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Go Compare signs partnership with Virgin Money owner CYBG

CYBG will use Go Compare’s SaveStack platform for its digital banking service “B”

CYBG plans to rebrand itself as Virgin Money

Price comparison website Gocompare.Com Group PLC (LON:GOCO) has signed a partnership with Virgin Money owner CYBG PLC (LON:CYBG) to provide energy switching services to the banking group’s customers.

CYBG, which also owns Clydesdale Bank and Yorkshire Bank, will use Go Compare’s SaveStack platform for its digital banking service, called “B”.

READ: Clydesdale and Yorkshire Bank owner CYBG to rename itself Virgin Money; re-affirms guidance

SaveStack will allow B customers to search for new energy deals on the mobile banking app.

"With such woefully low engagement in the energy sector, it's a turning point to be able to connect with people in their banking apps which form an important part of many people's day-to-day money management habits,” said Hannah Iles, director of platform services at Go Compare. 

“This partnership will remove the barrier - perceived or real - that some people face when it comes to finding and switching to fair energy deals.

“With savings of up to £375 not uncommon, B customers could be paying significantly less for their gas and electricity very soon."

The news comes about a month after CYBG announced plans to rebrand itself as Virgin Money. CYBG bought Virgin Money for £1.7bn last year.

Quick facts: Virgin Money UK PLC

Price: 85.94 GBX

Market: LSE
Market Cap: £1.24 billion

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