Virgin Bank - Terrible Service

Eye2013 wrote: »

There's a few ignorant comments on this thread I have to say.

Most of them are well- meaning and only trying to help you understand how modern banking works so you are well prepared for whatever you do with your money next.

My main gripe is that I set this account up as an 'invest and forget' into a market competitive rate.

That is not something to gripe or complain about their behaviour. It is your own behaviour that had caused you to be still using their account today and disappointed with it: i.e., choosing to use a 'variable rate' account when you intended to 'set it and forget it' and walk off and not keep up with what other accounts are more suitable in the market from time to time as the variable rate varies itself..

Virgin have only reduced the rate to make profit from other people who don't notice the rate or are too lazy to switch.

They have reduced the rates as the prevailing market interest rates for those type of accounts have declined from where they were back in 2015, and if you are serious about wanting to maximise your returns with them you will sign up to their newer products.

Other banks do this too but that's no excuse.

Sounds like the fact that other banks have done it may indicate that they are doing something similar to what their peers on the market are doing, and as such are not particularly 'bad guys'. So, it is something of an excuse. At the very least it's an explanation why the variable rate changed - because other banks' variable rates changed too!

I have never used online access for this account - not needed to, although I think the original application was online I then had to visit the branch to set it up (with a bank teller that didn't seem to understand Power of Attorney).

Sounds about right for an account with "e-saver" in the name, to be opened electronically; but if your situation is complex (eg PoA for someone else) then it stands to reason you might have to go into a branch to sort out ID and signatory stuff.

I am also annoyed about having to make a special journey to transfer the money just because they've altered the rate.

You aren't required to make a special journey to transfer the money, because you don't need to transfer the money - you could just keep the money in the account and accept that the rate is variable and might go down from time to time, as you always knew at the time you opened it.

The good news is I'm going to switch to NS&I Bonds which should yield an extra £1.5k or so per annum on the six figure sum invested,

Assuming you're talking about their 'monthly income' bonds they pay 1% (variable) which is better than the Virgin Defined Access account you have but less than Virgin's "Double-Take e-saver" which pays 1.26% (variable). So, make sure you're not falling into the trap of cutting off your nose to spite your face...