Virgin Money accounts moving to Nationwide

steven141

Saw this email the other day so thought I'd share as can't see it being discussed anywhere

https://www.virginmoney.com/nationwide-transfer

flaneurs_lobster

It's notification of the legal transfer of the business, it's relevant if you wish to object to the transfer which the court will rule on in April 2026.

Not sure if there's much to discuss.

friolento

I had not been aware that there is a court challenge outstanding.

EarthBoy

friolento said:

I had not been aware that there is a court challenge outstanding.

There isn't.  Reorganisations which transfer part, or all, of one bank's business to another bank/building society need court approval.

Altior

The right to set off is reasonably significant, though they say it won't be used for at least 12 months after the transfer completes, assuming it all goes as planned. Probably more relevant to the DFW board. There is an outside chance that someone has defaulted accounts with one of the original businesses, and a clean account in the other. 

WillPS

flaneurs_lobster said:

It's notification of the legal transfer of the business, it's relevant if you wish to object to the transfer which the court will rule on in April 2026.

Not sure if there's much to discuss.

It's also the date at which Virgin Money customers become members of Nationwide, which may or may not be relevant when it comes to next year's Fairer Share payment.

I note the FAQs link directly to the terms of this year's reward, which I would personally see as a hint that they intend to run a similar scheme next year inclusive of VM customers.

retiredbanker1

I have received an e-mail from VM stating that sort codes and account numbers will stay the same after the legal stuff has been passed.
Makes the title a little misleading.

dcs34

I think the only real point of interest is confirmation that FSCS protection for Nationwide and Virgin Money is being combined, so customers with £85k in each* might need to think about reducing their total down to £120k.

*Although based on the interest rates of both such a person probably wants a bit of shaking anyway...

flaneurs_lobster

dcs34 said:

I think the only real point of interest is confirmation that FSCS protection for Nationwide and Virgin Money is being combined, so customers with £85k in each* might need to think about reducing their total down to £120k.

*Although based on the interest rates of both such a person probably wants a bit of shaking anyway...

Might have a fair chunk in one of their their 4.x % Cash ISAs?

Altior

The chances of Nationwide falling over are probably not measurable.

retiredbanker1

Altior said:

The chances of Nationwide falling over are probably not measurable.

I once thought of Halifax like that - look what happened.