The Top Easy Access Savings Discussion Area

Consumerist

Molehusband said:

Shame VM's savings accounts interest rate of 1% is limited to a maximum balance of £25,000.

I could just cry for your terrible plight.

typistretired

I know you will all include your Virgin Money Regular Savers and Current Accounts as well as the savings account figures to ensure you do not go over £85,000

Molehusband

typistretired said:

I know you will all include your Virgin Money Regular Savers and Current Accounts as well as the savings account figures to ensure you do not go over £85,000

Virgin Money tells me that customers are only allowed to have a single M Plus Account (also stated by Daliah earlier). Can you please show me evidence that I can open more than one Virgin Money M Plus Account?

Molehusband

Consumerist said:

Molehusband said:

Shame VM's savings accounts interest rate of 1% is limited to a maximum balance of £25,000.

I could just cry for your terrible plight.

Yep, it's a real pain for those of us who have more than £1 million to deposit.

castle96

I could! show you 7 of mine. Just do it......

eskbanker

Molehusband said:

typistretired said:

I know you will all include your Virgin Money Regular Savers and Current Accounts as well as the savings account figures to ensure you do not go over £85,000

Virgin Money tells me that customers are only allowed to have a single M Plus Account (also stated by Daliah earlier). Can you please show me evidence that I can open more than one Virgin Money M Plus Account?

The point @Daliah was making was that this used to be possible but isn't anymore, at least not according to their published rules....

Molehusband

eskbanker said:

Molehusband said:

typistretired said:

I know you will all include your Virgin Money Regular Savers and Current Accounts as well as the savings account figures to ensure you do not go over £85,000

Virgin Money tells me that customers are only allowed to have a single M Plus Account (also stated by Daliah earlier). Can you please show me evidence that I can open more than one Virgin Money M Plus Account?

The point @Daliah was making was that this used to be possible but isn't anymore, at least not according to their published rules....

I've just ended a phone conversation with Virgin Money and, yes, they confirm that the rules recently changed. Apparently in the past they noticed some customers opening 60 or 70 odd accounts to get the 1% interest on £25,000 deposited in each one. As @Daliah correctly said this practice of opening multiple accounts is longer allowed now.

However in your single permitted savings account you can deposit more than £25,000 but the balance above that figure will only attract 0.5% interest.

castle96

forward thinking pays.....

eskbanker

Molehusband said:
I've just ended a phone conversation with Virgin Money and, yes, they confirm that the rules recently changed. Apparently in the past they noticed some customers opening 60 or 70 odd accounts to get the 1% interest on £25,000 deposited in each one. As @Daliah correctly said this practice of opening multiple accounts is longer allowed now.

It's a familiar phenomenon that such egregious abuse ultimately spoils things for those wanting to take a more reasonable approach, and when loopholes are discussed too blatantly on here this is also likely to contribute to their closure....

Consumerist

Seems to me to be a bit of a gamble to deposit more than £85k in a single institution.