Virgin to merge with Clydesdale & yorkshire

Just been announced on 5live
Headquarters to be in Glasgow
No.79 save £12k in 2020. Total end May £11610
Annual target £24000
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  • frugalmacdugal
    frugalmacdugal Posts: 10,077
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  • Doshwaster
    Doshwaster Posts: 6,131
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    Interesting news. I recently moved my mortgage from Yorkshire to Virgin Money. Looks like it will be moving back.
  • Steve_xx
    Steve_xx Posts: 6,970
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    It may spell the end of Virgin's half decent, by todays standards, regular saver products. So I guess I'm not in favour of a merger.
  • AndyPK
    AndyPK Posts: 4,241
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    Clydesdale have had good savings products previously.
  • Kleb
    Kleb Posts: 8 Forumite
    So 2 x £85000 FSCS limits will be reduced to 1.

    I have large, multi-year cash ISAs with each bank and numerous RS's with Virgin - I'm going to break through the limit by quite a margin. Looks like I'm going to be searching for a new home for some of my stash.
  • eskbanker
    eskbanker Posts: 30,411
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    Kleb wrote: »
    So 2 x £85000 FSCS limits will be reduced to 1.

    I have large, multi-year cash ISAs with each bank and numerous RS's with Virgin - I'm going to break through the limit by quite a margin. Looks like I'm going to be searching for a new home for some of my stash.
    Do you need to be keeping significantly more than £85K in cash form though, i.e. when's it likely to be needed?
  • ColdIron
    ColdIron Posts: 8,904
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    Kleb wrote: »
    So 2 x £85000 FSCS limits will be reduced to 1
    Not necessarily. Bank of Scotland is part of LBG but has it's own licence. Same with NatWest and RBS
  • hoc
    hoc Posts: 556
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    Not surprised, their rates haven't been as competitive recently for a supposed challenger bank and lost some major investor backing a few years ago. Shame as they offered good savings accounts.
  • eskbanker
    eskbanker Posts: 30,411
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    ColdIron wrote: »
    Not necessarily. Bank of Scotland is part of LBG but has it's own licence. Same with NatWest and RBS
    Indeed, but, in this case, according to that BBC piece:
    Under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.
    which suggests that all customers will be within the same licence.
  • I have a few savings accounts with Virgin Money, be interesting to see the merger progress.
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