Virgin E Savings

S_uk

Hi, I've just opened an easy access E savings account with Virgin Money (realised they're paying a lot more than I'm getting with natwest E savings). I just have a few questions about this account:

1. I have made my nominated account my Natwest current account - when the account is fully opened, am I able to just move money from my NW Esavings to my natwest current account, and then straight to my Virgin account? I don't completely understand the different between Faster payment, BACS and CHAPS, but is there any limit on what I can transfer into my new account, or will I face a charge to move large amounts in one go (whether paying in or transferring back to NW).

2. Also, is it just my PC, or does the Northern Rock online banking site seem quite slow, at least compared to NWOB?

Thanks.

psychic_teabag

I don't know the details of this particular savings account, but often a savings account sets up a direct debit with the linked current account. This allows you to pull money into the savings account using the savings account's online interface. But that typically takes a couple of days to set up, so it's not instant.

Often, you can instead push money to the savings account from outside (eg your natwest current account) if you have a sort code and account number. That would probably be instant via faster payment (up to 10k per day from natwest). Doing it this way, you could send it directly from your esavings account - don't need to transfer to current account first. (Not that this matters very much, unless for some reason you want to schedule it for a date in the future.)

• I've just checked - they do provide details for pushing money into the account from outside

2010

S_uk wrote: »

Hi, I've just opened an easy access E savings account with Virgin Money (realised they're paying a lot more than I'm getting with natwest E savings). I just have a few questions about this account:

1. I have made my nominated account my Natwest current account - when the account is fully opened, am I able to just move money from my NW Esavings to my natwest current account, and then straight to my Virgin account? I don't completely understand the different between Faster payment, BACS and CHAPS, but is there any limit on what I can transfer into my new account, or will I face a charge to move large amounts in one go (whether paying in or transferring back to NW).

2. Also, is it just my PC, or does the Northern Rock online banking site seem quite slow, at least compared to NWOB?

Thanks.

This thread is worth reading because they say that VM/NR only do faster payments which means your money goes to your NatWest account within two hours and the amount is unlimited.

https://forums.moneysavingexpert.com/discussion/3750881

NatWest also does faster payments to your VM/NR accounts also within two hours but I don`t know what their limit is.

VM/NR website can be slow at times and generally slower than say my Halifax site.

nilrem_2

Just opened my account with NR, have to start transferring the cash before the 14th Feb when the bonus ends.

nilrem_2

In case anyone is interested, I can now log on to N/R Virgin easy access account but can't do anything with it, seems I have to wait 5 days for them to confirm it in writing before the account becomes active, so I can't do any transfers from my Natwest account for some time.

So for anyone else who is waiting to move funds from Natwest esaver when their bonus ends on 14th Feb don't leave it until the last few days!

FWIW I already have accounts with N/Rock so registration was straightforward; so why in this age of so called instant on-line transactions do I have to wait 5 days for the account to be opened, if one opens an account in a branch it's usually done there and then and you can add funds at the same time!

S_uk

nilrem wrote: »

In case anyone is interested, I can now log on to N/R Virgin easy access account but can't do anything with it, seems I have to wait 5 days for them to confirm it in writing before the account becomes active, so I can't do any transfers from my Natwest account for some time.

When I opened my account online, I got an email saying the account will be opened the next working day - I was then able to make a transfer from natwest, although i'm still waiting for it to clear.

nilrem_2

S_uk wrote: »

When I opened my account online, I got an email saying the account will be opened the next working day - I was then able to make a transfer from natwest, although i'm still waiting for it to clear.

I had that too but when I logged in to NR it said up to 5 days for a letter to arrive before the account will be open.

Ifts

nilrem wrote: »

so why in this age of so called instant on-line transactions do I have to wait 5 days for the account to be opened,

I think you may have answered your own question.....

if one opens an account in a branch it's usually done there and then and you can add funds at the same time!

Maybe because they can get you to sign the paperwork there and then.

Recently had same experience myself, I had to wait to receive a letter from Natwest re their latest eSaver account (I was one of the fortunate ones who got the eSaver account offered to them).
I had to sign it and return it to them before my account was fully operational, even though I was already an existing customer.

nilrem_2

I have actually opened accounts on-line with other providers where I didn't have to sign a posted document first, if I remember correctly; with both ING, Chelsea and Icesave (sorry to mention that name!) no signing was needed but I did have to sign for my Natwest esaver account.

fiesta04

Does this account only pay 2.85%
There are better rates available

nilrem_2

fiesta04 wrote: »

Does this account only pay 2.85%
There are better rates available

Yes indeed but they include bonuses that disappear after a time, some people get fed up of switching accounts as soon as a bonus ends, this account (and the Sainsburys one) do not include a bonus.

Personally I was looking for an account to replace my Natwest esaver when the bonus ends on Feb 14th, this one happened to 'fit my bill' .