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

Virgin Money currently has just over 3.3 million customers, and the new combined bank will have around six million customers in total. It'll take around three years for everyone to be moved to the Virgin Money brand though, and there are no changes right now for customers of either bank.

For full info on choosing a bank account and our top picks, see our guide.

What's changing?

Unfortunately we don't yet have much detail - neither CYBG or Virgin Money have given any specifics on how customers or products might be affected further down the line.

The deal is expected to be completed during the final quarter of 2018, subject to approval from shareholders and regulators the Financial Conduct Authority and the Competition and Markets Authority.

The announcement states that the deal will "create the UK's first true national competitor to the large incumbent banks".

It's not yet clear how Financial Services Compensation Scheme (FSCS) protection will be affected.

Currently up to £85,000 you save with Virgin Money AND up to £85,000 you save with Clydesdale Bank, Yorkshire Bank and its digital brand B, is protected. But we don't know if in due course only a total of £85,000 across all the brands will be protected.

A spokesperson for Virgin Money said that if there were any changes, customers would be given at least three months' notice.

For details on the current best-buy credit cards, loans, current accounts and savings, check out our Cards & Loans and Banking & Savings sections.