Regular Saver Thread **New and Restarted**

colsten

Similar for me.

molerat

And mine is now showing as a box with no account name or balance just ACCESS DENIED.

mgarl10024

This probably isn't a discussion for here, but I do tend to think along the same lines as xylophone.

In this instance, I agree, there's been little loss. And you could withdraw your money. I get that. So, I struggle to get excited about it. I also think that Virgin has provided a reasonable solution, and I am grateful that they are offering these accounts - so I wont take it up with them.


However, I recently had an issue with another provider whereby they paid the money the day after maturity, blaming their systems. Now, while this didn't massively inconvenience me, given that I had letters saying it would be paid on the maturity date, I felt it was a bit poor.

My yardstick is that I reverse the situation and see how it fits with what I observe. So, if I paid my mortgage to the another provider a day late, blaming my systems, how would this play? If the playing field is "fair", the answer should be the same both ways around.

The another provider disagreed with my complaint, but around that time announced a review of the letters/terms.

I took it to the FOS who (unsurprisingly) agreed with the other provider based largely on the fact that I couldn't demonstrate a loss, but I feel that misses the point. If I paid my mortgage 1 day late, would the other provider be asked to show how my late payment had affected them?

I'll ping it to the FCA, but am not hopeful.

The playing field simply isn't fair.

xylophone

If I paid a credit card bill late, not only would I pay interest but I would also end up with a mark on my credit file?

It is a case of keeping to an agreement, treating customers fairly, and keeping customer confidence.

There have been problems and glitches on more than one occasion with these accounts and it is Virgin's responsibility to sort this out.

It really is as simple as that.

schiff

"We emailed you on Thursday 8 February to let you know your Regular E-Saver account was due to mature on Tuesday 20 February, and that we would automatically transfer your funds to our Easy Access E-Saver Reward Issue 13 paying 1.00% Gross‡/AER†.

Due to an IT issue your account did not mature as intended on Tuesday 20 February and we apologise for this.
Your account has now been corrected and your funds have been transferred to our Easy Access E-Saver Reward Issue 13 from Thursday 22 February 2018.

You continued to earn the higher rate of interest at 2.25% Gross‡/AER† up until this date."

The 'omission' I mentioned a little while ago has been corrected!

karlie88

Was speaking to a family member and topic of conversation went on to regular savers (how :cool:). I mentioned that my 2 regular savers with Lloyds bank were about to mature and he seemed confused - 'two?'

I said if you have a Club Lloyds current account (which he does), then you can have their Club Lloyds Monthly Saver paying 3% interest AND their Monthly Saver paying 2.5% interest (deposits of up to £400 and £250 per month, respectively).

He was a little annoyed at himself because he'd been opening up the Virgin Reg Savers and a couple of 2% reg savers with other banks.

So this is just a reminder for the minority that didn't know.

schiff

You have to laugh! Virgin added 9p as the final day's interest to the just matured Virgin 3 and then deducted it rather than adding it to the faster payment to close the account. So I'm 18p short. I shan't rest till this is sorted out.

steve65e

I asked Virgin for the closure withdrawal at 10am on 21st and it was in my account by the afternoon. They then sent me an email saying I couldn't have the money til the next day, but would be given an extra days interest. I've just logged on to see if I had another 22p but have 'access denied'.

I've always called them the Bank of Random and proceeded accordingly, but this is ridiculous even for them.

molerat

I now have access to the account again. Some creative accounting gone on to achieve a zero balance.

Stompa

Deleted_User wrote: »

I've had double payment of interest.....for the 3rd time in a row. This must be costing VM dearly. I pointed out the problem at Issue 1 and they eventually wrote off the overpayment. With issue 2 I still have a debit balance showing on the maturity account and VM haven't contacted me. I'll be leaving Issue 3 with the debit balance.

I wonder what should be entered on tax returns, single interest or double interest?