VM now part of Nwide - VM customer email text

friolento

uknick said:

"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?

They will each offer FSCS protection up to £85k since they will operate two separate banking licences for the foreseeable future. This is similar to RBS and Natwest, who each have their own banking licence despite being both owned by Natwest

The wording in the Nationwide email is terrible as it seems to suggest that FSCS protection is per account rather than per banking licence. 

mebu60

uknick said:

"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?

Separate. For now. And quite a while I expect. 

lohr500

As far as I am concerned, if it brings an end to the complexity of different Virgin accounts with different sort codes and product offerings then it can only make things easier!!

So long as Nationwide continue the Virgin tradition of offering some market leading rates on savings and ISAs.

Eco_Miser

lohr500 said:

As far as I am concerned, if it brings an end to the complexity of different Virgin accounts with different sort codes and product offerings then it can only make things easier!!

I doubt that it will, in the short term.

Virgin couldn't integrate the Virgin (ex-Northern Rock) system, used for stand-alone savings products, with the CYBG system, used for current accounts and associated savings accounts. I doubt that Nationwide will do anything until they have decided how they are going to allocate their various target demographics between the bank and the building society.

subjecttocontract

Yea.....can't wait for the benefits.......higher savings rates, lower mortgage rates, special offers, more competitive products. How long before we start to see the benefits then ???

EssexHebridean

The main bone of contention for me with the Nationwide app is it's refusal to update to show transactions affecting account balances as you go along. This means if doing a bit of money shuffling - on payday for example - you have to keep a sort of running balance in your head as you go. Annoying! 

Anyway - best make the most of that Virgin Money reg saver now - I suspect we won't be seeing the likes of that again!