Halifax did a really long time ago (early 20th century). That’s how come decades later they still had what was then their Deposit Cheque Account.
Granted, it is more complicated these days.
Fair cop - my point was more that this is taking over a full-service bank with far more product categories than even they themselves offer; leave alone the building societies they’ve previously taken over (which were pretty much simple savings + mortgage societies).
If they’ve paid for four years, they’ll be hoping to get It done in two or two and a bit. The extra time is to allow for slippage. I suspect we’ll all be surprised at how fast things move once they start.
They’ve paid for 4 years and then a 2 year exit period. They have usage of the Virgin Money brand until the end of September 2030. There’s nothing to stop them taking longer with a rebrand either, if they need to. I imagine that’s when at the very least they’ll want to have rationalised the branch network tho.
They absolutely won’t be hoping to get it done in 2 and a bit years 
What we don’t know yet is how much stuff will remain under the Clydesdale Bank license, and how that remainder will be positioned - it could be a business bank, a ‘no-frills’ style offer even perhaps a digital only business. My expectation is that they’ll want to be running under common infrastructure but some stuff will still be sold separately - a bit like BOS/Lloyds but with combined in branch servicing.
Worth remembering too that if Nationwide plan to bring Clydedale’s current accounts over to their own system without dropping functionality all their competitors have they have some innovations they’ll need to catch up on - digital cheque pay in, Post Office deposits, card details in app etc.
It’s more complicated than that as Virgin is at least three separate banks currently.
I think the credit cards will move first as they appear to be easy to move and are on a separate app anyway.
To merge in the current accounts is going to need something like a CASS+ I think as Virgin still seems to operate as three separate banks. Savings is something they’ve merged in many times before so presumably easy enough for them.
Investments would also be fairly easy as they’d just take those Virgin staff and systems over with it as another tab on the Nationwide.
There’s a bunch of other stuff which looks a bit messy but maybe just needs a change in name over the door.
For sure, but Nationwide seems to have been working away behind the scenes for a while now. They have a contract with the Post Office and used to allow deposits so it might be that they essentially just need to tell the Post Office to re-enable that. I don’t know that many people would be worrying about cheque deposit - I paid in my first in nearly three years the other day.
We will see, but I suspect credit cards will remain with the bank license or sold off, due to the way building societies have to balance loans and deposits compared to banks. It’s possible even that Nationwide member credit cards could move the other way.
Not going to happen. Too many accounts to lose past financial data for. It’ll be a (trio of) system migration(s) rather than an account-by-account change.
Whether they remain aligned to the bank license or are moved to become Nationwide accounts is anyone’s guess.
True, but Virgin Money (and Clydesdale/Yorkshire/B before them) sold themselves as a full service bank (albeit not a very joined up one!). It might make little sense to move these over.
Remember if there is to be a bank asset retained that bank will still need to make sure it’s adequately funded in and of itself. I think you might end up being surprised how much stuff stays where it is in terms of license.
I’ve opened a Nationwide Member Credit Card account over the weekend. It’s still not showing in my banking app. Anyone have any experiences with this, or know how long it usually takes to get set up online? Granted, it does say 7-10 days for the card to be delivered (including sending the card pin seperately).
It’s not an issue and I have time to wait (don’t need to use the credit card imminently), but just wondering if there is anyone that has dealt with the credit side of Nationwide before? I haven’t scoured the entire forum, so I’m sorry in advance if this has been mentioned/discussed previously.
It won’t show for about five days
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It takes a good while for things to become operational. You can’t use the card until it turns up (should be soon for you). It should start appearing in the app for you quite soon too, though you’ll not be able to use It until the card arrives.
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On a related note, the Virgin Everyday Cashback card gives the same free overseas use but also gives you 0.25% cashback. This is what the Nationwide used to offer so when the product mergers start, I wonder if the 0.25% will be on offer on the existing Nationwide card?
Nationwide’s Select credit card originally offered 0.50% when it was first launched. It was worth using in those days. It was later reduced to 0.25% and then removed altogether.
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Can’t see it going back to 0.5%, but the question is whether they will level up to Virgin’s 0.25% or level down to zero? Either way, I’m planning on switching my current Nationwide spending over to Virgin when the card turns up.
Also wondering if they’ll add the credit limits of the two cards when the merger of the credit card operation happens?
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I currently have a Virgin Money Credit Card and was thinking of closing it down, but don’t know if I should keep it open just to see what the merger will bring 
I’d hang onto it. Watch the terms though as not all do free overseas use. The cashback card seems quite a new offering.
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Did you close the account you previously had the bonus on before switching?
Good info, thank you!
Quick update; the credit card account is now showing in my online banking! Still waiting for the card and can’t do much until the statement is generated next month, but good to see it there nonetheless.
Update 2: I’ve managed to add my Credit Card to Apple Wallet/Pay without having received the physical card or pin, using the Nationwide Banking App. Haven’t used it to pay for anything yet, so not sure if payments will go through.
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Plenty of banks ask for it. First Direct do, believe HSBC do too from that.
It’s nothing to worry about.
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Switch is due to complete soon, all set up,
Have had my digital code, my card PIN code (no card yet)
Have an email from Nationwide today asking me to call them about my bank switch.
Haven’t had a gap at work yet to be on hold for a while wondering what they could need?