MSE News: Virgin Money launches new current account – is it any good?

[Deleted User]

This account seems pretty mediocre. Especially as their website has said they've been "working on creating" it for the last three years.

Makes me wonder what took three years... Designing that ghastly debit card? (Slightly better than M&S Bank one I guess).

YorkshireBoy

@imper

My understanding, having read the information available on their website, is that they'll just carry out an identity search. However, due to your lack of ER info they won't be happy...even if they see another UK current account on there.

So wait until your ER status is confirmed on your credit report would be my suggestion.

As you'll have a very limited address history visible on the search, I trust you are able to supplement this with a document from each of list A and list B?

Pincher

When I worked in New Jersey, USA, I got started by buying a new car, which is easier to get a loan on than an old banger. With no credit history, no one would lend me any money, naturally, so I had to get a relative to be a guarantor. Six months later, bank account, credit card, no problem at all. Don't change your address, bad for the credit score.

imper

@ Yorkshire Boy, thanks for your reply. My passport and Nationwide staement were/are no problem, my utility bill was missing the initial , something which I and other agencies had not previously noticed, which will now be rectified (in due course). As a homeowner I'm amazed that they can't access the Land Registry to prove that I own the property, but apparently they are not allowed to. Obviously I know who I am , and I resent the fact that my address is being called into question after 30 years at the same address, albeit that I have been abroad for much of that time.

SnowTiger

Virgin has been wanting to offer current accounts for some time.

Here's a news story from 2012: http://www.thisismoney.co.uk/money/saving/article-2081182/Virgin-charge-ALL-new-customers-60-year-current-accounts.html.

A bank account with a monthly fee even if you stay in credit? Things have moved on now.

myth123

I'm hoping it's uncompetitive enough for them to introduce a joining incentive sometime

Toe-Jam

I have one of these. Never use it. Internet banking is complete rubbish.

You have to go into the branch to set up a new Payment for a Bill or Standing Order.

Faster payments take 24 hours.

Really don't know what they've been doing for 3 years to have such a basic system.

imper

So Toe-Jam, do they they run a credit check on you to open this very basic account?

YorkshireBoy

imper wrote: »

So Toe-Jam, do they they run a credit check on you to open this very basic account?

Since you have to open them in store, why not ring a store and get the information straight from the horses mouth? They must be keying applications every day so will know what kind of search is made.


You'll need to wait until Monday now though of course.

imper

YorkshireBoy wrote: »

Since you have to open them in store, why not ring a store and get the information straight from the horses mouth? They must be keying applications every day so will know what kind of search is made.


You'll need to wait until Monday now though of course.

Yeah Yorkshire Boy, I was thinking of doing that on Monday actually. I know that its not much of an account, but it might be easier to upgrade from when they finally get around to launching their other/better current accounts. I tried to find out what they charge for foreign withdrawls from their website, but you had to log in (ie. already have an account) Anyhow, they do a pre-paid travel card which charges 1.50Euro for withdrawls but no commission/loading, so if the initial exchange rate is decent then I'll get one of those while I'm there, and enquire about the current account.