Virgin Money Regular Saver Thread

20SmthngSver

I saw multiple comments on Regular Saver Thread **New and Restarted** thread about a separate thread being created specifically for discussion and questions about the regular savers issued by Virgin Money as it generates a lot of conversation, sometimes multiple consecutive pages at a time. Of course updates to issues can still be made on the thread just mentioned, but maybe this will provide users with a specific environment to discuss this account in particular.

I'm being bold and creating one!

schiff

I don't really understand Virgin's attitude to online RSs. It would hugely increase the customer base by the inclusion of those who can't or aren't willing to go to a store and it might cut staff levels.

There is a store in Manchester as you would expect but there are also stores in Oldham, Stockport and Bolton, all within striking distance. Yet in other areas of the country apart from the larger conurbations, the stores are only littered here and there

Ken68

My local virgin said its to do with consolidating all three banks and also because of poor IT set-up.

[Deleted User]

Ken68 wrote: »

My local virgin said its to do with consolidating all three banks and also because of poor IT set-up.

I have had every one of the online RS's (issues 1 to 12, only issues 11 and 12 still unmatured) but have avoided the branch versions. I know, it's my loss, but I simply don't have the time to make appointments for the opening and closing of each issue and then going to the appointments. There is a point where a good rate of interest is outweighed by the effort involved. I'm close to a Virgin office (about 3 miles) but it's in the centre of the city (involves public transport) and I no longer choose to go into the city unless absolutely necessary.

20SmthngSver

They did have online issues didn't they? They allowed one extra months deposit (can't remember if the rate was slightly more favourable as well).

I haven't had one with Virgin Money yet as my expendable RS money each money is already spoken for with other RS's, but at the end of the year I'll have Saffron and Nottingham maturing at the same time, so I'll be able to open extra ones and fund them using matured money, with Virgin Money (if still at a favourable 3%) being one of them.

Ken68

Of tomorrow to open Issue 17. Have to brave an area known for pickpockets and .....beggars who seem to have money for cigarettes but not food.

20SmthngSver

Deleted_User wrote: »

I have had every one of the online RS's (issues 1 to 12, only issues 11 and 12 still unmatured) but have avoided the branch versions. I know, it's my loss, but I simply don't have the time to make appointments for the opening and closing of each issue and then going to the appointments. There is a point where a good rate of interest is outweighed by the effort involved. I'm close to a Virgin office (about 3 miles) but it's in the centre of the city (involves public transport) and I no longer choose to go into the city unless absolutely necessary.

If you're that close I don't see why it would be an issue. Virgin Money does also do postal closure and withdrawals from their account in case you didn't know? Can download their form from their website. My closest is Enfield, about 35 minutes South, and it wouldn't bother me to go there to open an account.

I tend to operate my accounts which aren't local to me by judging whether or not will be driving past for business or pleasure, and stopping on route. If not, I operate by post. Although I only have one regular save which I do this for now. Two are by standing order only, and another is in my town centre which I walk into every Saturday anyway and have several branches close to me which I reguarly drive past.

Every_Penny_Counts

I'm still trying to contact the London Haymarket store to get an appointment. Whenever I phone I get an answering machine saying everyone is dealing with customers, so I filled in their online appointment request & am still waiting for them to contact me...,

redux

I've been a latecomer to these accounts. Were they previously about 2.25 or 2.5%, perhaps why I took a bit less notice?

At the moment they seem to have a new issue every 2 months, is that fairly regular? If so there could be about £10,000 across 6 accounts in a year.

Now I've managed to persuade a family member to be interested, and we've twice been to a branch about 7 miles away on a Saturday morning, and maybe another shortly for issue 17. The branch is non-cash, so I don't quite follow the remark above about possibly dodgy areas. Open account, get passbook, send money across later.

eskbanker

schiff wrote: »

I don't really understand Virgin's attitude to online RSs. It would hugely increase the customer base by the inclusion of those who can't or aren't willing to go to a store

I think you've answered your own question there!

Surely this is just the same rationale as limiting the monthly contributions on RSs in the first place, or capping interest-earning balances on top current accounts, etc, i.e. they're effectively buying the rights to advertise superficially attractive headline rates but want to limit their exposure by restricting the aggregate value of interest they have to pay out.

If they wanted to dish out 3% to a vastly higher number of customers then they'd obviously open more channels to do so....

quirkydeptless

redux wrote: »

At the moment they seem to have a new issue every 2 months, is that fairly regular? If so there could be about £10,000 across 6 accounts in a year.

Maybe their marketing department misunderstood the request to create a Regular Saver