 2028.   Although you will not be able to use Virgin Money branches for Nationwide transactions now, over time we expect to broaden the range of services we offer. You will benefit from the Virgin Money expertise in personal lending and credit cards, as well as business banking and accounts for clubs and societies.   Customers who have savings with both Nationwide and Virgin Money will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Nationwide and Virgin Money accounts.   As we integrate Nationwide and Virgin Money carefully over time, the impact we have in communities across the UK, and the benefits we offer to members and customers, will only increase.   One in three people in the UK now have a connection to Nationwide – this deal means we can do even more to make their banking fairer, more rewarding, and for the good of society.   Thank you for being a member.   Yours sincerely,   Kevin Parry Chairman   Full details of the acquisition and answers to questions you may have are available from our website nationwide.co.uk/virgin-money   We will keep you updated through our website and in our regular newsletter. If you have not signed up to receive the newsletter, you can do so here.

steven141

It may be a good thing as no shareholders. We can only hope. What they need to do is improve the nationwide app and make it similar to the Virgin Money current account one. The current nationwide one is shocking.

francoghezzi

I have account and regular savers with both Nationwide and Virgin: it would be interesting in the coming months to find out what kind of products they will offer. Something like the Saver at 6.17% interest offered by Natwest and Rbs would be great in case it could be open with both banks. Time will tell: am not going to switch these accounts anyway at least till the 10% Virgin Regular Saver will mature next Summer

allegro120

steven141 said:

It may be a good thing as no shareholders. We can only hope. What they need to do is improve the nationwide app and make it similar to the Virgin Money current account one. The current nationwide one is shocking.

I suspect both apps will stay as they are for a long time. What's shocking about the current Nationwide app?  

allegro120

francoghezzi said:

I have account and regular savers with both Nationwide and Virgin: it would be interesting in the coming months to find out what kind of products they will offer. Something like the Saver at 6.17% interest offered by Natwest and Rbs would be great in case it could be open with both banks. Time will tell: am not going to switch these accounts anyway at least till the 10% Virgin Regular Saver will mature next Summer

It's always interesting as well as unpredictable.  I've never ever imagined Virgin offering 10.18% RS, and I can't recall them offering any RS since the merger with Clydesdale and Yorkshire.  8% from Nationwide last year came as a surprise too,  they haven't offered any competitive products for a long time.

gt94sss2

steven141 said:

It may be a good thing as no shareholders. We can only hope. What they need to do is improve the nationwide app and make it similar to the Virgin Money current account one. The current nationwide one is shocking.

The Virgin Money one is just as bad or worse in many respects.

EarthBoy

allegro120 said:

steven141 said:

It may be a good thing as no shareholders. We can only hope. What they need to do is improve the nationwide app and make it similar to the Virgin Money current account one. The current nationwide one is shocking.

I suspect both apps will stay as they are for a long time. What's shocking about the current Nationwide app?  

Nationwide's app, and online banking, don't show payment references. They also don't show the other person's name for transfers to and from other Nationwide accounts; all you get is the sort code and account number. 

cloud_dog

EarthBoy said:

allegro120 said:

steven141 said:

It may be a good thing as no shareholders. We can only hope. What they need to do is improve the nationwide app and make it similar to the Virgin Money current account one. The current nationwide one is shocking.

I suspect both apps will stay as they are for a long time. What's shocking about the current Nationwide app?  

Nationwide's app, and online banking, don't show payment references. They also don't show the other person's name for transfers to and from other Nationwide accounts; all you get is the sort code and account number. 

I don't want to side track the conversation but, is this aspect considered 'shocking'?  The reason I ask is that I have been using the app for years and I don't think I have ever felt 'shocked' by it, a little inconvenienced by it once or twice perhaps?

uknick

"Customers who have savings with both Nationwide and Virgin Money will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Nationwide and Virgin Money accounts."

From this does it mean they will keep their separate banking licences to still give £85k of protection each or, is it badly worded and should say you'll still get £85k across the banking licence?