Virgin Money is a financial services brand used by Clydesdale Bank plc in the United Kingdom. Originally founded by Richard Branson in 1995 under the name Virgin Direct, it offered a personal equity plan. In the 2000s, Virgin Money expanded globally and attempted to buy Northern Rock in 2007.
Ownership and Merger
Virgin Money agreed to a takeover by CYBG plc in June 2018, which completed in October of that same year. The brands merged under the name Virgin Money in 2019, becoming one bank with over 6 million customers, including Yorkshire Bank and Clydesdale Bank. Virgin Money operates in the UK as a trading name under Clydesdale Bank’s license.
Services and Branding
Virgin Money offers services like current accounts, savings accounts, overdrafts, and business loans. It pays licence fees to Virgin Group to use the Virgin brand and aims to create positive associations while positioning itself as a customer-focused bank. Its digital approach is reflected across applications from mobile to storefronts, bridging the gap between traditional banks and digital challengers with features like interest on balances and free overseas card use. The Virgin Money current accounts share Virgin’s values and aim to make customers happier about money.
Virgin Money is currently owned by Clydesdale Bank after it merged with Virgin Money in 2019. Clydesdale Bank plc owns Virgin Money UK plc, which trades as Clydesdale Bank, Yorkshire Bank, and Virgin Money. Virgin Money merged into Clydesdale Bank plc on 21 October 2019, continuing as a trading name under Clydesdale Bank plc’s banking licence.