Virgin Winebank-33% return every 3 months

stuzhunter

I am just wondering whether anybody has used Vigin WineBank before & what are their experiences. Can it be used as some sort of savings?

Virgin Wine claims that 'every 3 months, if you are still a member of the WineBank, we pay an EXTRA instalment ("WineInterest") equal to your monthly payment, on the 28th of the month. So if you are paying £20 a month, every 3 months you will end up with £60 you've paid in PLUS £20 we've paid in'.

In addition Virgin Wine claims 'You are free to cancel your WineBank membership at any point. We will gladly refund any money you have paid into the WineBank.'

So assuming that you pay £20 a month in your Winebank account for a year, they will give you a tax-free interest of 4x£20=£80. At the moment they have an offer for a free £40 voucher if you sign up. So that £120 return total for the 1st year, effectively 50%.

I could not find any details that you are obliged to buy their wine. It sounds too easy? Anybody knows what is the catch?

magpiejay

the clue is in the line:

'You are free to cancel your WineBank membership at any point. We will gladly refund any money you have paid into the WineBank.'" They obviously won't refund any interest or promotional 'money' in the fund.

It's also worth mentioning that interest and promotional money can't be used on many of their special offer wines (effectively, the ones that are most competitively priced.)

Incidentally, isn't it a bonus £20 on sign up? Where did you find the £40? (may be worth posting the link on the vouchers forum if you got a special email as I haven't come across that one before.)