Introduction
The transfer of Virgin Money’s business to Nationwide was approved at a Court hearing on 23 February 2026 and the transfer is expected to happen on 2 April 2026.
This page offers the answers to questions you may have about your protection under the Financial Services Compensation Scheme (FSCS). There’s a section of general questions, plus sections covering each kind of account you could have with us.
You can find out more about the transfer at virginmoney.com/nationwide-transfer.
At a glance
From 2 April 2026, Virgin Money and Nationwide will be treated as one provider under the Financial Services Compensation Scheme (FSCS).
If you have more than £120,000 of combined deposits with Virgin Money and Nationwide, it’s important you know that not all of your money will be protected under the FSCS.
You should consider moving some money if you want full protection under the FSCS.
To make it clear what we’re saying on this page, here are some of the terms we use and what we mean when we use them:
| Term | Meaning |
|---|---|
| Virgin Money/we/our/us | When we say ‘Virgin Money’, ‘we’, ‘our’ or ‘us’, we mean Clydesdale Bank PLC, which trades under the names ‘Virgin Money’, ‘Clydesdale Bank’ and ‘Yorkshire Bank’. It’s this company’s business that is transferring to Nationwide. |
| Clydesdale Bank PLC | This is the legal entity which trades under the names ‘Virgin Money,’ ‘Clydesdale Bank’ and ‘Yorkshire Bank’. |
| Nationwide | This is a quick way of saying Nationwide Building Society, which owns Virgin Money. It is the entity that Virgin Money’s business is being transferred to. |
| Financial Services Compensation Scheme (FSCS) | 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. |
| ISA Manager/ISA provider | These are the terms for the organisation approved by HM Revenue & Customs (HMRC) to provide your ISA. Today, it’s Virgin Money as a trading name of Clydesdale Bank PLC. After the transfer, it’ll be Virgin Money as a trading name of Nationwide Building Society. |
| Transfer | This means the transfer of Virgin Money’s business to Nationwide. The transfer is completed under Part VII of the Financial Services and Markets Act 2000. We expect the transfer to happen on 2 April 2026. |
| Mutual | This means a business that's owned by its members and run for their benefit, with no shareholders to satisfy in the way that banks do. Nationwide is a mutual. |
| Maturity | This is the term end date for a fixed rate product. You can withdraw money without any charges from the maturity date. |
| Terms | This means the terms and conditions for your account. |
| Deposits | Deposits include money you have in a savings, current account(s) and/or eligible business accounts. |
General
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), 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).
The FSCS limit increased from £85,000 to £120,000 on 1 December 2025. You can find out more information about the FSCS at fscs.org.uk Link opens in a new window.
Yes. Before the transfer, separate protection is in place for your Virgin Money and Nationwide deposits. Individuals can have up to £120,000 protected with Virgin Money and up to another £120,000 protected with Nationwide.
After the transfer, your deposits with Virgin Money and Nationwide will be treated as being held with a single provider under the FSCS. This means that a maximum of £120,000 of your combined deposits will be protected.
If you have more than £120,000 of combined deposits with Virgin Money and Nationwide, it’s important you know how the transfer affects your protection under FSCS. If you want to protect more than £120,000, you should consider moving money to another provider. For more information about withdrawing your money, see Q1 in the ‘Savings’ and ‘Current account’ sections and Q4 in the ‘Business’ section below.
Here are some examples of how the transfer may affect you.
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.
Get in touch using the contact details in Q5 if you want to move money from your Virgin Money or Nationwide account(s) to protect it under FSCS. If you request this between 24 February 2026 and 1 June 2026, we will make sure that you don’t have to pay any charges for this and you don’t lose out on any interest you’ve earned.
After that date, usual Terms and charges will apply. If you have an instant access savings account, and easy access account or current account, you can withdraw your money at any time without charge.
If you lose out financially by moving money to another provider to protect it under the FSCS, please get in touch using the contact details below as we may be able to compensate you.
If you have an ISA and want to keep your tax-free status, you will need to ask a new ISA provider to transfer your ISA(s) for you.
