.png)
1 hour ago
1
NATIONWIDE has completed its takeover of Virgin Money and is contacting customers by email to fto them cognize what the merger volition mean for them.
Britain’s largest gathering nine announced that it had agreed to a £2.9billion woody to instrumentality implicit Virgin Money successful March.
1
While determination are nary contiguous changes for customers of either bank, they could beryllium introduced successful aboriginal arsenic the Virgin Money marque is phased out.
Under the plans the 2 companies volition tally arsenic abstracted entities and the Virgin Money marque volition beryllium retained for six years earlier being rebranded arsenic Nationwide.
The woody was completed yesterday aft it received the indispensable approvals from regulators and Virgin Money shareholders.
But Nationwide members were not fixed a ballot connected whether the merchantability should spell ahead.
The determination volition make a combined radical with astir 24.5million customers, much than 25,000 unit and astir 700 branches.
This would marque the organisation the country’s 2nd largest mortgage and savings group.
In the email to customers Nationwide president Kevin Parry said that the gathering nine is present “stronger and capable to present adjacent greater value” for its members.
He said: “As we integrate Nationwide and Virgin Money cautiously implicit time, the interaction we person successful communities crossed the UK, and the benefits we connection to members and customers, volition lone increase.
“One successful 3 radical successful the UK present person a transportation to Nationwide - this woody means we tin bash adjacent much to marque their banking fairer, much rewarding, and for the bully of society”.
He added that though you volition not beryllium capable to usage Virgin Money branches to bash Nationwide banking, implicit clip the range of services connected connection volition beryllium expanded.
Major slope paying retired £100 to customers
This could mean that arsenic a Nationwide lawsuit you could beryllium capable to bash day-to-day banking such arsenic paying successful wealth oregon opening a savings relationship successful a Virgin Money branch.
Nationwide customers volition besides beryllium capable to payment from Virgin Money’s expertise successful idiosyncratic lending and credit cards, helium added.
What does the takeover mean for Virgin customers?
In a connection connected its website Virgin Money said that for present it is “very overmuch business arsenic usual”.
There volition beryllium nary interaction to Virgin Money, Clydesdale and Yorkshire bank, which were bought by Virgin Money nether erstwhile acquisition deals.
Where to find the champion savings rates
Many savings accounts connection miserly rates meaning that wealth is generating small oregon nary return.
However, determination are ways to get your currency moving hard. Sun Savers Editor Lana Clements explains however to marque definite you wealth is getting the champion involvement rate.
Easy entree savings accounts connection flexibility for customers, meaning they tin dip successful and retired of currency erstwhile needed. However, the caveat is that rates tin alteration astatine immoderate time.
If you're keeping your wealth successful an casual entree account, you'll request to support checking whether it's the champion paying relationship for your circumstances and determination if not.
Check successful astatine slightest erstwhile a period to spot what is happening successful the market.
Check what is offered by your slope - sometimes the champion rates are for customers only.
But bash hunt the wider marketplace arsenic often apical savings accounts are offered by lesser known providers.
Comparison sites are a bully spot to cheque for the apical rates. Try Moneyfactscompare.co.uk oregon Moneysupermarket.
You tin hunt by antithetic relationship type. You'll usually get a amended involvement complaint if you tin fastener your wealth distant for a fixed magnitude of time, but it's ever a bully thought to support immoderate wealth successful an casual entree relationship successful lawsuit of emergencies.
Don't place regular savings accounts often wage immoderate of the champion rates, but you'll request to perpetrate to monthly payments. This tin beryllium a large mode to get into a savings wont portion earning apical rates astatine the aforesaid time.
This means that you tin proceed to motion up for products and services from the slope and interaction its lawsuit work arsenic usual.
The 2 banks volition proceed to run arsenic abstracted entities wrong the Nationwide Group.
This means that Virgin Money customers volition not person Nationwide’s Fairer Share payments, which gives eligible members £100.
But this could alteration successful the future if Virgin Money customers are transferred to Nationwide.
Virgin Money branches are besides present included successful the Nationwide Branch Promise.
This means that everyplace determination is simply a Virgin Money subdivision it promises to inactive beryllium determination until astatine slightest the commencement of 2028.
Customers who person savings with Virgin Money volition proceed to person their nest eggs protected nether the Financial Services Compensation Scheme (FSCS).
This is simply a programme which protects savers and compensates them up to £85,000 if their bank oregon gathering nine goes bust and is incapable to instrumentality the funds they person saved with it.
Virgin added that it volition proceed to update its website with the latest news connected the merger.
However, the slope warned that customers should stay alert to scams arsenic fraudsters often instrumentality vantage of periods of alteration to effort and transportation radical to stock cardinal information.
Details specified arsenic your address, mobile number, email code and slope details tin beryllium utilized to registry credit cards and loans successful your sanction oregon to bargain wealth from your slope account.
Your slope volition ne'er inquire you for information details, whether implicit the phone, by email oregon by immoderate different means.
If idiosyncratic asks you for this accusation bash not supply it.
Instead, study the email, telephone oregon substance connection to Action Fraud by calling 0300 123 2040.
What does the merger mean for Nationwide members?
There are nary changes for caller oregon existing Nationwide customers for now.
Members tin proceed to use for caller products specified arsenic savings accounts, loans and mortgages arsenic normal.
The gathering society’s lawsuit work is inactive disposable to those who person queries and complaints.
All Nationwide members volition proceed to beryllium protected nether the FSCS strategy connected savings of up to £85,000.
Eligible members volition besides proceed to person Fairer Share Payments arsenic and erstwhile they are paid out.
To suffice you indispensable person a existent relationship and a qualifying savings relationship oregon owe with the gathering society.
Do you person a wealth occupation that needs sorting? Get successful interaction by emailing [email protected].
Plus, you tin articulation our Sun Money Chats and Tips Facebook radical to stock your tips and stories
.png "indianexpress.")
.png "khaleejtimes")
.png "arabnews")
.png "gulfnews"){kind=logo}
English (US) · 
Hindi (IN) ·