Martin Lewis' MSE issues warning to Nationwide and Virgin Money customers

Nationwide has completed its takeover of Virgin Money, the MoneySavingExpert.com squad has warned customers, aft the woody was archetypal announced earlier this year

Martin Lewis and his MoneySavingExpert.com squad has revealed that Nationwide has finalised its takeover of Virgin Money.

While determination are nary contiguous changes, they could beryllium connected the horizon. The update was issued to Nationwide customers, who beryllium to the UK's largest gathering society, by the BBC Sounds and ITV star's MSE team. MSE said: "Nationwide has completed its takeover of Virgin Money, meaning the bank's savers and borrowers could go members of the gathering nine successful future.

"The Virgin Money marque volition besides beryllium phased retired yet though there's NO alteration for caller oregon existing customers of either marque for now." The deal, archetypal announced earlier this year, was formally completed connected October 1 aft receiving the indispensable approvals from regulators and Virgin Money shareholders.

Some Nationwide members were unhappy with the program to takeover Virgin Money and had petitioned for a ballot connected whether the merchantability should instrumentality spot though Nationwide has maintained that a subordinate ballot was not required and that the woody volition marque it "stronger"."

There are nary changes for caller oregon existing Nationwide oregon Virgin Money customers for now. Virgin Money customers whitethorn yet beryllium moved to Nationwide. MSE said: "This won't hap for astatine slightest a year, and we don't yet cognize which customers volition beryllium transferred oregon what the process volition involve."

Chris Rhodes, CEO of Virgin Money, expressed his enthusiasm astir the aboriginal collaboration with Nationwide, saying: "We're excited astir our aboriginal arsenic 2 purpose-driven businesses with a shared extremity of supporting our customers, colleagues and communities. Virgin Money Stores are present included successful Nationwide's Branch Promise. This means that everyplace determination is simply a Virgin Money Store, we committedness to inactive beryllium determination until astatine slightest the commencement of 2028."

He besides reassured customers by adding: "For now, it's precise overmuch concern arsenic accustomed there's nary interaction to Virgin Money (or Clydesdale and Yorkshire Bank) products and services. Customers who person savings with some Virgin Money and Nationwide volition proceed to payment from the maximum extortion offered by the Financial Services Compensation Scheme connected each of their Virgin Money and Nationwide accounts."