Clydesdale Bank Credit Rating
Clydesdale Bank is not a bank in its own right: it is a trading name of Nationwide Building Society (FCA firm reference 106078), part of Nationwide. Credit rating agencies rate the licence holder, not the brand, so Clydesdale Bank has no rating of its own. Nationwide Building Society currently holds a blended long-term credit rating of A+, which is investment grade; that is the rating shown on this page. Clydesdale Bank PLC was the licensed bank behind Virgin Money, Clydesdale Bank and Yorkshire Bank until 2 April 2026, when its business transferred to Nationwide Building Society. The legal entity, renamed Clydesdale Bank Limited, no longer takes deposits and remains only to issue Scottish banknotes; Clydesdale-branded accounts are now held with Nationwide. A credit rating is an opinion on an institution's ability to meet its obligations, not a guarantee, and it is separate from deposit protection.
Nationwide Building Society credit ratings by agency
| Agency | Long-term rating | Outlook | Last confirmed |
|---|---|---|---|
| Fitch Ratings | AA- | Stable | 10 Jul 2026 |
| Moody's | A1 | Stable | 10 Jul 2026 |
| S&P Global Ratings | A+ | Stable | 19 Jul 2026 |
Rating History Chart
Rating History
| Date | Rating | Agencies |
|---|---|---|
10 Jul 2026 |
S&P, Moody's, Fitch | |
10 Jul 2026 |
S&P, Moody's, Fitch | |
15 Nov 2020 |
S&P, Moody's, Fitch | |
15 Jun 2018 |
S&P, Moody's, Fitch | |
15 Jan 2016 |
Fitch |
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2025 H2 file (April 2025 to September 2025), Nationwide Building Society received 63,947 banking and credit-card complaints, 1.94 per 1,000 accounts. The bank upheld 52% of those it closed and closed 51% within three days. The previous period was 1.92 per 1,000, so complaints rose. Compare all banks.
Market signals, ownership and group accounts
Takeover:Nationwide Building Society's offer period for Virgin Money UK plc began 7 March 2024; it completed on 1 October 2024.
From the Takeover Panel's daily Disclosure Table of live offer periods (2019 onwards), via the RNS archive.Latest News
Is Clydesdale Bank safe? What the record shows
Clydesdale Bank is a trading name of Nationwide Building Society, so the record that matters is that bank's. Each statement below is taken from the source named beneath it, last checked 15 October 2026. It is information, not advice.
Banking licence
Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA under registration number 106078, and appears on the PRA's October 2026 list of regulated building societies. Since 23:59 on 2 April 2026, when Clydesdale Bank PLC's business transferred to it under Part VII of the Financial Services and Markets Act, it also trades as Virgin Money, Clydesdale Bank and Yorkshire Bank.
Source: Bank of England: PRA-regulated building societies, October 2026, 1 Oct 2026Clydesdale Bank PLC (registration number 121873) remains on the PRA's list of banks but, according to its accounts for the year to 31 March 2026, no longer takes customer deposits and focuses solely on issuing Scottish banknotes, with no employees.
Source: Clydesdale Bank PLC annual report and accounts, year ended 31 March 2026, 31 Mar 2026Ownership and funding
Nationwide is a mutual owned by its members, with no shareholders; its 2026 annual report says membership has grown from 15 million to 19 million over the past decade. It bought Virgin Money UK PLC for about £2.9 billion (220p per share) on 1 October 2024, booking a £2.3 billion gain on acquisition, and about 6.8 million Virgin Money customers became members on 2 April 2026.
Source: Nationwide Annual Report and Accounts 2026, 20 May 2026Nationwide's Fairer Share scheme paid £100 to more than 4 million eligible members between 10 and 30 June 2026, its fourth annual payment; the Society says over £1.5 billion has been distributed this way since 2023. The June 2025 payment cost £409 million.
Source: Nationwide: Fairer Share, 15 Oct 2026Size
At 31 March 2026 Nationwide had total assets of £382.3 billion (2025: £367.9 billion), retail deposit balances of £270.8 billion (a 12.2% market share) and residential mortgage balances of £286.3 billion (16.3% share). Business deposits were £22.8 billion and members' interests and equity £21.1 billion.
Source: Nationwide preliminary results, year ended 31 March 2026, 31 Mar 2026Profitability
Nationwide's statutory profit before tax was £1,490 million for the year to 31 March 2026, against £2,302 million for the prior period, which included the one-off £2.3 billion gain on buying Virgin Money. Underlying profit before tax rose 9% to £2,026 million (2025: £1,852 million) on underlying income of £6,378 million, after the £409 million Fairer Share payment.
Source: Nationwide preliminary results, year ended 31 March 2026, 31 Mar 2026Capital strength
At 31 March 2026 Nationwide's Common Equity Tier 1 ratio was 19.1% (2025: 19.1%) and its UK leverage ratio 5.3% (2025: 5.2%), against stated regulatory requirements of 12.3% and 4.3%. Total MREL resources were 9.7% of leverage exposure against a requirement of 7.55%.
Source: Nationwide preliminary results, year ended 31 March 2026, capital risk, 31 Mar 2026Regulatory record since 2020
On 11 December 2025 the FCA fined Nationwide Building Society £44,078,500 (£62,969,297 before a 30% settlement discount) for breaching Principle 3 through weaknesses in anti-financial-crime controls on personal current accounts between 1 October 2016 and 1 July 2021.
