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 current accounts in the same way as you do today. There are no changes to sort codes, account numbers or any account features including the interest rate on your account. You can also carry on using the same sign-in details when you log into the Virgin Money Mobile Banking app or online banking. 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 below . 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 current account 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 current account questions answered
The FSCS provides compensation to individuals and qualifying businesses with eligible deposits (current accounts, currency accounts and savings) 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 up to £240,000 for joint accounts, 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 individuals 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.
Before the transfer, separate protection is in place for Virgin Money and Nationwide deposits. So, for example, if you have £70,000 of deposits with Virgin Money, and £65,000 of deposits with Nationwide, all of your £135,000 is protected.
After the transfer, this protection will apply to your total combined deposits between Virgin Money and Nationwide. So using the above example, £120,000 of your £135,000 of deposits will be protected, but £15,000 will not be protected.
You can find out more information about the FSCS at https://www.fscs.org.uk/ Link opens in a new window.
If you’d like to keep your current level of FSCS protection after the transfer, you can move some of your excess deposits (above the £120,000 limit) from your Virgin Money or Nationwide account to another bank or building society in order to bring you in line with the FSCS limit.
| For Current Accounts | You can withdraw your money at any time. |
|---|---|
| Currency Account | If you have a currency account, you can withdraw money to bring you within the FSCS limit without being charged. You’ll need to withdraw the money from your account between 24 February 2026 and 1 June 2026. Before and after this window, you might be charged. Your normal Terms will apply. |
If the transfer date changes we’ll make sure our website at virginmoney.com/nationwide-transfer has the latest information if that happens.
If you have deposits with 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 and confirm the new FSCS limit.
If you have a joint account, you’re covered up to £240,000. That’s because you’re covered for £120,000 per person and not per account.
You don’t need to move your money now. If you want to move money to bring your account(s) within the FSCS limit, your usual account Terms will apply.
Virgin Money and Nationwide will never ask you to move your money to a different account. If someone asks you to do this, it’s a scam. Stop all contact and call us right away using the number on the back of your card.
No. You can still carry on using your Virgin Money debit card. Your PIN and account number won't change either.
You’ll still use any Virgin Money apps or online banking you use right now and virginmoney.com to manage your account(s) online.
The transfer won’t change the way you use your account(s). 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 tell you what’s happening, explain what it means and make it as straightforward as we can.
No. You can still carry on using your Virgin Money debit card. Your PIN and account number won't change either.
Yes. Any payments you make will still show as coming from ‘Virgin Money’.
Yes. As a Virgin Money customer, you can still go to the Post Office to pay in or withdraw your money using your debit card.
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.
