Virgin Money opens first high street branches

There's a new bank on our high streets as Virgin takes over Northern Rock branches.

Virgin Money has opened its first UK high street branches, or stores as it prefer to calls them, in Newcastle.

Sir Richard Branson has been touring the rebranded former branches of Northern Rock, beginning with the landmark branch on Newcastle’s Northumberland Street.

He said: “The Virgin Group has always gone into markets where there's been an opportunity to make things better for customers.

"Now we want to do the same for banking. It's not something we take lightly. There's a lot of hard work ahead. But we have the people, the products and the plans in place".

The company is also launching Virgin Money Lounges in stores in five cities - Edinburgh, London, Manchester, Newcastle and Norwich. These are described as "places where our customers and their guests can relax, and where local communities can meet".

Virgin Money has already launched two new ‘catch-free’ savings products, an easy access account and a cash ISA. We look at these in more detail in this article. They are in addition to Virgin Money's credit card, insurance, pension and investment products. It is also planning to launch current accounts in 2013.

It has also taken on Northern Rock’s existing mortgage, savings and insurance customer base.

Virgin Money will eventually have 75 branches across the UK, although the rebranding process will take nine months to complete. 

More: Virgin Money launches 'no-gimmick' easy access and ISA deals | What the sale of Northern Rock means for you