High Court approves Nationwide acquisition of Virgin Money - change to FSCS cover

friolento

Approval granted on February 23 2026 and currently expected to be effective from 2 April 2026 (the transfer date).

There is an extensive Q&A on https://uk.virginmoney.com/nationwide-transfer/questions/#q1-will-the-transfer-affect-my-deposit-protection-under-the-financial-services-compensation-scheme-

In summary, almost everything will continue to run for customers / members without change for some considerable time, with one huge short term exception: There will be only one FSCS protection of £120k per person from the transfer date, across your Virgin and Nationwide accounts.

Yorkie1

I rececived an email from Virgin today, in relation to my ISA with them, confirming a Change in ISA Manager, and the above effective date.

All sort codes, log ins etc stay the same.

Deadline of 19 March for any transfer (out) requests to be received and activated before 2 April.

Interestingly, they did not mention the overall FCSC protection would be merged with NW. (I'm not saying your post is inaccurate, @friolento, but just that Virgin didn't think to mention it).

Ch1ll1Phlakes

Just adding onto @friolento's post with the Nationwide side. "Once the transfer completes, your total combined deposits will be covered up to £120,000 per person, or £240,000 for joint accounts – with Nationwide and Virgin Money."

Bringing Nationwide and Virgin Money together | Nationwide

friolento

https://forums.moneysavingexpert.com/discussion/comment/81899491#Comment_81899491

That's right, £120k per person.

Eco_Miser

Yorkie1 wrote at Today at 6:46PM
Interestingly, they did not mention the overall FCSC protection would be merged with NW. (I'm not saying your post is inaccurate, @friolento , but just that Virgin didn't think to mention it).

Probably because that email is a regulatory communication about change of ISA Manager.

They do say

For more information about the transfer of Virgin Money to Nationwide, visit virginmoney.com/nationwide-transfer

friolento

https://forums.moneysavingexpert.com/discussion/comment/81899482#Comment_81899482

I think it's pretty unforgivable that they didn't mention the change in FSCS protection in that email (which I had also received). Although they do provide links which tell us about the change………