Why has Clydesdale changed to Virgin Money? (2024)

Why has Clydesdale changed to Virgin Money?

In June 2018, it was announced that CYBG would acquire Virgin Money for £1.7 billion in an all-stock deal, and that the Clydesdale and Yorkshire Bank

public brands would be phased out in favour of retaining Virgin's brand, including the renaming of CYBG plc to Virgin Money UK plc.

When did Virgin Money takeover Clydesdale Bank?

The acquisition of Virgin Money plc was completed on 15 October 2018. The assets of Virgin Money plc were legally merged into Clydesdale Bank plc on 21 October 2019.

Does Clydesdale Bank still print money?

In Scotland, Clydesdale Bank, the Royal Bank of Scotland and Bank of Scotland still print their own banknotes.

Who owns Clydesdale Bank now?

Are Clydesdale Bank cheque books still valid?

How can we help you? Yes, you can still use your existing cheque book.

Is Virgin Money a safe bank?

Virgin Money is fully supportive of the 'Know Fraud, No Fraud' campaign – eight rules designed to keep you and your account safe and secure. Virgin Money will never: Call or email to ask you for your full PIN number or any online banking passwords. Send someone to your home to collect cash, bank cards or anything else.

Who owns Virgin Money now?

On June 18, it was revealed that Clydesdale and Yorkshire Bank Group (CYBG) has purchased Virgin Money in a £1.7bn ($2.25bn) deal. As a result of the transaction, the joint entity will become the sixth-largest bank in the UK.

Can you refuse Scottish notes in England?

Technically yes, you can – but it doesn't legally have to be accepted. Banknotes issued by Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland are legal currency and can be accepted throughout the UK. But it doesn't necessarily mean they will be.

Can I accept Clydesdale Bank notes?

The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. Though strictly not legal tender in Scotland, Scottish banknotes are nevertheless legal currency and are generally accepted throughout the United Kingdom.

Are Clydesdale Bank 50 notes still legal tender?

This note features a portrait of Elsie Inglis on the front, and an image of the Antonine Wall on the back. The Clydesdale Bank £50 note was withdrawn from circulation on 30 September 2022.

Is the Clydesdale Bank closing down?

Virgin Money, owner of the former Clydesdale Bank, has announced plans to close nearly a third of its UK branch network including six outlets in Scotland. The bank, which refers to its branches as "stores", said the closures are necessary to meet changing customer demand.

Has Virgin Money taken over Clydesdale?

Important information. Clydesdale Bank, Yorkshire Bank and Virgin Money are now one bank. Some of the links in the information below will take you to the Clydesdale Bank website.

What is the old name for Clydesdale Bank?

Clydesdale Bank, Yorkshire Bank and B, which exist as trading divisions of Clydesdale Bank plc will begin to use the Virgin Money name in late 2019 with full use planned by early 2021. In preparation for rebranding, the existing Virgin Money plc was merged into the existing Clydesdale Bank plc on 21 October 2019.

Can I still use my Clydesdale credit card?

Don't worry if you're an existing Clydesdale Bank Mastercard customer, the way you use your card won't change and you'll still be able to use your card as normal.

Does Yorkshire Bank still exist?

In 2016 NAB divested its UK operations as CYBG plc which went on to acquire Virgin Money plc in 2018. The Yorkshire Bank name has been phased out with all branches now under the Virgin Money brand.

What are checks that are too old to be cashed?

Personal, business, and payroll checks are good for 6 months (180 days). Some businesses have “void after 90 days” pre-printed on their checks. Most banks will honor those checks for up to 180 days and the pre-printed language is meant to encourage people to deposit or cash a check sooner than later.

How safe is Clydesdale Bank?

Clydesdale Bank PLC is a member of the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. The FSCS can pay compensation to customers if they are eligible and a regulated firm is unable to pay claims against it, usually if the firm stops trading or is insolvent.

Which bank is behind Virgin Money?

Virgin Money was merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name and operating under Clydesdale Bank plc's banking licence.

How many customers does Virgin Money have?

In the year ending September 30, 2022, the combined group had approximately 6.6 million customers and an average of over 6,800 full-time equivalent employees. The bank saw several improving key performance indicators (KPIs).

Does Virgin Money operate in the US?

Virgin Money branded services are currently available in Australia and the United Kingdom. The brand formerly operated in South Africa and the United States. Each Virgin Money branded entity acts independently from the others, thus the products vary from country to country.

Where is Virgin Money headquarters?

Why do English shops refuse Scottish money?

This is mainly due to the fact that they are not as common as English notes so people are less able to spot forgeries. Also businesses pay high bank charges and would have to pay the bank to change it into something customers would accept in change. Very few in England accept scottish notes.

Can I use a Clydesdale banknote in England?

Scottish banknotes are legal currency. You can use them anywhere in the UK. All banks will accept them.

Does tender mean money?

Legal Tender refers to all U.S. coins and currency that issued by the government. U.S. Cash dollars are also a valid form of legal tender. Nonetheless, federal statutes do not require a seller to accept cash as a form of legal tender for payment of goods or services that were rendered.

Are Clydesdale Bank 100 notes still legal?

“We have set a deadline for using paper £100 notes as 29th September 2023. The Scottish note issuing banks will continue to accept old paper-based notes and there are currently no plans to change this.”