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What does this mean for me?


If you have a Virgin Money branded savings account or are thinking of opening an account

We've been working behind the scenes to make the changeover as smooth and seamless as possible. Your account(s) are still Virgin Money branded and our contact details have stayed 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 has also stayed the same.

You'll start to 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 hasn't changed 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.

FAQs


Here are some things you may find useful about the transfer

Virgin Money was a separate bank to Clydesdale – and had its own banking permissions. So that we have one set of permissions we've transferred the business of Virgin Money to Clydesdale to bring the two banks together. 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 Stores. 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 is part of the CYBG group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank”, “B” and now “Virgin Money”. 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.

Now that the transfer has happened, Clydesdale has approximately 6.4 million customers across personal and business banking.

No. Your account is now with Clydesdale so 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) are still Virgin Money branded. You'll see the Virgin Money name and logo in all of our communications with you. Virgin Money is now a trading name of Clydesdale.

We've been working behind the scenes to make the changeover as smooth and seamless as possible. Your account(s) is still Virgin Money branded and our contact details are the same.

You can carry on using the same sign-in details if you use our Online Service and our web address has not changed.

For customers who have Virgin Money branded 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's no change 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.

The 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 undertook was governed by Part VII of the Financial Services and Markets Act 2000. Under this act, the transfer required approval by the Court.

A hearing took place in the Court of Session in Edinburgh on 26 September 2019 at which the Court approved the transfer of the business of Virgin Money to Clydesdale. The transfer then happened on 21 October 2019.

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.

The Court of Session approved the transfer on 26 September 2019, and the transfer happened on 21 October 2019.

We wrote to customers based on the products they held with Virgin Money before the transfer. So, for example, if you had a savings account and a mortgage with us at that time, you would have received two letters. We wanted to make sure you were aware of what's happening and how it affects each of your products.

If you had more than one savings account with us, we tried to only send one letter covering them all. But if any of your details differed, no matter how small, we sent you a separate letter to make sure you received the information.

Yes. There were no changes to sort codes, account numbers or any account features as part of this transfer, so existing Direct Debits and standing orders have continued.

The transfer hasn't affected 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 the business of Virgin Money to Clydesdale hasn't changed 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 your usual 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 hasn't changed 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 Store 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 Store 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 weren'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 following 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 wrote 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 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.

For customers who had both Virgin Money and Clydesdale account(s) (which includes accounts under the names of 'Clydesdale Bank', 'Yorkshire Bank' and 'B') before the transfer.

Some Virgin Money, Clydesdale Bank, Yorkshire Bank and B branded 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 now that the transfer has completed, because all your Virgin Money branded accounts, as well as any Clydesdale Bank, Yorkshire Bank and B branded accounts you have, are now 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 now that the transfer has happened?Does this affect me?What can I do to avoid this impact?

Set-off right

This allows 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 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 Virgin Money, Clydesdale Bank, Yorkshire Bank or B branded accounts.

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

Until 21 October 2020, we promise we won't use this right to take money you have in a Virgin Money branded account (that you had at 21 October 2019) and use it to repay what you owe on a Clydesdale Bank, Yorkshire Bank or B branded account (that you had at 21 October 2019), 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), we will extend the period that we won't apply these rights 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 held on 21 October 2019 - not any new accounts you took out or renewed after that date (for example, if you re-mortgaged after 21 October 2019).
  • We'll never use these rights to take any action against property you have secured under a Virgin Money branded mortgage (that you had on 21 October 2019) to meet your repayments or other obligations you have on any Clydesdale Bank, Yorkshire Bank or B account (that you had on 21 October 2019), or vice versa. For example, we'd never take possession of a Virgin Money branded mortgaged home you had prior to the transfer if you fail 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 transfer to Clydesdale was made in line with a banking transfer process governed by Part VII of the Financial Services and Markets Act 2000 and was approved by the Court. Under the terms of that process, these types of provisions wouldn't apply.

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

The FSCS protects individuals who have deposits (e.g. a savings or current account) held in a UK bank account up to £85,000 per individual. This means that before the transfer you could have had up to £85,000 protected in your account(s) with Virgin Money and up to another £85,000 protected with Clydesdale (Clydesdale Bank, Yorkshire Bank and B branded accounts).

Now that the two businesses have come together as one bank, you only get protection on your total combined savings in Virgin Money, Clydesdale Bank, Yorkshire Bank and B branded accounts, up to £85,000 (or £170,000 for joint accounts). You can find out more information about the FSCS at fscs.org.uk

If you'd like to maintain the level of FSCS protection you had prior to the transfer, you may want to move some of your savings to another bank. If you do, we'll make sure you are able to do so without incurring a penalty or losing any accrued interest (if this would usually be the case if you have a fixed rate product) provided you do this by 21 January 2020.

There are no plans for any rate changes because of the transfer to Clydesdale. We'll always let you know before any rate change happens and give you the right amount of notice.

Yes. You can ask us to transfer money from a Virgin Money branded Cash ISA to a Clydesdale Bank or Yorkshire Bank branded Cash ISA or vice versa. Now that the transfer has happened there are still other exciting steps to come, for example re-branding some Clydesdale products to the Virgin Money brand.

No. This wasn'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.

At this stage we are continuing to offer Virgin Money branded products when Virgin Money branded accounts mature. You'll get your maturity instructions as normal and you can choose to reinvest or move your money. If you want to open a Clydesdale Bank, Yorkshire Bank or B branded account, we could help you to transfer the balance.

