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SJMALBA

From Wikipedia:

'Virgin Money UK plc is a holding company that owns Clydesdale Bank plc, which in turn trades as Clydesdale Bank, Yorkshire Bank and Virgin Money'

https://en.wikipedia.org/wiki/Virgin_Money_UK_plc

castle96

"

Linked savings account

1.56% AERGo to footnote1 (1.55% grossGo to footnote1 per annum variable) on any balances above £25,000, Interest paid quarterly."

got to be wrong (otherwise they should have notified) Ringing now. I was going to withdraw all, as 1% on £25k was no good. Will def be withdrwing if above is true. (Have 100k in 4 accounts, so if I put it al into one, the 1.55% of 75K and nil on 25k. Not viable.... confusing

RG2015

Olinda99 said:

Thanks for the correction - so VM are not in fact covered by YB in the Mirror article.

It's not quite as easy as that. Virgin Money, Clydesdale Bank and Yorkshire Bank are all in the same banking group.

Outside of legal requirements for compiling, filing and reporting upon company accounts, all three banks may share certain reference numbers.

For example if I look on sort code checker

( https://www.sortcodes.co.uk/sort-code-checker )


for my VM current account I get the following.

Details for sort code 050005
Bank	Yorkshire Bank (A Trading Name Of Clydesdale Bank Plc)
Branch	Direct Banking Yb
BIC	YORKGB21005
CHAPS BIC	CLYDGBCH

 
The Mirror may very well choose to use Yorkshire Bank to cover all three banks in their news reporting.

andyhicks88

Strange for them to launch a market leading headline rate and at the end of the day have still not gotten any official announcement about it.

castle96

on what though???? over 25k..up to 25k ??/ Still on hold !

BigBlueSky

BigBlueSky said:

Looks like they haven't updated what is displayed on their website, but it is on the Clydesdale Bank site (which is just another of their brands):

https://secure.cbonline.co.uk/personal/current-accounts/virgin-money/

1.56% AER  (1.55% gross per annum variable) on any balances above £25,000, Interest paid quarterly.

If this is correct, then you would be earning 0% ? on the first £25,000.

RG2015

andyhicks88 said:

Strange for them to launch a market leading headline rate and at the end of the day have still not gotten any official announcement about it.

Quirky.

castle96 said:

on what though???? over 25k..up to 25k ??/ Still on hold !

But not that quirky.

Pretty sure it is 1.55% on  £1 to £25k

jaypers

andyhicks88 said:

Strange for them to launch a market leading headline rate and at the end of the day have still not gotten any official announcement about it.

It isn’t really as their Online Banking and App is still FUBAR so nobody could apply anyway. Advertising it would only mean new customers would apply for it, making their issues worse. 

RG2015

jaypers said:

andyhicks88 said:

Strange for them to launch a market leading headline rate and at the end of the day have still not gotten any official announcement about it.

It isn’t really as their Online Banking and App is still FUBAR so nobody could apply anyway. Advertising it would only mean new customers would apply for it, making their issues worse. 

Surely the increase from 1.00% to 1.55% was planned whereas the app and online problems could not have been expected.

On the other hand, it may be a dastardly plan to stem the mass exodus of funds to Chase, Cynergy etc. by slinging a spanner in their IT works  

jaypers

RG2015 said:

jaypers said:

andyhicks88 said:

Strange for them to launch a market leading headline rate and at the end of the day have still not gotten any official announcement about it.

It isn’t really as their Online Banking and App is still FUBAR so nobody could apply anyway. Advertising it would only mean new customers would apply for it, making their issues worse. 

Surely the increase from 1.00% to 1.55% was planned whereas the app and online problems could not have been expected.

Suspect all correct, although I would imagine their scheduled change to make the update to the website and implement the actual increase has been held until they sort out what I would imagine is a very high priority major incident for them.