Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
I have savings with both Clydesdale Bank and Virgin Money. Given the recent merger, what is the position regarding the £85,000 protected figure?
In October 2018, CYBG – the group that owns Clydesdale Bank, Yorkshire Bank and B – announced that it had completed a deal to buy Virgin Money. The move means that all CYBG’s retail customers will move over to the Virgin Money brand over the next three years. As it stands, you can have £85,000 invested in Virgin Money and the same amount invested in Clydesdale/Yorkshire Bank, and will still have full protection from the Financial Services Compensation Scheme (FSCS). However, given that all CYBG’s operations will be rebranded to Virgin Money over the coming years, it’s likely that the £85,000 protection limit will eventually apply to all brands in the group – which means that you may need to move some of your savings to a new provider if your combined total breaches the limit. Customers will be kept informed of the move however, and for now it’s business as usual.
|1 Year Fixed Rate Bond||1.48%|
|2 Year Fixed Rate Bond||1.66%|
|3 Year Fixed Rate Bond||1.89%|
|4 Year Fixed Rate Bond||2.14%|
|5 Year Fixed Rate Bond||2.15%|
|15 January 2019|
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