Moving Virgin Money account to Nationwide

Taylortwocities2

As you may remember, Nationwide is taking over Virgin Money.   I have a Virgin account and, eventually it seems, the Virgin accounts will be subsumed into Nationwide and - I guess - become Nationwide accounts.
At the moment though - and this is what  I am doing - Nationwide pay £175 (conditions apply) if you move your current account to them from another bank.  And those banks still includes Virgin Money!
I believe that the £175 deal may not last forever.     So, time to switch your Virgin account to Nationwide and grab that £175,  it wont be there forever and certainly not when Nationwide formally migrate Virgin accounts as part of the takeover.

WillPS

The £175 switch bonus when launched soon after the transaction to takeover completed. There will be more and there is always a way of getting them if you meet the other eligibility requirements (i.e. you haven't received a bonus since x).

There are good reasons to switch and not to - it's worth noting that Virgin Money support Post Office deposits and digital cheque deposits, while Nationwide support neither. It's not outside the realms of possibility that the accounts will never be completely mutualised, and will continue to exist with differing features and terms (even if the platform is).

Look before you leap.

eskbanker

Taylortwocities2 said:

I believe that the £175 deal may not last forever.     So, time to switch your Virgin account to Nationwide and grab that £175,  it wont be there forever and certainly not when Nationwide formally migrate Virgin accounts as part of the takeover.

To be fair, the nature of all switching incentives is that they don't last forever!  So, anyone seeing an offer that tempts them should always go for it at the earliest opportunity, regardless of any corporate activity in the background, although full Nationwide/VM integration is likely to be many years off if VM's inability to integrate its own acquisitions is anything to go by....

Rob5342

It's always better to choose an account on its own merits and have a secondary account you switch to get the bonus. I switched a spare account to Nationwide to get the switching bonus a little while ago but they are hopelessly old fashioned and I could never use them for my main account. 

Eco_Miser

I doubt that Clydesdale Bank, currently trading as Virgin Money, will ever be amalgamated with Nationwide Building Society, even if they eventually manage to get all their accounts running on the same platform. One's a bank and the other is a building society, and keeping them separate gives their owners the best of both worlds.

LightKnow

I have question to add

Say the switch happens in sense there no longer two providers 

If people got shares with vigin money plus savings with better rates etc 

I don't see how they manage a full merger, like with shares as e.g would be have to sell them ? Will they be kept with virgin money untill nationwide has something like it , which could take couple years?

eskbanker

LightKnow said:

I have question to add

Say the switch happens in sense there no longer two providers 

If people got shares with vigin money plus savings with better rates etc 

I don't see how they manage a full merger, like with shares as e.g would be have to sell them ? Will they be kept with virgin money untill nationwide has something like it , which could take couple years?

I don't really understand the question - are you asking what happens to those with investments held in a VM investment account?  If so, it's unclear why anything would change at all, given that Nationwide don't offer investments, unless they eventually took a decision to cease offering that sort of product under the VM name....

LightKnow

eskbanker said:

LightKnow said:

I have question to add

Say the switch happens in sense there no longer two providers 

If people got shares with vigin money plus savings with better rates etc 

I don't see how they manage a full merger, like with shares as e.g would be have to sell them ? Will they be kept with virgin money untill nationwide has something like it , which could take couple years?

I don't really understand the question - are you asking what happens to those with investments held in a VM investment account?  If so, it's unclear why anything would change at all, given that Nationwide don't offer investments, unless they eventually took a decision to cease offering that sort of product under the VM name....

Sorry bad wording but yes what you answerd was basically wat I was asking, 

Thank you 

WillPS

Every indication is that Clydesdale Bank plc will continue with a separate license under Nationwide ownership (albeit with another rebrand by the end of 2030). We have less indications with Coventry BS's intentions for Co-op Bank but I imagine it'll be a similar story, possibly without the need for a rebrand.

Investment Accounts is a great example of a product that sits more naturally with a bank than a building society.