Do you have a Virgin Money savings account? You’re about to be moved to Clydesdale Bank meaning your compensation limit could be halved

Virgin Money, clydesdale bank

Virgin Money plans to transfer its savers to Clydesdale Bank on October 21.

Clients will have up to £85,000 of cover under the Financial Services Compensation Scheme if the bank fails.

Currently they benefit from two compensation limits — one for Clydesdale and one for Virgin Money — because they are currently two separate banks.

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