CYBG, the owner of Clydesdale and Yorkshire Banks, has agreed to buy Virgin Money for 1.7bn in a deal that will eventually see all of its retail customers moved to the Virgin Money brand - but there are no changes yet for existing customers.

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.

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Martin Lewis
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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.

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