Deciding who to trust with your money can be tricky. You work hard for your living, you want to know that it’s in a safe place. The sheer volume of high street banks, each proclaiming to be better than the last, can be daunting, and no amount of scrolling through Martin Lewis’ website can fix that. Choosing between banks is about to get a little easier though, as Virgin Money is set to disappear from UK high streets.
Nationwide has reached a deal with Virgin Money to buy it out for £2.9 billion. If you’re currently with Virgin Money, don’t worry. Materially, at least for now, nothing will change for you. Nationwide has even stated that it won’t change the branding abruptly, meaning you’ll have the next six years to get used to calling yourself a proud Nationwide member.
If you want to know all the details about why the bank has had to sell out and what it will mean for staff and customers, you’ve come to the right place. Here’s everything you need to know about Virgin Money disappearing from UK high streets.
Why is Virgin Money disappearing from UK high streets?
Virgin branding comes with a hefty price tag. The short explanation is that buying the company Virgin Money, including all its assets and stocks, is a lot cheaper to do if Nationwide leaves the brand name behind. Virgin Money, which is actually owned by Clydesdale bank, essentially rents the title from the Virgin Group for about £15 million a year.
What will happen to Virgin Money branches?
In the short term, nothing. Any branches that were already planned to close will still do so, but Nationwide plans to keep all existing stores open until at least 2026, and aims to keep all 7300 members of staff on too. In the long term things are less clear.
Who is buying Virgin Money?
Nationwide Building Society is a UK bank, and once this deal is finalised it will be the second largest provider of mortgages and savings accounts in the country.
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