Virgin Money acquired by Nationwide Building Society

Virgin Money's business transferred to Nationwide Building Society on 2 April 2026, following Court approval on 23 February 2026¹. The two organisations had been part of the same group since October 2024, when Virgin Money was acquired by Nationwide³. The Building Societies Association lists the acquisition date as 1 October 2024⁴.

Virgin Money states that the transfer has not changed day-to-day banking for current account, savings, personal loan, credit card or mortgage customers. It says there are no changes to sort codes, account numbers or account features including interest rates, and that customers can continue using the same sign-in details¹. For credit cards, the only change reported is that the card provider is now Nationwide, with no change to limits, minimum payments or interest rates⁶. For mortgages, Virgin Money says the transfer has not changed mortgage interest rates, monthly payment amounts or how payments are made⁷.

The main practical change concerns deposit protection. Before the transfer, separate Financial Services Compensation Scheme protection applied to Virgin Money and Nationwide deposits. Following the transfer, protection applies to total combined eligible deposits with both, up to £120,000 per person, or £240,000 for joint accounts¹. Virgin Money gives the example that £70,000 held with Virgin Money and £65,000 with Nationwide, previously all protected, now leaves £15,000 unprotected². The £120,000 limit took effect from 1 December 2025¹.

For cash ISAs, Nationwide became the ISA Manager on 2 April 2026, and Virgin Money contacted customers in February 2026 about the change². The maximum ISA subscription is £20,000 per person for the 2025/2026 and 2026/2027 tax years². Customers wanting to move money out of a fixed rate or notice account to bring deposits within the FSCS limit can do so without charge between 24 February 2026 and 1 June 2026; outside that window normal terms apply¹.

Why it matters for households

Around 220,000 new mortgages were approved by building societies and mutual-owned banks in the six months to September 2025, representing 31% of all market approvals, and they provided 59,861 mortgages to first-time buyers³. The sector held £493.4 billion of residential mortgages, 29% of the UK total, and £495.6 billion of retail deposits, 23% of all such deposits³. Building societies and mutual-owned banks account for 47% of all cash ISA balances³.

For Virgin Money customers, the transfer means their accounts are now provided by Nationwide, though the branding and day-to-day operation are unchanged¹. The FSCS change affects anyone holding deposits with both Virgin Money and Nationwide whose combined balance exceeds £120,000, or £240,000 for joint accounts¹. Virgin Money says it wrote to customers whose combined deposits were over the limit ahead of 2 April 2026 to explain their options¹.

What happens next

Virgin Money says it may make further changes to terms, processes or IT systems as the two businesses are brought together, and that it will give notice and explain the impact if a change affects customers¹. Nationwide may move Virgin Money buy-to-let mortgages to The Mortgage Works, a different company within the Nationwide group, which Virgin Money says would mean affected borrowers no longer qualify for membership unless they qualify through another product⁷. Balance transfers between Nationwide and Virgin Money credit cards can no longer be completed from 2 April 2026⁶.