In October 2024, Virgin Money and Nationwide Building Society became part of the same group.
Virgin Money is currently a separate entity from Nationwide. To bring the two businesses together, we’re transferring the business of Virgin Money over to Nationwide. As long as the Court approves the transfer, we expect this to happen on 2 April 2026.
The transfer of Virgin Money’s business to Nationwide is the next step in combining the two businesses, working for the benefit of our customers and members to create a mutually owned, full-service organisation.
We’ll be working behind the scenes to make the transfer as smooth and seamless as possible. The transfer won’t change your day-to-day banking, and you can continue to manage your Virgin Money business and/or charity accounts in the same way as you do today.
There are no changes to any of your account details including your account number, sort code, your PIN, or any of your account features. You can also carry on using the same sign-in details when you log into Business Internet Banking or your Mobile Banking app. Following the transfer, your Terms will be updated to reflect Nationwide being your account provider.
As we bring the two businesses together after the transfer, we may make some changes. If a change impacts you, we’ll give you plenty of notice and explain what it means to you.
How your FSCS protection is affected
The Financial Services Compensation Scheme (FSCS) provides compensation to individuals, qualifying businesses and charities with eligible deposits (savings, currency and current accounts) held in a UK bank or building society account in the event the bank or building society should fail. It protects eligible deposits up to £120,000 per person, (or qualifying business or charity) across all savings and current accounts they hold in one regulated bank or building society (this is per person and not per account). For now, this means that you can have up to £120,000 protected in your accounts with Virgin Money and up to another £120,000 protected in accounts with Nationwide.
When Virgin Money’s business transfers to Nationwide (which we expect to happen on 2 April 2026), this protection will apply to your total combined deposits with Virgin Money and Nationwide, up to a total of £120,000.
Objecting to the transfer
If you think the proposed transfer will have an impact on you, you have the right to object. You can call, email or write to us, and we will forward your objection to the Court if it’s easier for you. Or you can object directly, either by going to the Court hearing in person or by sending a legal representative to speak for you. See the 'How to contact us?' section below on how to get in touch.
We’d be grateful if you, and anyone else with an interest in the transfer, could take a few minutes to read our questions and answers. They include some important information to help you understand what the transfer means for you and how to object if you want to.
In October 2024, Virgin Money and Nationwide Building Society became part of the same group.
Virgin Money is currently a separate entity from Nationwide. To bring the two businesses together, we’re transferring the business of Virgin Money over to Nationwide. As long as the Court approves the transfer, we expect this to happen on 2 April 2026.
The transfer of Virgin Money’s business to Nationwide is the next step in combining the two businesses, working for the benefit of our customers and members to create a mutually owned, full-service organisation.
We’ll be working behind the scenes to make the transfer as smooth and seamless as possible. The transfer won’t change your day-to-day banking with us if you apply for a business and/or charity product but as we bring the two businesses together after the transfer, we may make some changes. If a change impacts you, we’ll give you plenty of notice and explain what it means to you.
Following the transfer, your Terms will be updated to reflect Nationwide being your account provider.
How your FSCS protection is affected
The Financial Services Compensation Scheme (FSCS) provides compensation to individuals, qualifying businesses and charities with eligible deposits (savings, currency and current accounts) held in a UK bank or building society account in the event the bank or building society should fail. It protects eligible deposits up to £120,000 per person, (or qualifying business or charity) across all savings and current accounts they hold in one regulated bank or building society (this is per person and not per account). For now, this means that you can have up to £120,000 protected in your accounts with Virgin Money and up to another £120,000 protected in accounts with Nationwide.
When Virgin Money’s business transfers to Nationwide (which we expect to happen on 2 April 2026), this protection will apply to your total combined deposits with Virgin Money and Nationwide, up to a total of £120,000.
Objecting to the transfer
If you think the proposed transfer will have an impact on you, you have the right to object. You can call, email or write to us, and we will forward your objection to the Court if it’s easier for you. Or you can object directly, either by going to the Court hearing in person or by sending a legal representative to speak for you. See the 'How to contact us?' section below on how to get in touch.
We’d be grateful if you, and anyone else with an interest in the transfer, could take a few minutes to read our questions and answers below. They include some important information to help you understand what the transfer means for you and how to object if you want to.
Your business and charity questions answered
You won’t notice any difference in your day-to-day banking. We’re working hard behind the scenes to make the changeover as smooth as possible, so everything will feel the same as it does now. Your account(s) will still be ‘Virgin Money’ branded for now, and our contact details will stay the same.
Your sort codes, account numbers and any account features will stay the same. We will not be issuing you with a new card (unless your current card has reached its expiry date), and you can carry on using the same sign-in details when you log into the Virgin Money Mobile Banking app or online banking. Our web addresses will also stay the same.
The transfer won’t affect the way you use your account, but as we bring the two businesses together, we may make some changes to our Terms, processes or IT systems. This will happen gradually. And, if we make a change that impacts you, we’ll always give you plenty of notice, explain what it means and make it as straightforward as we can.
Fraudsters often try to take advantage of times of change like this. We’ll never ask you for security details over the phone or by email. So, if someone gets in touch and asks you to share financial details or move your money, it’s a scam. Stop all contact and call us. You can find our number at virginmoney.com/report-fraud.
