The Top Easy Access Savings Discussion Area

Section62

RG2015 said:

It is good that the Virgin Money online site has full functionality and that the app works on my iPad if I need a larger screen and keyboard.

Worth noting though that the old YB/CB withdrawal limits apply to users of the online site - if you don't use the app or have a security token you are limited to £500 per transaction and £1000 per day total for FP transactions.

Also that old security tokens were deactivated a while back as part of one of the site upgrades.

So for people intending to use the M+ Saver as a place to store significant sums for easy access it will be essential to either use the app, or make sure you have an activated security token, if you want to withdraw more than £1000 per day.

Daliah

Section62 said:

RG2015 said:

It is good that the Virgin Money online site has full functionality and that the app works on my iPad if I need a larger screen and keyboard.

Worth noting though that the old YB/CB withdrawal limits apply to users of the online site - if you don't use the app or have a security token you are limited to £500 per transaction and £1000 per day total for FP transactions.

Also that old security tokens were deactivated a while back as part of one of the site upgrades.

So for people intending to use the M+ Saver as a place to store significant sums for easy access it will be essential to either use the app, or make sure you have an activated security token, if you want to withdraw more than £1000 per day.

Good point, actually.

I haven't withdrawn many big sums from my VM M+ accounts but on one occasion, I wanted to withdraw £1,000 (by Faster Payment to an account in my name at another UK Bank). Not exactly a large sum but VM stopped it, and wouldn't release the payment for 2 days, and despite promising 4 times that they would release it within 2 hours. When I raised a formal complaint, they did eventually apologise and pay me £30 for the trouble, but I'd much rather just have been able to get my money when I needed it. This was a couple of years ago, may be they got a bit better since then.

Thanks for reminding me, I shall be a bit careful now and not deposit all my instant access cash with them until I have more confidence that I can get a few thousand out at once.

EDIT: Just checked my records - it was actually only £800 I wanted to FP to a UK current account in my name

tg99

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Daliah

tg99 said:

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Either the chat operative or the Faster Payment Website is wrong then

Section62

Daliah said:

tg99 said:

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Either the chat operative or the Faster Payment Website is wrong then

£30k is the daily limit if you use authentication by app or security token. (with exceptions as listed below)

I believe it is possible to transfer more if you phone them, but have never tried this.

With authentication, these limits usually increase to £30,000. They don’t apply to transfers between your own accounts and don't include Direct Debits, standing orders and bill payments made to our approved list of organisations.

https://uk.virginmoney.com/current-accounts/questions-and-answers/m-account/#what-are-the-daily-limits-for-using-my-debit-card-or-making-payments

Daliah

Section62 said:

Daliah said:

tg99 said:

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Either the chat operative or the Faster Payment Website is wrong then

£30k is the daily limit if you use authentication by app or security token. (with exceptions as listed below)

So you are saying the Faster Payments site gives the wrong info?

Section62

Daliah said:

Section62 said:

Daliah said:

tg99 said:

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Either the chat operative or the Faster Payment Website is wrong then

£30k is the daily limit if you use authentication by app or security token. (with exceptions as listed below)

So you are saying the Faster Payments site gives the wrong info?

The CB/YB entries on the Faster Payments site say £30k for online one-off/forward dated payments, which agrees with the info on the VM link above, and what a VM CSA told me today.

Perhaps the VM info on the Faster Payments site (the £100k figure) relates to the old/legacy Virgin Money, not the CYBG incarnation?

Daliah

Section62 said:

Daliah said:

Section62 said:

Daliah said:

tg99 said:

I went on chat to ask whether there were withdrawal limits for the Virgin M+ current accounts (as think you have to move money from savings into these in order to withdraw externally) and was told max £30k per day aggregated across all accounts. Not tested it yet to see if correct.

Either the chat operative or the Faster Payment Website is wrong then

£30k is the daily limit if you use authentication by app or security token. (with exceptions as listed below)

So you are saying the Faster Payments site gives the wrong info?

The CB/YB entries on the Faster Payments site say £30k for online one-off/forward dated payments, which agrees with the info on the VM link above, and what a VM CSA told me today.

Perhaps the VM info on the Faster Payments site (the £100k figure) relates to the old/legacy Virgin Money, not the CYBG incarnation?

Why would VM-branded accounts use the now defunct CB/YB limits?

Daliah

Zopa joins the 0.7x% instant access game

typistretired

From my experience with Clydesdale and Virgin I would set up any new payees in advance and definitely not on a Friday as their fraud department seem to be invisible at weekends and any blocked payments stay frozen in account