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What does this mean for me?


We'll be working behind the scenes to make the changeover as smooth and seamless as possible. Your account(s) will still be Virgin Money branded and our contact details will stay the same.

There are no changes to sort codes, account numbers or any account features, and you can carry on using the same sign-in details if you use our Online Service. Our web address will also stay the same.

You'll see the Clydesdale name at the bottom of things we send, like letters and statements. But the Virgin Money logo will still be at the top and you'll be looked after in the same Virgin Money way.

The transfer won't change the way you use your account(s), but as we bring the two businesses even closer together, we may need to make some changes to our processes, IT systems or terms. For example, if you use our digital service, in the future we may ask you to download a new mobile app. We have also been clear that we will look to optimise our branch network, reducing duplication over time. This will happen gradually, and we'll only make changes in line with your Terms. If a change impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

Please read our Frequently Asked Questions for more on what this means for you. If you also hold an account with "Clydesdale Bank", "Yorkshire Bank" or "B" which are all trading names of Clydesdale, there's some specific information we need to let you know which is covered in the Frequently Asked Questions.

In October 2018, Virgin Money plc (Virgin Money) joined forces with Clydesdale Bank PLC (Clydesdale). Since then we've been working hard to bring the two businesses together as one bank.

Virgin Money is currently a separate bank from Clydesdale. To bring the two businesses together as one bank, we're transferring the business of Virgin Money (products and agreements) over to Clydesdale. As long as the Court approves the transfer, we expect this to happen on 21 October 2019.

Just so you know, this kind of transfer is covered under Part VII of the Financial Services and Markets Act 2000 (FSMA).

Clydesdale and Virgin Money are part of the same CYBG group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank” and “B”. Based in Glasgow, they have over 175 years of history and offer a full range of banking products and services. If you hold a product with any of these brands and are thinking of taking a product out with Virgin Money we need to make you aware of some information.

Please read our Frequently Asked Questions for more on what this will mean for you if you become a Virgin Money mortgage customer. If you're also a Clydesdale customer, there's some specific information we need to let you know.

If you think the proposed transfer will have a negative impact on you, you have the right to object. You can 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 'Want to contact us?' section below on how to get in touch.

FAQs


Here are some things you may find useful about the transfer

At the moment, Virgin Money is a separate bank from Clydesdale – and has its own banking permissions. We're transferring the business of Virgin Money to Clydesdale to bring the two banks together under the same banking permissions. This is common when banks merge. It makes good business sense but it also brings benefits to customers. The newly-combined bank will make the most of the different strengths of Virgin Money and Clydesdale. Our customers and suppliers will benefit from Clydesdale's innovative technology and the customer-focused culture that both businesses have been built on. We'll also be able to offer personal and business customers a bigger range of products and services, available digitally and supported by a national network of branches. With everything together under one roof, we'll offer customers the best of both worlds and a genuinely competitive alternative to other banks out there.

Clydesdale and Virgin Money are part of the same CYBG group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank” and “B”. Based in Glasgow, they have over 175 years of history and offer a full range of banking products and services. These include mortgages, current accounts, personal loans, credit cards and business bank lending. CYBG now owns Virgin Money.

Clydesdale has approximately 2.8 million customers across personal and business banking.

Clydesdale Bank has over 175 years of banking experience. It looks after customers from all across the UK through its brands (Yorkshire Bank, Clydesdale Bank and B). The transfer won't change this.

No. Following the transfer, as your account will be with Clydesdale, you'll start to see the Clydesdale name at the bottom of things we send to you such as letters and statements. But your account(s) will still be Virgin Money branded. You'll still see the Virgin Money name and logo in all of our communications with you. The change means Virgin Money will be a trading name of Clydesdale.

You'll hardly notice anything different. We'll be working behind the scenes to make the changeover as smooth and seamless as possible. Your account(s) will still be Virgin Money branded and our contact details will stay the same.

There are no changes to sort codes, account numbers or any account features, and you can carry on using the same sign-in details if you use our Online Service. Our web address will also stay the same.

For customers who have Virgin Money mortgages taken out prior to 29 February 2016, there's some additional information we need to let you know about. You'll find more information in the Mortgage section of these Frequently Asked Questions.