Source: FCA press release, 12 December 2025, 11 Dec 2025The FCA's published fines tables from 2020 to 2026 (to 15 October 2026) list no other penalty against Nationwide, Virgin Money or Clydesdale Bank PLC. The December 2020 entry for Clydesdale Financial Services Limited is a Barclays consumer finance company unrelated to Clydesdale Bank. No PRA enforcement action against any of the three was found.
Source: FCA 2025 fines list, 15 Oct 2026Credit ratings
Nationwide's investor relations page lists senior preferred long-term ratings of A+ from S&P (stable, updated September 2025), A1 from Moody's (stable, updated March 2026) and AA- from Fitch (stable). Fitch upgraded Nationwide from A to AA- on 12 May 2026 after revising its bank rating criteria, citing a resolution debt buffer of 17.7% of risk-weighted assets.
Source: Nationwide investor relations: credit ratings, 15 Oct 2026Deposit protection
Eligible deposits with Nationwide are protected by the FSCS up to £120,000 per depositor, the limit for failures on or after 1 December 2025 (£240,000 for joint accounts). Since 2 April 2026 the FSCS treats Nationwide and Virgin Money deposits as held with a single provider, so balances across the Nationwide, Virgin Money, Clydesdale Bank and Yorkshire Bank brands count together against that one limit.
Source: Virgin Money: FSCS questions answered, 2 Apr 2026Customers whose combined Virgin Money and Nationwide deposits exceeded £120,000 could withdraw the excess between 24 February and 1 June 2026 without charges or loss of earned interest, including from fixed-rate bonds, fixed-rate ISAs and notice accounts; after 1 June 2026 the usual terms and charges apply.
Source: Virgin Money: Nationwide transfer, FSCS questions, 3 Apr 2026Operational incidents
Nationwide told the Treasury Committee in a letter dated 26 February 2025 that it had seven IT incidents affecting customers for 1,577 minutes in 2023 and 11 incidents for 2,649 minutes in 2024, affecting about 1.99 million transactions (around 0.03% of the total). On 12 November 2025 it extended its Branch Promise, committing to keep all 696 Nationwide and Virgin Money branches open until at least 2030.
Source: Nationwide news, 12 November 2025: Branch Promise extended to 2030, 12 Nov 2025Frequently asked questions about Clydesdale Bank
Is Clydesdale Bank safe?
Clydesdale Bank operates under Nationwide Building Society's banking licence, and Nationwide Building Society holds a blended long-term credit rating of A+, which is investment grade. A rating is an independent opinion on the institution's ability to meet its obligations; it is not a guarantee and can change. Separately, eligible deposits with UK-authorised banks and building societies are protected by the FSCS up to £120,000 per person per banking licence. This page is information about published credit ratings, not financial advice.
What is Clydesdale Bank's credit rating?
Clydesdale Bank has no rating of its own. Its licence holder, Nationwide Building Society, has a blended long-term credit rating of A+ from S&P, Moody's, Fitch; the per-agency figures are shown above.
Which bank is Clydesdale Bank part of?
Clydesdale Bank is a trading name of Nationwide Building Society, FCA firm reference 106078, part of Nationwide. Clydesdale Bank PLC was the licensed bank behind Virgin Money, Clydesdale Bank and Yorkshire Bank until 2 April 2026, when its business transferred to Nationwide Building Society. The legal entity, renamed Clydesdale Bank Limited, no longer takes deposits and remains only to issue Scottish banknotes; Clydesdale-branded accounts are now held with Nationwide.
Does Clydesdale Bank share an FSCS limit with Nationwide or Virgin Money or Yorkshire Bank?
Yes. Clydesdale Bank and Nationwide and Virgin Money and Yorkshire Bank all sit under Nationwide Building Society's licence, so money held across them counts towards one £120,000 limit per person, not one limit each.
Is Nationwide a real bank?
Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA under registration number 106078, and appears on the PRA's October 2026 list of regulated building societies. Since 23:59 on 2 April 2026, when Clydesdale Bank PLC's business transferred to it under Part VII of the Financial Services and Markets Act, it also trades as Virgin Money, Clydesdale Bank and Yorkshire Bank.
Is Nationwide profitable?
Nationwide's statutory profit before tax was £1,490 million for the year to 31 March 2026, against £2,302 million for the prior period, which included the one-off £2.3 billion gain on buying Virgin Money. Underlying profit before tax rose 9% to £2,026 million (2025: £1,852 million) on underlying income of £6,378 million, after the £409 million Fairer Share payment.
Has Nationwide been fined by the FCA?
On 11 December 2025 the FCA fined Nationwide Building Society £44,078,500 (£62,969,297 before a 30% settlement discount) for breaching Principle 3 through weaknesses in anti-financial-crime controls on personal current accounts between 1 October 2016 and 1 July 2021. The FCA's published fines tables from 2020 to 2026 (to 15 October 2026) list no other penalty against Nationwide, Virgin Money or Clydesdale Bank PLC. The December 2020 entry for Clydesdale Financial Services Limited is a Barclays consumer finance company unrelated to Clydesdale Bank. No PRA enforcement action against any of the three was found.
Who owns Nationwide?
Nationwide is a mutual owned by its members, with no shareholders; its 2026 annual report says membership has grown from 15 million to 19 million over the past decade. It bought Virgin Money UK PLC for about £2.9 billion (220p per share) on 1 October 2024, booking a £2.3 billion gain on acquisition, and about 6.8 million Virgin Money customers became members on 2 April 2026.