Regular Saver Thread **New and Restarted**

eskbanker

Middle_Sister wrote: »

I have been on the Virgin Money site and can't find any information about the 3% regular saver let alone how to open one.

Do you have to go into a branch?

The website info is at https://uk.virginmoney.com/savings/find/regular_saver_issue_12/overview/ but yes, it's only available in branch, as covered in the last few days' posts above....

ValiantSon

surreysaver wrote: »

I don't understand why expired passports or driving licences aren't accepted as forms of ID after they've expired, as if the person holding the documents suddenly ceases to be that person upon expiry!

By that logic the documents should never expire and we should only ever need to buy one passport and one driving licence.

EachPenny

MDMD wrote: »

I cslled the Reading branch and they verified me electronically and said i just needed to provide passport. But I!!!8217;ve been in the London Haymarket !!!8216;store!!!8217; who required paper ID.

Until the IT system upgrade I was always able to pass the electronic verification after providing paper ID for the very first account. I understand something in the system upgrade 'broke' the ability to do electronic checks, with the result of a new policy to always reqire paper ID at the point a new account is opened. It does seem that Virgin's systems are a bit hit and miss as there are other processes which seem to have workarounds that only some staff are aware of.

General_Grant wrote: »

Is it a UK passport? Are you suggesting (or Virgin insisting) that a passport has to be current?

As long as the DOB matches your appearance reasonably well and the photo resembles you well enough (allowing for a 10-year aging process) would they not accept a UK expired passport?

Yes and yes. My expired UK passport was no longer considered valid ID two days after it expired, despite being valid ID two months earlier and only being ID to confirm who I am, rather than where I live etc. Although you might move house or change your name, who you are rarely changes.

surreysaver wrote: »

I don't understand why expired passports or driving licences aren't accepted as forms of ID after they've expired, as if the person holding the documents suddenly ceases to be that person upon expiry!

Exactly. Virgin had no problem with me already holding several accounts with them, but opening a new one with an expired passport was a no-no. :huh:

EachPenny

ValiantSon wrote: »

By that logic the documents should never expire and we should only ever need to buy one passport and one driving licence.

There are good reasons for refreshing passports, and until the Government decided to include photos, you could have had one driving licence from passing your test through to old age.

The logic surreysaver is applying is slightly different... the document is being used by banks to verify who you are, who you are doesn't change because the document has expired. The passport and driving licence serving their original function provide details of entitlement, and that entitlement can vary over time. It is important to have a valid driving licence to drive, because if it has expired then it is possible the entitlement to drive has also expired.

ValiantSon

EachPenny wrote: »

There are good reasons for refreshing passports, and until the Government decided to include photos, you could have had one driving licence from passing your test through to old age.

Yes, I do understand why new passports are required. I was pointing out the illogic in surreysaver's comments.

That once we didn't have photo driving licences is rather irrelevant, isn't it, as now we do.

EachPenny wrote: »

The logic surreysaver is applying is slightly different... the document is being used by banks to verify who you are, who you are doesn't change because the document has expired. The passport and driving licence serving their original function provide details of entitlement, and that entitlement can vary over time. It is important to have a valid driving licence to drive, because if it has expired then it is possible the entitlement to drive has also expired.

Nonsense. The reason why you have to get a new photo driving licence and passport every ten years is because you age, and the photo may no longer be a good enough likeness to verify identity accurately. It has nothing to do with entitlements changing. Aside from the fact that entitlements don't change on passports(!) if you have categories added to, or removed from your driving licence, then you have to get a new one issued at that point, not at the next 10 year interval.

It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.

surreysaver

Middle_Sister wrote: »

I have been on the Virgin Money site and can't find any information about the 3% regular saver let alone how to open one.

Do you have to go into a branch?

You have to click on the 'Instore/ by post' tab - by default the website opens on the 'Online' tab. Its not obvious the website doesn't show you the full collection of accounts after you've clicked the all accounts button.

surreysaver

ValiantSon wrote: »

Nonsense. The reason why you have to get a new photo driving licence and passport every ten years is because you age, and the photo may no longer be a good enough likeness to verify identity accurately. It has nothing to do with entitlements changing. Aside from the fact that entitlements don't change on passports(!) if you have categories added to, or removed from your driving licence, then you have to get a new one issued at that point, not at the next 10 year interval.

It is perfectly reasonable, therefore, for banks to insist that the passport presented to verify ID is a current one, and not an expired one.

That's a fair enough explanation. Its odd how you need to provide photo ID if opening an account in a branch even if they still verify your ID electronically, but you need no such proof if opening an account online

ValiantSon

surreysaver wrote: »

That's a fair enough explanation. Its odd how you need to provide photo ID if opening an account in a branch even if they still verify your ID electronically, but you need no such proof if opening an account online

Oh, I don't think that Virgin Money's policies make sense in that regard. My only point was about why photo ID needed to be current.

typistretired

I suppose it is the same as you have to have a current year tax code letter or council tax bill

Special_Saver2

Hi Folks,


I am back from holiday and ready for some updating of this thread...


- Virgin Money Regular Saver updated to issue 13 paying 3% in post 7
- Virgin Money Regular E-Saver withdrawn and removed from post 7
- Moneyfacts Savers Friend best regular savings accounts link added to the introduction in post 1 amongst useful sources of information (thanks to seeing this in a post from patientperson)
- Yorkshire BS Monthly Regular Saver Issue 2 paying 2.5% variable (which may be better than a fixed rate at the moment with interest rates rising!) on £250 per month for 12 months allowing one penalty-free withdrawal added to post 4
- Leeds BS Regular Saver removed from post 7 as the new issue 18 interest rate of 2.3% on £250 per month with no special features to make this account particularly attractive for an account that runs for less than 1 year means it is not good enough to meet the criteria on post 1 for inclusion on this list
- Note added to TSB Monthly Saver in post 5 with the following information: "(note from 5th August: as noted in post 915 by interest Ted, this account and others cannot be opened online due to technical difficulties that are on-going but the error page shows you should be able to open the account in a branch)"
- Earl Shilton BS Regular Monthly Saver added to post 5 paying 2% variable on £500 per month but only available to people who live in Earl Shilton or Barwell


Many thanks to all the people who contributed to the thread whilst I was away. I will do another update next weekend.


SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page