Regular Saver Thread **New and Restarted**

EachPenny

pafpcg wrote: »

This accords with my experience when opening new accounts last week. Virgin Money are now asking for photographic ID (and bus passes aren't accepted!), but if no photographic ID is available, then VM will send a letter to the account address warning that an account has been opened.

That letter would ask you to provide the relevant ID within a certain period of time, otherwise the account will be closed and the money returned, even if you already have other accounts with them (which will be unaffected)

The ID doesn't have to be photographic, but has to be one of the items on their 'List A' (identity) as well as a 'List B' (address) document.
https://uk.virginmoney.com/virgin/downloads/facetofaceid.pdf

Documents have to be provided each time you open an account, not just as a brand new customer. This is possibly one of the most annoying and frustrating ID policies I've come across with a bank.

surreysaver

pafpcg wrote: »

This accords with my experience when opening new accounts last week. Virgin Money are now asking for photographic ID (and bus passes aren't accepted!), but if no photographic ID is available, then VM will send a letter to the account address warning that an account has been opened.

Having an existing account does speed up the process.

During the appointment I asked about the number of payments that could be made - was it thirteen (£3250) or fourteen (£3500)? I was told definitely only thirteen. But I got a telephone call two days later to say that Head Office had issued a clarification that fourteen payments was allowed.

They do seem to have changed the website - it definitely said maximum deposit of £3250 before - it now says £3500

Kernel_Sanders

I opened a Principality RS but when they displayed the account details to pay into they failed to state the name of the account. So would that be Principality Building Society as it's a collection account or your own name as with the Nottingham Building Society (which isn't)?

karlie88 wrote: »

Is there a new source of DDs?

Can't believe I did that a second time!

veryintrigued

Kernel_Sanders wrote: »

I opened a Principality RS but when they displayed the account details to pay into they failed to state the name of the account. So would that be Principality Building Society as it's a collection account or your own name as with the Nottingham]

At the end of the application will have stated your new Bank Account number, Sort code and reference.

These are the three pieces of info you need to set up a standing order.

In Nationwide you also get the option of 'organisation' and 'description'. So maybe 'principality BS' and ' issue 19?'

Kernel_Sanders

It's actually a FP.

soulsaver

Kernel_Sanders wrote: »

I opened a Principality RS but when they displayed the account details to pay into they failed to state the name of the account. So would that be Principality Building Society as it's a collection account or your own name as with the Nottingham Building Society (which isn't)?

Name? Whatever you like until the new rules come in.. but:
Sort code 20-18-23
A/C number 90653535
Then your 10 figure PBS account number as the reference, otherwise they won't know who to credit it to.

PS I always recommend that you check the details on their web.. one day someone will make an error in transposing to a post...

Sea_Shell

There appears to be a drought for Nationally available, on line, Reg Savers of late. At this rate what are we going to do with our maturing funds??!

Although looking at my S&S ISA fund prices at the mo, would be a good time to buy (if only I had any allowance left!!)

karlie88

Sea_Shell wrote: »

At this rate what are we going to do with our maturing funds??!

And on that note - don't forget tonight's the night when 2.5% becomes 5%. :eek:

where_are_we

With Leeds and Virgin forsaking online regular savers the outlook for 2019 is not good. Our maturing regular savers are being drip fed into S&S ISA`s and SIPP`s at times of market weakness. If you do not want to increase your exposure to S&S, Marcus at 1.5 % is the best holding account for those of us who have filled up the better paying accounts.

1882

So today's the day - my first online Virgin RS is maturing. What do I need to do to make the magic transformation happen?