Virgin Money announces major update for savers after deal with Nationwide Building Society

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Earlier this year, Nationwide Building Society's acquisition of Virgin Money was given the green light

Virgin Money made a major savings announcement after its deal with Nationwide Building Society.

Yesterday, the bank launched a fresh issue of its Regular Saver Exclusive account, offering a rate of 6.50 per cent AER that will remain fixed until September 30, 2027.

The savings product is reserved for holders of a Virgin Money personal current account; though newcomers can also gain access by first opening one.

Savers may deposit as much as £250 each calendar month over the full term of the account and benefit from one of the more competitive interest rates on the market.

The launch comes five months after Virgin Money's operations were formally folded into Nationwide Building Society, adding an extra dimension for customers weighing up the deal.

It should be noted that anyone who deposits less than the £250 ceiling, or nothing at all, cannot carry unused allowance forward to top up a later month's contribution beyond that limit.

Withdrawals are permitted at any point, but funds taken out cannot be put back in once the monthly cap has been reached.

The account can be opened online or at a Virgin Money branch and subsequently managed through the mobile banking app, internet banking, telephone services, or in person at a branch.

Andrew Carter, Virgin Money's head of Personal Banking, said: "We're delighted to launch a new issue of our Regular Saver, giving eligible Virgin Money current account customers a rewarding way to build their savings.

"Whether saving for a rainy day or something special, the account helps customers make the most of their money while working towards their goals."

Customers should note that only a single Regular Saver Exclusive account may be held at any one time, meaning existing holders of a previous issue would need to check their eligibility before applying for the latest version.

Virgin Money's operations were transferred to Nationwide on April 2, 2026 following a High Court-approved Part VII scheme, completing a process that began when the building society's £2.9billion acquisition closed in October 2024.

The move brought approximately 6.6 million former Virgin Money customers into the mutual's membership, while still maintaining the bank's brand.

In June, Nationwide distributed £440million to 4.4 million members, coming to £100 apiece, but former Virgin Money customers were not eligible for that payout.

However, ex-Virgin Money customers are reminded that they could qualify for the next round in 2027.

Nationwide has pledged to keep all Virgin Money branches open until at least early 2028, although the brand is set to be phased out over six years.