The FSCS covers each financial institution. Because all Virgin Money and Clydesdale Bank, Yorkshire Bank and B branded products are now provided by Clydesdale, only one protection limit covers Virgin Money and Clydesdale Bank, Yorkshire Bank and B branded savings. This limit is £85,000 per customer. To help you adjust to this, for a limited time after 21 October 2019, we'll let you withdraw money you might not otherwise have been able to withdraw without penalty under the terms of your account. For more information, please take a look at Q33.

The limit changed when we became one bank on 21 October 2019. Remember, the limit is per person, not per account.

Yes, as long as you do this before 21 January 2020. You can withdraw money to bring your total balance down to the £85,000 limit (or £170,000 for joint accounts).

Example 1: if you had £100,000 in a Virgin Money branded account and £50,000 in Clydesdale Bank, Yorkshire Bank and/or B branded accounts on 21 October 2019, you can withdraw £65,000 (from any account), bringing your total savings within the FSCS limit.

Example 2: if you had £50,000 in a Virgin Money branded account and £100,000 in Clydesdale Bank, Yorkshire Bank and/or B branded accounts on 21 October 2019, you can withdraw £50,000 (from any account), bringing your total savings to the total balance you had with Clydesdale at the transfer date.

Example 3: if you had £100,000 in a Virgin Money branded account and no Clydesdale Bank, Yorkshire Bank and/or B branded accounts on 21 October 2019, you can withdraw £15,000 (from any account), bringing your total savings within the £85,000 limit.

You'll be able to withdraw the money from any of your Virgin Money, Clydesdale Bank, Yorkshire Bank or B branded accounts without notice and without incurring a penalty or losing any accrued interest. For example, if your savings are in a Fixed Rate Bond, you can withdraw them before the account matures.

If you don't withdraw any money before 21 January 2020, you may still be able to withdraw at any time, but you may incur a penalty or lose any accrued interest (for example if you have a Fixed Rate ISA). This will depend on the terms as some accounts don't allow you to withdraw until the account matures.

Please note, you will still be able to withdraw money from any Easy Access accounts you may have.

For information on how to withdraw money from your account(s), please take a look at Q34 and Q35.

If you are still unsure how this affects you, please don't hesitate to call our dedicated contact centre for a further explanation on 0800 917 5722* or +44 (0)191 279 3465** if calling from outside of the UK. We're here from 9am to 7pm, Monday to Friday and 9am to 3pm on Saturday.

You'll be able to ask for a withdrawal until 21 January 2020.

Some accounts already allow you to withdraw money without notice or incurring a penalty (e.g. Easy Access), so you may be able to take money out at any time, in line with your terms.

Some accounts (e.g. Fixed Rate Bonds, Defined Access) don't normally allow access until maturity or have limited access. Please check your 'Product Summary Box' for details.

If you don't withdraw any money before 21 January 2020, you may still be able to withdraw at any time, but you may incur a penalty or lose any accrued interest (for example if you have a Fixed Rate ISA). This will depend on the terms as some accounts don't allow you to withdraw until the account matures (for example if you have a Fixed Rate Bond).

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.

You can ask for a withdrawal in the following ways:

For non-online accounts

Write to us at our Main Office - Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Visit your local Store - they'll send your request to our Main Office.

Please include the following to help us carry out your request:

  • Full name(s) and address of the account holder(s).
  • Account number(s) of the account(s) you're taking the money from.
  • Amount(s) you want to withdraw.
  • How you want the money paid i.e. cheque made payable to you or a Faster Payment. For a Faster Payment, you'll need to give details of the account you're sending the money to, including the sort code and account number. This account must be in your name (for withdrawals from Virgin Money branded joint accounts, it must be in both or either name).
  • All people named on the Virgin Money branded account must sign the request.
  • For online accounts

    Email us using the 'Messages' option, once you've signed in to your account. All online withdrawals will be sent to your registered nominated bank account, unless you request an ISA transfer.

If you'd like to take money out of one of your Clydesdale Bank, Yorkshire Bank or B branded account(s), please do so in the usual way. Or 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.

Yes. If you meet the criteria set out in Q33, you'll be able to ask for a withdrawal until 21 January 2020. You'll need to send a written request to our Main Office, or if you have an online account, send us a secure message.

Yes. If you meet the criteria set out in Q33, you'll be able to ask for a withdrawal or an ISA transfer until 21 January 2020. You'll need to send a written request to our Main Office, or if you have an online account, send us a secure message. So you don't lose your tax-free status on that money, you must do a direct ISA transfer (if you simply withdraw the money, you may lose the tax-free status on that money).

You are able to transfer any amount from previous tax years' subscriptions, but you can't split this year's ISA subscriptions into a 'partial transfer'. You can only transfer your full current year's subscriptions to another ISA. This may mean you have to transfer more than the minimum amount required to bring your total savings within the FSCS limit.

No. If you meet the criteria set out in Q33 we'll reset your withdrawals to the position you were in before this withdrawal. We won't move you to the lower rate because of this request.

No. If you meet the criteria set out in Q33, you can make a withdrawal without any notice until 21 January 2020.

Yes. Your account will carry on in line with your existing terms.

No, you don't have to take any action if you don't wish to withdraw any funds. If you do wish to withdraw funds, look at Q34 and Q35 for details on how to do this.

Key dates and documents relating to the transfer

View copies of the 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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