Bank umbrella companies. FSCS limits

Yorkshire Bank and Clydesdale were taken over by National Australia Bank many years ago, they then sold out to Virgin Money.
I will be much happier with nationwide than Virgin Money b

the umbrella info is about facts and not about liking any bank or bs

karmalady

the umbrella info is about facts and not about liking any bank or bs

I appreciate that, I was really clarifying the YB no longer exists.

Yes, it’s to do with banking licences.

For example, Nationwide also has the brand names of Derbyshire Building Society, Cheshire Building Society, The Derbyshire, Derbyshire Direct, Dunfermline Direct and Dunfermline Building Society, all of which have the same banking licence.

www.fscs.org.uk/making-a-claim/customer-info/banking-licences/

However, [Nationwide and Virgin Money] said Virgin Money would keep operating as a separate legal entity within the Nationwide group, *with a separate board of directors and banking licence.*

www.cityam.com/nationwide-inks-preliminary-2-9bn-deal-to-potentially-acquire-virgin-money/

In other words, if you have money with both, you would have full £85,000 FSCS protection under both.

They will be operating separately until 2030, when they will then combine fully as nationwide

In that case, there is plenty of notice.

Otherwise the regulator would have to say that savers over £85,000 in the combined group have to be given the option to break or switch, penalty free, to get back within FSCS limits.

Many people are not aware of the umbrella situation wrt security of savings