There are no changes to Virgin Money Lounge access as a result of the transfer of Virgin Money's business to Clydesdale. If there is a change in the future that impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

This transfer of Virgin Money's business to Clydesdale is part of our three year phased integration programme which began when both banks joined the same group in October 2018. There are still other exciting steps to come, for example re-branding some Clydesdale products to the Virgin Money brand. If there are changes that impact you, we'll always give you plenty of notice, explain what it means for you and make it as seamless as possible.

The UK banking transfer scheme we are proposing to undertake is governed by Part VII of the Financial Services and Markets Act 2000. Under this act, the transfer needs to be approved by the Court.

A hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019, although this date may change. If it does, we'll update the Key Dates page

Of course. You can view a copy of the scheme document, together with a summary of the scheme on the documents page. If you'd rather be sent a free copy of the scheme document or summary, no problem – please just let us know.

You can call our dedicated contact centre on 0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK. We're here from 9am to 7pm, Monday to Friday and 9am to 3pm on Saturday. Or you can write to us at the FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle Upon Tyne NE3 4PL.

If approved by the Court, we expect the transfer of your account(s) from Virgin Money to Clydesdale to happen on 21 October 2019. If this date changes, we'll update the Key Dates page.

Yes. If you think the proposed transfer will impact you in a negative way, you can object prior to or at the court hearing. The court hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019.

Here are the different ways you can object:
  1. Lodge formal written objections ('Answers') directly with the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. Answers should be lodged by 16 August 2019. If you wish to lodge Answers, you may want to seek independent legal advice. You'll also need to pay a court fee of £313.
  2. Send informal written objections directly to the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. There is no fee for sending in your informal written objections directly to the Court.

    Or if it's easier, you can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL with a copy and we'll submit your informal written objections for you. Please do this as soon as possible, but ideally before 13 September 2019. There is no fee for sending in your informal written objections.
  3. Go to the hearing in person. There is no fee for attending the hearing.

If you plan to send informal written objections to the Court, or attend the hearing in person, it would help us if you could let us know as soon as possible, ideally before 13 September 2019. You can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

If you object in writing or by email, make sure you include the reasons why you think the transfer will have a negative impact on you.

You won't be able to object after the court hearing on 26 September 2019.

We've written to customers based on the products they hold with us. So, for example, if you have a savings account and a mortgage with us, you'll get two letters. We want to make sure you're aware of what's happening and how it affects each of your products.

If you've got more than one savings account with us, we've tried to only send one letter covering them all. But if any of your details differ, no matter how small, we have to send you a separate letter to make sure you receive the information.

Yes. There are no changes to sort codes, account numbers or any account features as part of this transfer, so existing Direct Debits and standing orders will continue as they do today.

The transfer won't affect the way you use your account, but as we bring the two businesses even closer together, we may need to make some changes to our processes, IT systems or terms. This will happen gradually, but if we make a change that impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

Yes. The transfer of Virgin Money to Clydesdale won't change the way you bank with us. If we make a change that impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

For the time being you will need to continue using Virgin Money branded Stores for your banking, including collecting any travel money you've ordered with us. If this changes in the future, we'll write to let you know.

Yes. You'll still use myvirginmoney.com to manage your account(s) online, view statements, make payments and send us secure messages. You can carry on using the same sign-in details if you use our Online Service.

No. This isn't related to the transfer. Under new regulations, all banks who offer online accounts need to introduce stronger customer authentication. For example, we may send you a text message when making a payment online so we can confirm your identity.

No. The transfer won't change the way you use your account, but as we bring the two businesses even closer together, we may need to make some changes to our processes, IT systems or terms. For example, if you use our digital service, in the future we may ask you to download a new mobile app. We have also been clear that we will look to optimise our branch network, reducing duplication over time. This will happen gradually and we'll only make changes in line with your terms. If a change impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

No. You can carry on using the same contact details as you use today.

There are no immediate changes to the Store network as a result of the transfer of Virgin Money's business to Clydesdale. We have been clear that we will look to optimise our branch network, reducing duplication over time, but this will happen gradually and we'll only make changes in line with your terms. If a change impacts you, we'll always give you plenty of notice, explain what it means and make it as seamless as possible.

Absolutely. You'll carry on earning and redeeming Flying Club Miles in the same way, in line with the terms of your product.

You certainly will. You'll still enjoy access to the usual Virgin Group discounts and benefits, from the likes of Virgin Holidays and Virgin Experience Days.

No. As insurance and investment products are held within separate Virgin Money entities these aren't part of the transfer. They will stay Virgin Money branded too.

On 15 October 2018, CYBG PLC acquired Virgin Money Holdings (UK) plc and each Virgin Money Holdings (UK) plc share was exchanged for 1.2125 CYBG PLC shares. As a result, Virgin Money Holdings (UK) plc was delisted from the London Stock Exchange. There are no further changes to your shares as part of the transfer.

If you have questions concerning your CYBG PLC shareholding, visit CYBG PLC's Manage Your Shareholding Page on the CYBG PLC website:

cybg.com/investor-relations/shareholder-information/manage-your-shareholding

Or contact the CYBG PLC share registrar:

Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE

Sorry about that. We've made every effort to make sure we write to all customers with open accounts with Virgin Money. When the mailing was produced, our records showed your account was open. This is why you have received a letter or email from us.

If you no longer think you have an account with Virgin Money, please get in touch with us so we can update your account records appropriately. You can call our dedicated contact centre on 0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK. We're here from 9am to 7pm, Monday to Friday and 9am to 3pm on Saturday.

Also please ignore these Frequently Asked Questions and accompanying letter or email as they don't apply to you.

Some Virgin Money and Clydesdale account terms include 'set-off rights'. These are not new rights created as a result of the transfer, but these rights may have a broader scope after the transfer because all your Virgin Money and Clydesdale accounts will be with Clydesdale. The table below summarises what these rights are, the situation after the transfer, how it affects you and what you can do to avoid the impact.

What's the right?What's the situation after the transfer?Does this affect me?What can I do to avoid this impact?

Set-off right

This allows Virgin Money or Clydesdale to use money in one account to reduce or repay money you owe in another.

If you don't meet your payments under one of your Virgin Money, Clydesdale Bank, Yorkshire Bank or B branded accounts, the money you have in one of your other accounts could be used to repay the money you owe on another. For example, money you have in a Clydesdale Bank branded savings account could be used to repay money you owe on a Virgin Money branded mortgage.

Yes, it could if at the date of the transfer you

(a) have a credit card, mortgage, loan or overdraft, and if the terms applying to any of those accounts have “set-off” rights;

and

(b) you have savings held in accounts with Virgin Money or any Clydesdale Bank, Yorkshire Bank or B branded accounts.

For example, if you fail to meet your payments on your Virgin Money mortgage, we may use money you have in a Virgin Money, Clydesdale Bank, Yorkshire Bank or B branded account to meet those payments.

For the first 12 months after the transfer date, we promise we won't use this right to take money you have in a Virgin Money branded account (that you had at the transfer date) and use it to repay what you owe on a Clydesdale Bank, Yorkshire Bank or B branded account (that you had at the transfer date), or vice versa, regardless of whether this right exists in your terms. This gives you time to rearrange your finances if you don't want this right applied in that situation in future.

If your account would require you to pay a penalty to close or to withdraw your money early (for example a Fixed Rate Bond or notice account), the 12 month period will be extended to three months after the point at which you are able to close your account or withdraw money without incurring a penalty.

There are a few important things for you to know and remember about these set-off rights:

  • The above restrictions on our use of these set-off rights will only apply to the Virgin Money and Clydesdale accounts you hold as at the transfer date - not any new accounts you take out or renew after the transfer date (for example, if you re-mortgage).
  • We'll never use these rights to take any action against property you have secured under a Virgin Money branded mortgage (that you had at the transfer date) to meet your repayments or other obligations you have on any Clydesdale Bank, Yorkshire Bank or B account (that you had on the transfer date), or vice versa. For example, we'd never take possession of your current Virgin Money branded mortgaged home if you failed to meet the repayments on your current Clydesdale Bank branded credit card, mortgage, overdraft or loan. Otherwise, the terms of your mortgage will apply as normal and we could take possession of your home if you fail to meet your repayments.
  • Rest assured, applying these rights isn't a decision we'd take lightly. We'd only do it in extreme circumstances e.g. if you've defaulted on several payments and we'd always let you know first.

The agreement you have with Virgin Money may state that:

(a) Virgin Money must get your consent before transferring your agreement/account to another party;

(b) you can end or change your agreement/account if Virgin Money transfers it to another party; or

(c) you're entitled to a payment if Virgin Money transfers your agreement/ account to another party.

