Virgin Current account launch...?

callum9999

colsten wrote: »

Speak for yourself.

I'm not aware of any lies I've written, unlike your post...

dr_adidas01

callum9999 wrote: »

It's called common sense.

It's not remotely suitable for me and I never expressed the opinion that I thought it should be. I expressed the opinion that the typical basic account holder will have very little savings. Not all of them, but most of them. Why else would banks refuse to give them a facility that they otherwise hand out like confetti?

I don't know what era you're living in but this is now the 21st century where everything is decided by a computer with very little intervention by human beings. Banks don't give out facilities like confetti anymore (and isn't confetti only used at weddings, so not sure how this is relevant to banking) People can be given basic accounts for something as simple as never having credit before, it happens more and more these days, not just because people have poor credit.


If their "regular spending money" is significant then yes, they should keep it in savings accounts instead of a 0% current account - it's exactly what I do. Why on Earth is that an odd thing to do?

If you were so savvy with your savings you wouldn't be keeping it in a savings account, you would be making it work for you like keeping it in a high interest current account like many of us do.

Keeping it in a savings account isn't the best thing to do with your money and not all savings accounts offer the best interest rates.

Might be time to look at moving your money to something like the Santander 123 account or a nationwide flexdirect account or the flexplus. Or one of Lloyds club accounts. Many of us do this with our savings just read the forums!!

When did I say people with poor credit ratings shouldn't be allowed to get interest? You're talking complete and utter rubbish.

Sounds like your talking rubbish to me!!

colsten

callum9999 wrote: »

I'm not aware of any lies I've written, unlike your post...

Lies?

Thank goodness for the ignore button, I really don't want to read more of your rubbish.

System

I realise I'm impinging on your debate but...

There is nothing in the T&Cs or website to say they accept people with poor credit like a basic bank provided by one of larger players.

I'd say it's a standard current account without an overdraft facility.

colsten

Heng_Leng wrote: »

There is nothing in the T&Cs or website to say they accept people with poor credit like a basic bank provided by one of larger players.

Had a quick look at Barclays and Coop websites / T&Cs but can see anything there either that says they accept people with poor credit.

Herbalus

And I think that a bank account paying interest has nothing to do with savings (at this level - 123, TSB Plus etc excepted), so even if you are right in your assertion that people with basic accounts don't have large amounts of savings, we're not talking about savings. As you point out, they would, or should, have their money in savings accounts that pay higher than 1%.

But this is for your current balance i.e. the money you spend everyday. You can't have all your money in savings, because then you'd go overdrawn every time you get cash out or buy a sandwich. You need money in your current account, and for people who can only get basic accounts, 1% is the best in the market. Inferring that interest rates were for people with savings isn't the point Colsten was making.

dbarcl10

I was in the new Virgin Lounge in Glasgow yesterday and asked about the current account. It's doing a soft launch in Scotland first then will be rolled out region by region. It was described as a no-frills (yet) account rather than a basic account as they aim to add extra services in the coming months. At the moment they are not offering overdrafts but there is interest of 1% up to £100,000 balance. There are no charges for the account, and it can be managed in Virgin Money accounts and in the Post Office. Virgin Lounge Glasgow is the first lounge to include banking facilities (the former Northern Rock branch is closing and the staff transferring to the lounge soon) but they promise not to try to sell bank products if you use the lounge. Major downside is that there is no online banking currently though they aim to launch it by the year end (perhaps not a bad thing to wait till they are happy with it; online banking with M&S Bank is shockingly lacking)

callum9999

colsten wrote: »

Lies?

Thank goodness for the ignore button, I really don't want to read more of your rubbish.

Indeed. When you stated that I believe that people unable to get a full current account should be allowed to get interest for no apparent reason.

While I'm aware I respond rather abruptly when I consider replies to me are rude, if you can't take it then don't give it out.

dr_adidas01 wrote: »

Sounds like your talking rubbish to me!!

You really should know what era I'm living in, what with time travel not currently being possible to the best of my knowledge.

I'm well aware that not everyone with basic bank accounts have poor credit, but most do. Which is exactly what I said - most, not all. That is after all their entire purpose for existing. Very, very few people will be completely unable to get a simple current account with no overdraft facilities just because they don't have a credit history.

I'm well aware that there are better places to keep your money than savings accounts thank you very much. It would be wise for you to really think through what you're saying before acting like such a smart a*** though. Firstly, we were discussing people who cannot get current accounts - so obviously they would not be able to use any of those alternatives you provided. Secondly, most of my savings are in TSB accounts - with a superior interest rate to the accounts "many of you" (whoever you're referring to) keep your money in.

As to the argument about earning interest on day-to-day spending money, my point was merely that if they didn't care enough to try and get interest by keeping surplus money stored in a savings account, I can't see them going to the hassle (I'm aware it's easy - the general public however are not, only 3% of people have switched bank accounts in an average year) of switching their entire current account for 1%. Though there is a half way house between keeping your entire monthly budget in your current account or keeping the entire sum in a savings account and "going overdrawn every time you buy something"...

Toe-Jam

Well it's definitely "basic". The only thing you can do online is look at your balance. You have to call them to do a faster payment, and even then you have you have to go into the "store" to set it up first.

Sounds very time consuming.

Mind boggling why they don't have Internet banking when they inherited a fully functional system from Northern Rock and the internet banking works fine for Virgin Savings.

stclair

JoseChungsDoomsday wrote: »

I have to admit, thats a really good looking debit card!

Its disappointing they are not contactless :eek: