As of early 2026, several bank mergers are in progress globally. Notably, Nationwide Building Society is set to acquire Virgin Money, with the transfer expected to complete around 2 April 2026. In the US, Pinnacle and Synovus are in the process of merging, while in Denmark, Sydbank, Arbejdernes Landsbank, and Vestjysk Bank plan to merge into a new entity.
What is happening with Virgin Money and Nationwide?
To bring the 2 businesses together, we're transferring the business of Virgin Money over to Nationwide. As long as the Court approves the transfer, we expect this to happen on 2 April 2026. We're working to make the transfer as smooth and seamless as possible. Nationwide accounts will not be impacted by the transfer.
In the UK, several major banks operate under common ownership, meaning brands like Lloyds, Halifax, and Bank of Scotland are linked through Lloyds Banking Group; NatWest, RBS, and Ulster Bank (NI) are linked via NatWest Group; while Barclays has its own group including Barclays Bank and some Tesco Bank services, and Santander includes First Direct. Recent mergers also connect Clydesdale/Yorkshire Bank with Virgin Money, and Tesco Bank's services moved to Barclays, while Coventry BS and Co-op Bank are now under the same ownership but operate separately.
Under the 'scheme of amalgamation', the following banks will be merged: Indian Bank with Allahabad Bank (anchor bank - Indian Bank); Punjab National Bank, Oriental Bank of Commerce and United Bank to be merged (anchor bank - PNB); Union Bank of India, Andhra Bank and Corporation Bank to be merged (anchor bank - Union ...
In separate letters issued on Monday, the central bank instructed First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and EXIM Bank to reduce the value of their shares to zero under the Bank Resolution Ordinance 2025.
Santander has announced that it will merge Openbank and Santander Consumer Finance (SCF) into a single legal entity. Openbank is Santander's flagship brand for digital-first consumer banking which has achieved one of the highest net promoter scores (NPS) in its largest market in recent years.
Keeping all your accounts at one financial institution has its benefits, from better rates on your savings, fast transfers, fewer fees and improved security to a stronger overall relationship with your bank—and your money. A savings or checking account here. A mortgage there.
The bank has its origins in three constituent companies—Abbey National, Alliance & Leicester and Bradford & Bingley—all former mutual building societies. Abbey National, trading as Abbey, had been bought by the Santander Group in July 2004 for £9 billion.
The Federal Deposit Insurance Corporation (FDIC) protects your deposits up to $250,000 per person, per bank, so most people don't need to worry. Of course, It is always wise to have a plan, just in case.
Will Virgin Money customers get 50% from Nationwide?
On 1 October 2024, we completed the purchase of Virgin Money, becoming an even stronger force in UK banking. This was made possible by the financial strength Nationwide members helped us build. To say thank you, we've given over 12 million of our members £50 each as part of The Big Nationwide Thank You.
JPMorgan Chase. Chase is one of the most popular banks in the United States thanks to its combination of advanced technology and excellent customer service. ...
In the majority of instances, your most basic banking information, account numbers included, will change. This means you'll need to replace any cards and update automatic payments associated with your old account once your new information is in hand.
How much money is too much to keep in a bank account?
If you keep more than $250,000 in your savings account, any money over that amount won't be covered in the event that the bank fails. The amount in excess of $250,000 could be lost. The recommended amount of cash to keep in savings for emergencies is three to six months' worth of living expenses.
The 70/20/10 rule for money is a budgeting guideline that splits your after-tax income into three categories: 70% for living expenses (needs), 20% for savings and investments, and 10% for debt repayment or charitable giving, offering a simple framework to manage spending, build wealth, and stay out of debt. This rule helps create financial discipline by ensuring a portion of your income consistently goes toward future security and paying down liabilities, preventing lifestyle creep as your income grows.
Where is the safest place to keep a large amount of money in the UK?
Pensions. If you've got spare cash, investing it into your pension is a great way to safeguard your future. Even better, the government will give you tax relief at your marginal rate (the highest rate of income tax you pay).
In response to being asked if the bank is “planning to exit the UK”, bosses are instructed to say: “The UK is a core market for Santander. This has not changed. We remain focused on delivering our strategic priorities and continuing to serve our 14 million customers in the UK.”