However, the proposed transfer to Clydesdale will be made in line with a banking transfer process governed by Part VII of the Financial Services and Markets Act 2000 and approved by the Court. Under the terms of this process, these types of provisions wouldn't apply.

If you think the proposed transfer will impact you in a negative way, you can object. For more information on how you can do this, please see Q9 above.

Here are some things you may find useful as a mortgage customer

No. There won't be any changes to how you make your monthly mortgage payments as a result of the transfer. If you have any payment arrangements with Virgin Money, including overpayments, these will carry on as they are.

No. There are no plans to make any changes to our SVR as a result of the transfer. Please remember that we regularly review our interest rates and can make adjustments, for example to respond to any movement in market conditions, or a change in the Bank of England base rate. We'll always let you know before any rate change happens and give you the right amount of notice.

  • If our Offer Of Loan was made on or after 29 February 2016:
    Your mortgage will carry on in exactly the same way as it does now. There are no changes to your mortgage because of the transfer.
  • If our Offer of Loan was made before 29 February 2016:
    The operation of your mortgage will carry on the same way as it does now, but there are some changes to your mortgage terms as part of the transfer.

When your mortgage transfers to Clydesdale, we will be asking the Court to incorporate the following clause into your mortgage agreement with us:

Save where these conditions provide a specific amendment regime in relation to a term or condition (in which cases we shall use that specified regime to make any changes to the relevant term or condition), we may vary these conditions in a manner which is not prejudicial to you upon giving you at least 28 days' notice for any of the following reasons:

(a) where we reasonably consider it will make them easier to understand or fairer;

(b) to reflect in a proportionate manner changes in laws, regulation, guidance or industry codes of practice that raise standards of customer protection or their interpretation or any decision or direction of any regulator, the court or any ombudsman or tribunal;

(c) to allow us to implement improvements to the way in which we administer mortgage loans for the benefit of us and our borrowers.

Adding this clause will bring your mortgage terms in line with our mortgage terms for new customers. It gives us flexibility to make changes to the way we administer your mortgage in the future (for example, so you can benefit from any system upgrades). It cannot be used to make changes which are to your disadvantage. A similar clause is already included in mortgage terms that we have been sending out since 29 February 2016.

There's no immediate impact for you but if we intend to make any changes in the future we'd give you at least 28 days' notice. We will also explain what the change means to you.

For customers with a mortgage application currently being processed by Virgin Money

We're happy we've made you a binding Offer of Loan. Don't worry, this will remain binding on us.

The terms of your Offer of Loan won't change and we won't be issuing new paperwork to you. It just means that wherever Virgin Money is mentioned as the lender, this will change to mean Clydesdale, from the date of the transfer, which we expect to happen on 21 October 2019. If this date changes, we'll update the Key Dates page.

If your mortgage completes before 21 October 2019, it will complete as an Offer of Loan made by Virgin Money and become an Offer of Loan with Clydesdale from this date.

If your mortgage completes after 21 October 2019, it will complete as an Offer of Loan made by Clydesdale.

You don't need to do anything. We won't be sending any new documents to you or your solicitors. There won't be any changes to the terms of your Offer of Loan to you either. The Court Order approving the transfer will make it legally binding on Clydesdale, as if they had made it.

No. We'll write to your solicitors to let them know about the transfer and what it means for them when completing the legal work for your mortgage loan.

No. We'll keep your mortgage broker up to date with our plans, as well as what the changes mean for them and their customers.

Key dates and documents relating to the transfer

View copies of the draft legal documents detailing the terms of the transfer (the scheme), a summary of that scheme and some key dates.

View key dates and documents

Want to contact us?

Our dedicated contact centre team are here to help

0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK.

We're here 9am - 7pm Monday to Friday, and 9am - 3pm on Saturday. We may monitor calls for training and quality purposes, and to make sure we comply with regulations.

You can also email us at virginmerging@virginmoney.com or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Stay safe and secure

It's important to keep an eye out for fraud and scams, especially during times of change. To keep yourself safe, please follow these five rules:

  1. Never disclose security details, such as your PIN or full banking password.
  2. Don't assume an email, text or phone call is authentic.
  3. Don't be rushed - a genuine organisation won't mind waiting.
  4. Listen to your instincts - you know if something doesn't feel right.
  5. Stay in control - don't panic and make a decision you'll regret.

If you'd like to know more, visit our Staying safe online pages.

Take five to stop fraud

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