Remember, if you withdraw directly from your ISA(s), or if you close the account(s), the money you withdraw will no longer benefit from its tax-free status.
You may want to speak to a financial adviser before you take your money out of any of your accounts or move your ISA. You can find one in your area at unbiased.co.uk/pro/contact-us Link opens in a new window.
For more information about withdrawing your money, see Q1 in the ‘Savings’ and ‘Current account’ sections and Q4 in the ‘Business’ section below.
Below are some examples of how the changes might affect your FSCS protection across your eligible personal and business deposits.
The table shows the maximum amount you can withdraw from your Virgin Money and/or Nationwide accounts, between 24 February 2026 and 1 June 2026, without being charged. After that date, usual Terms and charges will apply. If you have an instant access account, an easy access savings account or current account, you can already withdraw your money at any time without charge. For more information about withdrawing from an ISA, see Q3 above.
These examples are based on individuals or qualifying business accounts with an FSCS limit of £120,000. Remember, for joint accounts, the FSCS limit is £240,000.
| Virgin Money deposits (before transfer) | Nationwide deposits (before transfer) | Combined Virgin Money and Nationwide deposits (after transfer) | Maximum amount you can withdraw without paying charges | Impact the transfer will have on your FSCS protection |
|---|---|---|---|---|
| £150,000 | £0 | £150,000 | £0 | No Impact.
|
| £0 | £200,000 | £200,000 | £0 | No Impact.
|
| £40,000 | £30,000 | £70,000 | £0 | No Impact.
|
| £70,000 | £5,000 | £75,000 | £0 | No Impact.
|
| £70,000 | £65,000 | £135,000 | £15,000 | Impacted.
|
| £115,000 | £20,000 | £135,000 | £15,000 | Impacted.
|
| £155,000 | £30,000 | £185,000 | £65,000 | Impacted.
|
| £80,000 | £250,000 | £330,000 | £210,000 | Impacted.
|
| £170,000 | £155,000 | £325,000 | £205,000 | Impacted.
|
If you move money to another provider to protect it under FSCS, please check the provider is FSCS registered. You can check this at fscs.org.uk Link opens in a new window.
If you’re still unsure how this affects you, give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays. If you’re a business customer, you can also get in touch with your Relationship Manager.
If you will be financially disadvantaged because of your withdrawal, you may be entitled to compensation. If you think you are, give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays.
If you prefer, you can email us at nationwide-transfer@virginmoney.com, or write to us at:
Nationwide Transfer
The team at Virgin Money
Sunderland
SR43 4JB
Or you can visit your nearest branch.
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 unbiased.co.uk/pro/contact-us Link opens in a new window.
The changes to your FSCS protection will take effect from the transfer date, which we expect to be 2 April 2026. From this date, your deposits with Virgin Money and Nationwide will be treated by the FSCS as being held with a single provider. This means that a maximum of £120,000 of your combined deposits will be protected.
If the transfer date changes, we’ll update our website at virginmoney.com/nationwide-transfer.
Savings
This section is for savings customers. Please also see the ‘General’ section above for more information about the transfer.
Some accounts allow you to withdraw your money at any time, like an Easy Access account. Other accounts like Notice Accounts, Fixed Rate Bonds or Fixed Rate ISAs don’t normally allow unlimited withdrawals.
If you have one of these accounts, you can withdraw money to bring your remaining deposits within the FSCS limit, even if it hasn’t matured yet, without being charged or losing out on any interest you’ve earned. You don’t need to give us advanced notice, but you’ll need to withdraw your money between 24 February 2026 and 1 June 2026.
Before and after this window, your usual Terms and charges will apply.
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 unbiased.co.uk/pro/contact-us Link opens in a new window.
Withdrawing from an ISA
Remember, any money you withdraw out of a cash ISA won’t benefit from the tax-free status. If you want to keep your tax-free status, you will need to choose another ISA manager and ask them to transfer your ISA(s) for you.
Please note if you take out a new cash ISA with Virgin Money before the transfer date, which we expect to be 2 April 2026, this will also transfer to Nationwide. For more information on ISA transfers please take a look at Q4.
