Virgin Money is a bank and financial services company based in the UK. Originally launched as Virgin Direct Personal Financial Services in 1995, its second incarnation Virgin One followed in 1997. Virgin Money launched as a price comparison website in 2000; the two companies were merged in 2002 to form the contemporary version of the company.
Virgin first attempted to buy Northern Rock in 2007 ahead of its nationalisation; when the bid failed, Virgin sought its own banking licence and became a full retail bank in 2010 after acquiring Church House Trust.
Virgin was greatly helped in the expansion of its product portfolio by the purchase of Northern Rock after previously being focused on credit cards and insurance. The first Virgin-branded current accounts were launched in Northern Ireland and Scotland in 2014, and the rest of the UK in 2015.
Virgin eventually completed the purchase of Northern Rock in 2012. In May 2018 CYBG announced its intention to acquire Virgin Money, and a takeover was agreed. CYBG will license the Virgin Money brand and CYBG customers will be moved over to Virgin over the next three years. The acquisition was completed on 15 October and shares in Virgin Money Holdings were deleted from the LSE.
Richard Branson has indicated that he would like to open branches in train stations in the future. The bank also has several ‘concept lounges’, with the first opened in Norwich in 2011.
Virgin Money Products and Services
Virgin offers customers a comprehensive portfolio of banking and investment products, including:
Virgin also offers a range of business savings accounts, aimed at helping businesses to grow. The instant access savings account pays a lower rate of interest, but customers can access their savings at a moment’s notice if needed. For customers who don’t need this feature but would like to earn more interest, one and two-year fixed rate accounts are available.
Security at Virgin Money Bank
Virgin has extensive online security policies aimed at preventing fraud, and information for customers on how they can help is available online.
Virgin Money is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.