Problem with virgin money savings account (warning to potential customers)
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Just out of curiosity, why have you opened 5 accounts with them? Also, why did you open two online, and then decided to go to the store to open three more at the store?
No problem, happy to answer.
They are regular savings accounts. You can only pay in £250 per month, but they pay 2.25% interest. a lot of people wouldn't bother with them, but as Virgin allow you to open one of each issue (the ones in-store and online count as different issues) so at any one time it is normally possible to start 4. 4x£250 = £1000 per month, so in month 2 you've saved £2000, 3=£3000 etc. Being able to add £1000 per month to the accounts earning 2.25% is a massive advantage with interest rates being generally as low as they are.
Since opening my first accounts there has been one new one launched (hence 5 in total) and another may be coming out very soon. This is one reason why you may have noticed people commenting on this thread in a positive way - Virgin may not be the best bank in the world, but when it comes to regular savers they offer a very good deal.
Earlier in the thread the user Economic said something like high street banks are the best. If you take the advice of many people posting on the threads you've been pointed to by ctdctd you'll see that apart from some current accounts and regular savers, most of the high street banks are in fact terrible when it comes to interest rates - which for savings should really be the number one priority.
I really did mean it when I said I hope you get the situation with Virgin sorted out, and perhaps on reflection you might think about moving some of your money from the existing account (which doesn't sound very good) into their regular savers. Everybody deserves a second chance"In the future, everyone will be rich for 15 minutes"0 -
Could you please pm me some safe alternatives to saving accounts that offer better rates? Thanks0
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Could you please pm me some safe alternatives to saving accounts that offer better rates? Thanks
No point till you sort out the issue with Virgin as they have but a stop on your source of funds.
Sort out this issue then you can look for alternative saving options.
Westie983I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Nohopeharry wrote: »Phew, I'm glad you replied with something positive. I opened a few online regular savers about two months ago, and have yet to be asked for paper ID. Had no problems so far myself. Was getting worried there with the contents of the OP.0
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