Virgin Money investments and pension business sold to Octopus Money

Virgin Money's investments and pension business was sold to Octopus Money on 1 December 2025, according to Virgin Money's answers to customer questions about its transfer to Nationwide¹. The sale was separate from the transfer of Virgin Money's banking business to Nationwide, which completed on 2 April 2026¹.

Virgin Money states that its branded investment and pension products were not provided by Clydesdale Bank PLC and did not form part of the transfer to Nationwide¹. The same applies to 'Virgin Money' branded insurance products, which the company says also sat outside the transfer¹.

The wider transfer of Virgin Money's business to Nationwide followed a High Court hearing in London on 23 February 2026, which approved it². The transfer was completed under Part VII of the Financial Services and Markets Act 2000². Nationwide acquired Virgin Money in October 2024, but Virgin Money continued to operate as a separate legal entity within Nationwide's group until the transfer².

Virgin Money says the transfer did not change day-to-day banking for customers: sort codes, account numbers, account features including interest rates, PINs and cards, Direct Debits and standing orders, and sign-in details all stayed the same². Accounts remain 'Virgin Money' branded for now, and Clydesdale Bank mortgages have changed to 'Clydesdale' branding². Nationwide became the ISA Manager for Virgin Money ISAs from 2 April 2026¹.

On protection, Virgin Money says that because the businesses have combined, Financial Services Compensation Scheme protection applies to total combined eligible deposits with Virgin Money and Nationwide, up to £120,000¹. The same page states that this confirmed the new increased FSCS limit from 1 December 2025¹.

Why it matters for households

People who held Virgin Money investment or pension products are affected by the 1 December 2025 sale to Octopus Money rather than by the transfer to Nationwide, because those products did not form part of it¹. Customers with Virgin Money mortgages, current accounts or savings accounts in their own name became Nationwide members on 2 April 2026, though joint accounts give voting rights only to the first named holder². Customers who held only a Virgin Money branded personal loan, credit card or insurance did not become members on that basis².

For savers, Virgin Money says there is no change to savings interest rates as a result of the transfer². Because Virgin Money and Nationwide now sit in the same group for deposit protection purposes, the £120,000 combined limit applies across both¹. Nationwide says it will keep both Nationwide and Virgin Money branches open wherever they are today until at least the start of 2030².

What happens next

Virgin Money says account names will change to 'Nationwide' as part of a longer-term plan, and that it will contact customers before that happens². It also says it may make gradual changes to terms, processes and IT systems, and that customers may at some point be asked to download a new mobile app². Customers with money in an account that must be withdrawn have a window of 24 February 2026 to 1 June 2026 to do so, after which normal terms may apply². Virgin Money states that balance transfers between Virgin Money and Nationwide credit cards were possible only before the transfer, which happened at 23:59 on 2 April 2026². No date has been reported for the change of account names to Nationwide.