Every Nationwide and Virgin Money customer given 'promise'

Nationwide contacts customers to confirm details of new deal

Nationwide has issued a message to its customers about its deal to take over Virgin Money. The two major names have come together in a deal bosses said would benefit customers.

As part of the deal, Nationwide said its 'Branch Promise' would now extend to Virgin Money, meaning all existing branches would remain open until at least 2028.

Virgin Money branches can't be currently used for Nationwide transactions, however. But bosses said services would be "broadened" over time.

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Nationwide said in a message to customers: "Nationwide is now stronger and able to deliver even greater value for our members, including through our unique Branch Promise, leading customer satisfaction, and competitive savings and lending rates.

"We aim to deliver market-leading standards of customer service as the UK’s second largest provider of mortgages and savings accounts. Importantly, Nationwide is still a mutual and owned by our members. All of the profits generated by Virgin Money will be retained for the benefit of customers and, for the first time in the UK, a full-service business bank will be part of a large mutual."

It continued: "I can also confirm that Virgin Money branches are now included in our Branch Promise. This means that everywhere there is a Nationwide or Virgin Money branch, we promise to still be there until at least the start of 2028.

"Although you will not be able to use Virgin Money branches for Nationwide transactions now, over time we expect to broaden the range of services we offer. You will benefit from the Virgin Money expertise in personal lending and credit cards, as well as business banking and accounts for clubs and societies.

"Customers who have savings with both Nationwide and Virgin Money will continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme on each of their Nationwide and Virgin Money accounts.

As we integrate Nationwide and Virgin Money carefully over time, the impact we have in communities across the UK, and the benefits we offer to members and customers, will only increase."