Nationwide completes takeover of Virgin Money – here's what it means for you

The deal, first announced earlier this year, was formally completed on 1 October 2024 after receiving the necessary approvals from regulators and Virgin Money shareholders.

Some Nationwide members were unhappy with the plan to takeover Virgin Money and had petitioned for a vote on whether the sale should take place – though Nationwide has maintained that a member vote was not required and that the deal will make it "stronger".

Nationwide or Virgin Money customer? What the sale means for you

Here are the key need-to-knows:

• There are NO changes for new or existing Nationwide or Virgin Money customers for now. This means you can continue to use or sign up for products and services from both firms as normal. You can also contact Nationwide's customer services and Virgin Money's customer services with any queries or complaints as usual.

• Virgin Money customers may eventually be moved to Nationwide. This won't happen for at least a year, and we don't yet know which customers will be transferred or what the process will involve. All Nationwide has said is that it will "consider options" for moving customers across "over the medium to long term". We've asked both providers for more details and will update this story when we know more.
  
  In the meantime, the two lenders will continue to operate as separate brands within the Nationwide Group. This also means Virgin Money customers won't be eligible for any payments under Nationwide's Fairer Share scheme for the time being – though this could change in future if and when Virgin Money customers are transferred to Nationwide.

• Your savings remain protected as before. The UK's Financial Services Compensation Scheme (FSCS) protects up to £85,000 that you save per UK-regulated financial firm (not per account). If you have savings with both Nationwide and Virgin Money, you'll continue to have the maximum protection with both firms (up to a combined total of £170,000) as they're continuing to operate separately for now.
  
  We asked Virgin Money if the protection savers get under the FSCS will change if its customers are switched to Nationwide. It couldn't tell us at this stage, but it said that it would let customers know about any changes "with appropriate notice".

• Nationwide's 'Branch Promise' will now also apply to Virgin Money. Nationwide has promised to retain a branch wherever it already has one until the start of 2028. This now includes Virgin Money's 91 branches – however, if Virgin Money has already approved branch closures, these will still go ahead as planned.
  
  See our Local bank branch alternatives guide for where to access cash, deposit cheques, and get face-to-face advice.

Check you're getting the best deals

Even though nothing is changing for customers and members for now, it's still worth checking you're getting the best possible deal on your banking products and services. See our guides on:

• Best bank accounts

• Top savings accounts

• Top cash ISAs

• Cutting existing loan costs

• Shifting credit card debt to 0%

• Cheap insurance

• Mortgage best buys

Before switching, remember to check for any exit fees or penalties.

Additional reporting by the Press Association.