It was originally known as Virgin Direct, and pioneered index tracking by launching a value personal equity plan into the market.

Virgin Money announced plans to become a retail bank, and attempted to purchase Northern Rock in 2007 before it was nationalised by the British Government.

Virgin applied for its own banking licence from the Financial Services Authority in 2009, and gained one through the acquisition of Church House Trust the following year.

[4] In June 2018, Virgin Money agreed to a takeover by CYBG plc (formed by National Australia Bank (NAB), out of several of its UK subsidiaries, in February 2016) which was completed in October 2018.

[5][6] However, in March 2024, the bank's parent company agreed to be acquired by Nationwide Building Society in a £2.9 billion deal that was completed on 1 October 2024 and will see the Virgin Money brand name being phased out between 2026 and 2028.

"[13] In October 2009, Virgin Money applied to the Financial Services Authority for a full banking licence.

In April 2010, Wilbur Ross invested £100 million in Virgin Money for a 21% stake in the company.

James Lockhart, Vice Chairman of WL Ross & Co, joined the Virgin Money board.

WL Ross & Co increased its stake in Virgin Money, owning 44% of the combined business by putting £260 million into the deal.

[28] On 9 January 2012, Richard Branson visited the Gosforth site and some branches of Northern Rock around Newcastle, including one with temporary Virgin Money branding.

The credit card book was integrated into Virgin Money's operations in 2014, and was expected to create 150 jobs at the Gosforth offices.

[34] In October 2014, it was announced that Virgin Money Holdings (UK) plc would float shares on the London Stock Exchange in order to raise approximately £150 million which would go towards expanding and enabling it to continue to hire and maintain its existing base of top staff members.

[35] A successful offer led to a final payment of £50 million to the UK Government with respect to the company's IPO following the purchase of Northern Rock.

[45] On 7 May 2018, it was reported that CYBG plc had made an all-share offer of £1.7bn to acquire Virgin Money UK.

[49] In June 2019, CYBG plc announced its plans to consolidate its businesses under the Virgin Money brand.

This was despite an investor revolt in which a third of shareholders opposed the payout, citing the fact that company had suffered its second consecutive annual loss, caused by a £385m charge for mis-sold payment protection insurance.

[55] Although the Clydesdale brand has been phased out the name continues to appear on the Scottish banknotes issued by the bank.

[57] Under the terms of the deal the resulting company would be rebranded under the Nationwide banner over the next 6 years with the Virgin Money brand eventually disappearing.

[57] Nationwide aims to not make any material changes to Virgin Money's 7,300 employees "in the near term".

[57] Virgin Money's shareholders approved the deal on 22 May and it is expected to complete by the end of the year.

Virgin Direct's logo had been a more simplistic rendering of the company name, in white on top of a red rectangle with a semicircle attached on the left side.

[68] Virgin Money's headquarters are the former Northern Rock offices, renamed as Jubilee House, in Gosforth, Newcastle upon Tyne.

Virgin Money also have offices in Eagle Place, Piccadilly, London, at 28 St Andrew Square, Edinburgh, Gorstacks House in Chester and Discovery House in Norwich, which had been Virgin Money's head office prior to becoming a bank.

[70]Virgin Money offers a range of savings and investment products, mortgages, credit cards, insurance and pensions.

The bank launched its own range of basic current accounts in July 2014, initially only in Scotland and Northern Ireland.

Virgin Money also lent its name to the yacht that Sir Richard Branson used to attempt to break the Transatlantic sailing record.