Virgin Money accounts moving to Nationwide

Altior

retiredbanker1 said:

Altior said:

The chances of Nationwide falling over are probably not measurable.

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

Retail banking was effectively a front for gambling in the banks impacted by the GFC.

Nationwide obviously has a completely different model of operating, a mutual of course and is so cash rich it can divide out excess profits to the members, currently. It also only operates in the domestic market.

It wouldn't be allowed to fail anyway, but that's unlikely to be tested with almost £30 billion in cash alone, as declared on the 2025 AR.  

wmb194

Altior said:

retiredbanker1 said:

Altior said:

The chances of Nationwide falling over are probably not measurable.

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

Retail banking was effectively a front for gambling in the banks impacted by the GFC.

Nationwide obviously has a completely different model of operating, a mutual of course and is so cash rich it can divide out excess profits to the members, currently. It also only operates in the domestic market.

It wouldn't be allowed to fail anyway, but that's unlikely to be tested with almost £30 billion in cash alone, as declared on the 2025 AR.  

As announced in its interim results this morning, cash balances have increased to £35bn on 30/09/25 and a 18.4% CET1 capital ratio which is pretty solid though down on the, IIRC, 25% CET1 it had prior to buying Virgin Money.

https://www.nationwide.co.uk/about-us/governance-reports-and-results/results-and-accounts/

Confused_Dog

The 2nd April 2026 date will be significant for those with a savings or current account with Virgin Money, who are not currently members of Nationwide or were members of the various societies Nationwide have took over (of which there are many).   It would be the day you become a member so you would need to have at least £100 in a current/savings account to be a member.  2nd April also sounds like the day if they announce whether there will be a "Fairer Share" payment, how much it might be and the eligibility criterion.

If you are a Virgin Money customer but might have had an account with one of the societies that merged into Nationwide like Anglia, Portman or Derbyshire and you've got some old paperwork like an old  passbook or savings statement, no harm in doing a Dormant account search through the https://www.mylostaccount.org.uk/ service; might uncover a lost pot in time for Christmas....