Northern Rock/Virgin Money interest error

miller

Virgin Money have been sending out cheques for ex-Northern Rock e-Saver accounts as there was a minor discrepancy in the advertised interest rate.

Does anyone know if these cheques have been paid net of savings tax?

In addition accounts with a zero balance/dormant seem to have been closed in their system migration.

David_Haywards

If you take my advice, you wont touch Virgin money as a company.!! I dont have any other advice

oldfella

any more info please on which accounts and what the error was ?

alanq

Probably relates to this story.
http://www.moneysavingexpert.com/news/loans/2012/12/northern-rock-pays-270-m-to-150000-after-gaffe

Problem pre-dates Virgin's take-over.

stinktankcynic

David_Haywards wrote: »

If you take my advice, you wont touch Virgin money as a company.!! I dont have any other advice

Why? What exactly is the problem with virgin money? In relation to other firms?

MadMat

I'd like to know too, I have my cash ISA with virgin, was originally northern rock. I'm currently getting 3.05% on an instant access account so not too keen to move it till rates improve!

Mat

ColdIron

Newbie with 2 posts both talking down VM/NR
I have no problem with them and the rate on their Easy Access E-Saver for existing customers isn't too shabby in the current climate

nilrem_2

David_Haywards wrote: »

If you take my advice, you wont touch Virgin money as a company.!! I dont have any other advice

You signed up just to say that? Sounds if you have an 'axe to grind' with them!

I can only say that I have had accounts with NR for many years and also lately with Virgin money, never found any problem with them.

It might be useful if you explained your reasons for your comment?

miller

The advertised net interest rate quoted was wrong. This particular correction related to the Northern Rock e-Saver issue 5 (it's a separate issue from the "incorrect loan paperwork" compensation).

Reminds me of the NatWest e-Savings fiasco back in January 2011 where the net rate quoted on their website was incorrect. Their behaviour was slightly different than handing out cheques without prompting like Virgin Money (for something that isn't even their mistake!).

redmalc

I have no issues with Virgin, I am still getting 2.85% on my Internet saver,not bad in this current market.

nilrem_2

redmalc wrote: »

I have no issues with Virgin, I am still getting 2.85% on my Internet saver,not bad in this current market.

You will probably find it going down to 2.40% on the 8th Feb!