The transfer doesn’t change the interest rate on your account.
Yes. The transfer won’t change any of your sort codes, account numbers or account features, so Direct Debits and standing orders will stay as they are right now.
Fraudsters often try to take advantage of times of change like this. We’ll never ask you for security details over the phone or by email. So, if someone gets in touch and asks you to share financial details or move your money, it’s a scam. Stop all contact and call us. You can find our number at virginmoney.com/report-fraud.
No. The transfer won’t change the way you use your account(s). But after the transfer, we may make some changes to our Terms, processes or IT systems. For example, if you use our digital services, in the future we may ask you to download a new mobile app.
This will happen gradually. And, if we make a change that impacts you, we’ll always tell you what’s happening, explain what it means and make it as straightforward as we can.
No. The transfer won’t change the Terms on your business borrowing. Your term, interest rate, payments, sort codes, account numbers and account features will all stay the same.
No. The transfer won’t make any difference to how you manage your business borrowing, including how you make payments. If you have any payment arrangements with Virgin Money, keep the payments up as normal.
Fraudsters often try to take advantage of times of change like this. We’ll never ask you for security details over the phone or by email. So, if someone gets in touch and asks you to share financial details or move your money, it’s a scam. Stop all contact and call us. You can find our number at virginmoney.com/report-fraud.
No. There are no changes to how your Business Credit Card will work. Your card will keep working just like it does today. Your PIN won’t change either.
No. If you have a named relationship manager, this won’t change as part of the transfer.
The FSCS provides compensation to individuals and qualifying businesses with eligible deposits (savings and current accounts) held in a UK bank or building society account in the event the bank or building society should fail. It protects eligible deposits up to £120,000 per person or qualifying business across all savings and current accounts they hold in one regulated bank or building society. For now, this means that you can have up to £120,000 protected in your account(s) with Virgin Money and up to another £120,000 protected in accounts with Nationwide.
When Virgin Money’s business transfers to Nationwide (which we expect to happen on 2 April 2026), this protection will apply to your total combined deposits with Virgin Money and Nationwide, up to a total of £120,000.
To check if your business deposits are eligible for FSCS protection, visit fscs.org.uk Link opens in a new window. Some types of business deposit are excluded from the scheme no matter which bank or building society holds the account and those deposits don’t get FSCS protection.
If you have FSCS eligible deposits with both Virgin Money and Nationwide and you’d like to keep your current level of FSCS protection after the transfer, you can move any excess money (above the £120,000 limit) to another bank or building society in order to bring you in line with the FSCS limit. If you have deposits with both Virgin Money and Nationwide and are going to be over the FSCS limit, we’ll be in touch in February 2026 to explain your options.
If you have deposits in both Virgin Money and Nationwide, and will be over the FSCS limit:
| For Business Current Accounts and Instant Access Accounts (including M Account for Business) | You can withdraw your money at any time. |
|---|---|
| For Business Fixed Rate Savings Account, Business Term Deposit and Business Currency Account | You can withdraw money to bring you within the FSCS limit without being charged (even if the account hasn’t matured yet). You don’t need to give us notice, but you’ll need to withdraw the money from your account between 24 February 2026 and 1 June 2026. Outside this window, you might not be able to withdraw your money until maturity, or you might be charged if you withdraw your money. This depends on your usual Terms. If the transfer date changes this window will also move, but we’ll make sure our website at virginmoney.com/nationwide-transfer has the latest information if that happens. |
| For Business Notice Accounts | You can withdraw money to bring you within the FSCS limit. You don’t need to give us notice, but you’ll need to withdraw the money from your account between 24 February 2026 and 1 June 2026. Outside of this window, you will need to provide notice in line with your Terms. If the transfer date changes this window will also move, but we’ll make sure our website at virginmoney.com/nationwide-transfer has the latest information if that happens. |
Virgin Money and Nationwide will never ask you to move your money to another account. If someone does, it's a scam. Stop all contact immediately and call us using the number on the back of your card, or you can find our number at virginmoney.com/contact/business
If your combined deposits are going to be over the FSCS limit, we’ll be in touch in February 2026 to explain your options. We’ll also let you know what you can do if you feel you have been financially disadvantaged because of your withdrawal. If you are affected, you can contact us from 24 February 2026.
You may want to speak to a financial adviser before you take your money out of any of your accounts. You can find one in your area at opens in a new window unbiased.co.uk Link opens in a new window
Yes. Please see opens in a new window Q35-40 in the 'General' section on the main FAQ page for more information about how the transfer impacts your existing rights.
Staying safe and avoiding fraud
Fraudsters often take advantage of times of change to try and persuade people to transfer money or share personal or financial information.
Your sort code and account number aren't changing. Virgin Money or Nationwide will never ask you to move your money to another account or to change any Direct Debits or standing orders. We'll also never ask you for security details over the phone, by email or by text, so if someone does - please don't share this information with them.
Please be extra vigilant if you're contacted by phone, email or text from someone claiming to be from Virgin Money or Nationwide, asking you to take action.
If you're worried that you might have been targeted, call us straight away - ideally from another phone if possible. Report suspected fraud.
We'll do everything we can to help. You can keep up to date with the latest fraud and scams impacting customers - and learn how to stay safe - by visiting our fraud awareness section.