Here’s how you can ask to withdraw your money:
For non-online accounts with a sort code starting 08 – including savings accounts, cash ISAs and Fixed Rate Bonds:
You can visit any Virgin Money branch or write to us at Nationwide Transfer, The team at Virgin Money, Sunderland, SR43 4JB.
These are the details you’ll need to include with your request:
- Full name(s) and address of the account holder(s).
- Account number(s) of the account(s) you’re withdrawing money from.
- Amount(s) you want to withdraw.
- How you want the money paid. For example, as a cheque payable to you, or a Faster Payment. If you’d like a Faster Payment, you’ll need to give the sort code and account number for the account we’re to send the money to. This account must be in your name (for withdrawals from Virgin Money joint accounts, this can be in either or both your names).
- All account holders must sign the withdrawal request.
For online accounts with a sort code starting 08 – including savings accounts, cash ISAs and Fixed Rate Bonds:
Sign into your account, then send us your request using the Messages option. All online withdrawals will be sent to your registered nominated account, unless you request an ISA transfer. For more information on ISA transfers, please take a look at Q4.
For non-online accounts with a sort code starting with 05 or 82 – these include Cash ISA Exclusives:
You can visit any Virgin Money branch or write to us at Nationwide Transfer, The team at Virgin Money, Sunderland, SR43 4JB.
These are the details you’ll need to include with your request:
- Full name(s) and address of the account holder(s).
- Sort code(s) and account number(s) of the account(s) you’re withdrawing money from.
- Amount(s) you want to withdraw.
- How you want the money paid. For example, as a cheque payable to you, or a Faster Payment. If you’d like a Faster Payment, you’ll need to give the sort code and account number for the account we’re to send the money to. This account must be in your name (for withdrawals from Virgin Money joint accounts, this can be in either or both your names).
- All account holders must sign the withdrawal request.
For online accounts starting with a sort code 05 or 82 – these include Cash ISA Exclusives:
For Instant Access or Easy Access accounts, you can sign into your account on our website or app, and complete a withdrawal.
For Exclusive ISAs, Term Deposits and Notice accounts, you can visit any Virgin Money branch or write to us at Nationwide Transfer, The team at Virgin Money, Sunderland, SR43 4JB.
These are the details you’ll need to include with your request:
- Full name(s) and address of the account holder(s).
- Sort code(s) and account number(s) of the account(s) you’re withdrawing money from.
- Amount(s) you want to withdraw.
- How you want the money paid. For example, as a cheque payable to you, or a Faster Payment. If you’d like a Faster Payment, you’ll need to give the sort code and account number for the account we’re to send the money to. This account must be in your name (for withdrawals from Virgin Money joint accounts, this can be in either or both your names).
- All account holders must sign the withdrawal request.
Some accounts allow you to withdraw your money at any time, like an Instant Access account. Other accounts like Notice Accounts, Fixed Rate Bonds or Fixed Rate ISAs don’t normally allow unlimited withdrawals.
If you have one of these accounts, you can withdraw money to bring your remaining deposits within the FSCS limit, even if it hasn’t matured yet, without being charged or losing out on any interest you’ve earned. You don’t need to give us advanced notice, but you’ll need to withdraw your money between 24 February 2026 and 1 June 2026.
Before and after this window, your usual Terms and charges will apply.
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 unbiased.co.uk/pro/contact-us Link opens in a new window.
Here’s how you can ask to withdraw your money:
For Instant access or limited access accounts (e.g. Instant Access Saver or 1 Year Triple Access Online Saver):
You can withdraw funds in the way you do today, either by doing this online or visiting any Nationwide branch.
For limited access accounts, if you want to move money from Nationwide to protect it under the FSCS, this will not count as one of your withdrawals.
For Fixed term accounts (e.g. Fixed Rate Bonds):
If you’d like to withdraw money from a fixed rate account, you will need to contact Nationwide. You can call the dedicated team on 0800 464 3031* (or 00 44 20 35 43 49 53** if you’re calling from outside the UK). Lines are open 9am to 5pm, Monday to Friday. You can also visit any Nationwide branch.
