MSE News: Virgin Money to be bought by CYBG - what it means for you

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Former_MSE_Rosie
Former_MSE_Rosie Posts: 105 Forumite
I've been Money Tipped! Newshound! Best Buy Bear
in Budgeting & bank accounts
CYBG, the owner of Clydesdale and Yorkshire Banks, has agreed to buy Virgin Money for £1.7bn in a deal that will eventually see all of its retail customers moved to the Virgin Money brand - but there are no changes yet for existing customers...
Read the full story:
'Virgin Money to be bought by CYBG - what it means for you'
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Comments

  • Zanderman
    Zanderman Posts: 4,683 Forumite
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    edited 18 June 2018 at 5:55PM
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    So, 'what it means for you' is either 'nothing' or 'we don't know yet'

    This is the sort of reporting that Private Eye would put under its' 'Going Live' heading - poking fun at TV news that live-streams a reporter who actually has nothing to report.

    The pre-existing thread on the story, unreferenced (as usual!) in the official MSE version of the story (or even this official MSE thread) is here: https://forums.moneysavingexpert.com/showthread.php?t=5857614

    (Sorry MSE Rosie, not getting at you personally!)
  • robin58
    robin58 Posts: 2,802 Forumite
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    The editorial on MSE is getting like reading the Daily Mail Money section.

    A lot of words but no subsistence in what being reported.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • stclair
    stclair Posts: 6,844 Forumite
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    The answers may be embedded in here somewhere.

    https://uk.virginmoney.com/virgin/investor-relations/offer-from-cybg/offer-from-cybg-information/
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • GlamGirlie
    GlamGirlie Posts: 432 Forumite
    Debt-free and Proud!
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    So no updates on this then?
    I am employed as a manager in a financial services institution. My views are entirely my own.
  • zerog
    zerog Posts: 2,478 Forumite
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    GlamGirlie wrote: »
    So no updates on this then?

    Received the following email this morning:
    At Virgin Money, we’ve made no secret of our ambition to make banking better. From our award-winning products and services, to Virgin Money Lounges and our fundraising website, Virgin Money Giving – we’ve always strived to be a different kind of bank.

    Now we’re joining forces with Clydesdale and Yorkshire Bank to make things even better. Together, we’ll create the 6th biggest bank in the UK with around 6 million customers – ready to give the bigger banks a run for their money.
    Thumbs up
    Great news for customers
    Our customers always come first. By joining forces, we’re better placed than ever to help local communities and businesses by offering superior products and services, and ultimately a better banking experience than ever before. We'll take the time to get it right and nothing will happen overnight. So for now just sit back, relax and look forward to the exciting possibilities coming your way.

    Cup of tea
    You don't need to do anything
    Right now, there’s nothing you need to do. There’ll be no new account numbers. No new pins. No new phone numbers. You don’t need to call anyone or change any account details. All these things will stay the same. When things do change we'll contact you in plenty of time to let you know what's happening.

    If you have savings with Clydesdale Bank, Yorkshire Bank or B, and Virgin Money then your Financial Services Compensation Scheme protection level isn’t affected at all by the two businesses coming together. If this changes, we’ll write to let you know.

    Not sure if the last sentence means that it might change.
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