The Top Easy Access Savings Discussion Area

typistretired

I think those figures are a massive exaggeration take all the noughts off. Virgin Money also have the Home Coach Regular Savers on top of their M Plus current and savings accounts.

veryintrigued

typistretired said:

I think those figures are a massive exaggeration take all the noughts off. Virgin Money also have the Home Coach Regular Savers on top of their current accounts and M Plus current and savings accounts.

They aren't

But @Molehusband / Virgin advisors are wrong in that they were opened for the 2% C/A not the 1% linked account 

Daliah

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?

We have gone over this a number of times now. Plenty of people have, quite legitimately, multiple VM Plus current accounts and savers. Since February 18 2022, it is, however, no longer possible to open more than one.

Daliah

Molehusband said:

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.

Nobody ever opened multiple VM Plus accounts to get 1% on 25K in each. People did it to get 2% on up to £1K in each. Few if any people bothered with the attached savings accounts as they used pay just 0.35%, a rate which was easily beaten by many other savings accounts. Or by just opening another  VM Plus current account. Anyway, it's all water under the bridge. If you have not got multiples already, you can't get them now.

It is correct, but utterly unattractive IMO, that you can currently get 0.5% on amounts above £25K in the attached VM savings accounts.

Daliah

eskbanker said:

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....

The T&Cs explicitly allow the keeping of multiple accounts.

typistretired

Anyone else missing Colston I hope she is okay

eskbanker

Daliah said:

eskbanker said:

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....

The T&Cs explicitly allow the keeping of multiple accounts.

Yes, my point was about folk allegedly opening 60-70 accounts to circumvent interest caps - they presumably weren't breaching any Ts & Cs in doing so (and still aren't) but taking things to extremes does seem likely to have contributed to VM tightening their rules.

canaldumidi

On the question of exceeding the 85K protection limit on your VM accounts, more relevant might be that VM shares the same protection licence as Yorkshire & Clydesdale banks.

kaMelo

Opening sixty or seventy current accounts with Virgin is, to my mind, a slight exaggeration from the representative. I would normally say multiple credit searches are nothing to worry about but I have no idea how any other lender might view sixty credit searches within twelve months.

Despite there being no limit written into the original current account terms they did eventually say "enough is enough."  Whilst my evidence is anecdotal rather than scientific, I would say remove a 0 from the numbers quoted as a more accurate figure to when they would do that.

Daliah

kaMelo said:

Opening sixty or seventy current accounts with Virgin is, to my mind, a slight exaggeration from the representative. I would normally say multiple credit searches are nothing to worry about but I have no idea how any other lender might view sixty credit searches within twelve months.

Despite there being no limit written into the original current account terms they did eventually say "enough is enough."  Whilst my evidence is anecdotal rather than scientific, I would say remove a 0 from the numbers quoted as a more accurate figure to when they would do that.

Virgin just did soft searches for those multiples.

I’ll refrain from guessing how many multiples people managed to get 🤣