Withdrawing from an ISA
Remember, any money you withdraw out of a cash ISA won’t benefit from the tax-free status. If you want to keep your tax-free status, you will need to choose another ISA provider and ask them to transfer your ISA(s) for you.
Yes, you’ll be able to make a withdrawal between 24 February 2026 and 1 June 2026. You don’t need to give us advanced notice and you won’t be charged or lose out on any interest you’ve earned.
If you ask for a withdrawal before or after this period, your usual Terms and charges will apply.
Yes, you’ll be able to make an ISA transfer or withdrawal between 24 February 2026 and 1 June 2026. You don’t need to give us advanced notice and you won’t be charged or lose out on any interest you’ve earned.
If you ask for a transfer or withdrawal before or after this period, your usual Terms and charges will apply. This means that there may be limits on the withdrawals and you could be charged.
If you want to transfer your ISA to bring your total combined deposits with Virgin Money and Nationwide within the FSCS limit, then you can find a new ISA provider and ask them to transfer your ISA.
Remember, any money you withdraw out of a cash ISA won’t benefit from the tax-free status. If you want to keep your tax-free status, you need to ask your new ISA provider to transfer your money directly to another ISA provider.
If you have any questions or would like more information about transfers and withdrawals, contact our dedicated team using the details provided in Q1 and Q2 of the ‘General’ section above.
No. It won’t count as one of your permitted withdrawals. As long as the withdrawal is between 24 February 2026 and 1 June 2026.
If you make a withdrawal before or after this period, it will count as one of your permitted withdrawals and your usual Terms and charges will apply.
No. You won’t need to give us any advanced notice to make a withdrawal between 24 February 2026 and 1 June 2026.
If you ask for a withdrawal before or after this period, your usual Terms and charges will apply.
Yes. You can withdraw money from your account at any time and continue using your account in line with its usual Terms.
Current Accounts
This section is for current account customers. Please also see the ‘General’ section above for more information about the transfer.
You can withdraw money from your current account at any time as your usual Terms will apply.
If you need any help with this, you can give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays. You can also email us at nationwide-transfer@virginmoney.com.
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 usual Terms will apply.
If you need any help with this, you can give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays. You can also email us at nationwide-transfer@virginmoney.com.
You can withdraw money from your current account at any time as your usual Terms will apply.
If you need any help with this, just get in touch with Nationwide using the telephone numbers below. Lines are open from 8am to 8pm, Monday to Saturday and 9am to 5pm on Sunday. Bank holidays 8am to 8pm.
For FlexPlus general enquiries, call the dedicated team on 0800 11 88 55* (or 00 44 1793 54 12 00** if you're calling from outside the UK).
For all other current accounts, call the dedicated team on 03457 30 20 11* (or 00 44 1793 65 67 89** if you're calling from outside the UK).
Business (including charities)
This section is for business and charity account customers. Please also see the ‘General’ section above for more information about the transfer.
To check if your business’ deposits are eligible for FSCS protection, visit fscs.org.uk Link opens in a new window. Some business deposits are excluded from the FSCS no matter which bank or building society holds the account – and those deposits don’t get FSCS protection.
Yes, if your deposits are FSCS eligible. We expect the transfer to happen on 2 April 2026, and you have between 24 February 2026 and 1 June 2026 to withdraw money without being charged or losing out on any interest you’ve earned. To keep the same level of FSCS protection as you have today, you can bring your total deposits within the £120,000 limit (or £240,000 for joint accounts).
| Example | If you have £70,000 with Virgin Money and £65,000 in Nationwide accounts:
|
|---|
The example above also applies if you have business account(s) in your own name (sole trader or partnership) with Virgin Money and personal account(s) with Nationwide.
For more examples, take a look at the table in Q1 in the ‘General’ section.
If you have a business current account (including the M Account for Business) or instant access accounts, you can withdraw your money at any time.
If you have a Business Fixed Rate Savings Account, or Business Term Deposit which hasn’t matured yet, you can withdraw money to bring you within the FSCS limit without being charged or losing out on any interest you’ve earned. You don’t need to give us advanced notice, but 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 not be able to withdraw your money until maturity, or you might be charged – your usual Terms and charges will apply.
If you have a Business Notice Account, you can withdraw money to bring your deposits within the FSCS limit. You don’t need to give us advanced notice, but you’ll need to withdraw the money from your account between 24 February 2026 and 1 June 2026. Before and after this window, you will need to provide advanced notice and your usual Terms and charges will apply.
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 usual Terms and charges will apply.
For information about how to withdraw money from your account(s), see Q4 and Q5 below. And to see what happens if you already have deposits over the FSCS protection limit, see Q3.
If you’re still unsure how this affects you, speak to your Relationship Manager or give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays.
If you have deposits with both Virgin Money and Nationwide and you’re already over the FSCS protection limit, you can bring your total balances down to the £120,000 limit.
We expect the transfer to happen on 2 April 2026, and you’ll need to withdraw your money between 24 February 2026 and 1 June 2026.
| Example 1 | If you have £135,000 with Virgin Money and £50,000 in Nationwide accounts:
|
|---|---|
| Example 2 | If you have £40,000 with Virgin Money and £135,000 in Nationwide accounts:
|
For more examples, take a look at the table in Q1 in the ‘General’ section.
If you have a business current account (including the M Account for Business) or instant access accounts, you can withdraw your money at any time.
If you have a Business Fixed Rate Savings Account, or Business Term Deposit which hasn’t matured yet, you can withdraw money to bring you within the FSCS limit without being charged or losing out on any interest you’ve earned. You don’t need to give us advanced notice, but 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 not be able to withdraw your money until maturity, or you might be charged. Your usual Terms and charges will apply.
If you have a Business Notice Account, you can withdraw money to bring your deposits within the FSCS limit. You don’t need to give us advanced notice, but you’ll need to withdraw the money from your account between 24 February 2026 and 1 June 2026. Before and after this window, you will need to provide advanced notice and your usual Terms and charges will apply.
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, your usual Terms and charges will apply.
For information about how to withdraw money from your account(s), see Q4 and Q5 below.
If you’re still unsure how this affects you, speak to your Relationship Manager or give our dedicated team a call on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays.
Some accounts allow you to take your money at any time, like an Instant Access account. Other accounts, like a Fixed Rate Business Savings Account, don’t allow access until maturity.
You can withdraw money between 24 February 2026 and 1 June 2026 to bring your total combined deposits with Virgin Money and Nationwide within the FSCS limit. During this window, you won’t be charged. See Q4 of the ‘General’ section above for more information.
If you’d like to withdraw money from a Virgin Money fixed term, fixed rate savings, notice or currency account(s), you can speak to your Relationship Manager, or call our dedicated team on 0800 066 5008* (or 00 44 141 880 2050** if you’re calling from outside the UK). We’re here from 8am to 6pm, Monday to Friday and 9am to 3pm on Saturdays.
Before or after this window, your usual Terms and charges will apply. So, you may not be able to withdraw your money until the account matures, or you may be charged or lose interest if you withdraw money. Check your Terms, Summary Box and Key Product Information Sheet for details of your account.
You can withdraw money between 24 February 2026 and 1 June 2026 to bring your total combined deposits with Virgin Money and Nationwide within the FSCS limit. During this window, you won’t be charged and you won’t lose any interest you’ve earned.
You will need to complete the withdrawals request in the same way you do today, stating ‘FSCS’ in the reason for withdrawal box.
If you need any help with this, just get in touch with Nationwide on 0800 66 55 11*. We’re here from 9am to 5pm, Monday to Friday except bank holidays.
Yes. You can continue using your business account in line with its usual Terms.
Under the FSCS guidelines, business and personal accounts do not have separate protection. That means, the balances in your business and personal accounts are protected up to £120,000 in total. Joint personal accounts are protected up to £240,000.
If you hold both a business and a joint personal account, your deposits are covered up to £120,000. The other account holder on your joint personal account will also have £120,000 of protection for their deposits.
If you have an account for a business which is incorporated (for example, a limited company which qualifies for FSCS protection), and a personal account, these accounts have separate protection under FSCS. That means, your business and personal accounts are protected for up to £120,000 each.
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.
