Virgin Money Regular Saver Thread

schiff

Virgin RSs have become a way of life, this is my 39th!

where_are_we

schiff said:

Virgin RSs have become a way of life, this is my 39th!

Yes - it is easy and instant to set up if you are already a Virginmoney customer. I doubt if they will be doing a new issue monthly but who knows. The reason that the last 2% RS was untenable and this was a way of stopping that offer seems plausible.

Notepad_Phil

schiff said:

Virgin RSs have become a way of life, this is my 39th!

It was too much hassle for Mrs Phil and myself when you had to go into a branch, but I can see that now they're available online that we'll be regular savers with them.

We used to only open online regular savers offering 2.5% and above, but the latest BOE interest rate reductions made us open ten fixed 2% regular savers between us at the beginning of the month and I can see that even a fixed 1.5% rate on a virgin regular is going to be useful for the foreseeable future.

schiff

The Virgin RSs have  a lot going for them, even now. Easy online operation, withdrawal facility, interest rate fixed, FP on maturity. I don't really understand their rationale about these accounts, but hey ho. 

polymaff

Notepad_Phil said:

It was too much hassle for Mrs Phil and myself when you had to go into a branch, but I can see that now they're available online that we'll be regular savers with them..

Well, it wasn't due to your predicament that a few months ago, I pointed out to Virgin that, overriding any policy they had, was the legal requirement to provide equality of outcome for disabled customers - and that, to forestall any arguments about it being too costly for them (the most common escape route available in law), they could address the law at nugatory cost  by making such products available online.

You may remember my presenting this general case in this thread, or its predecessor, some time ago - and the moronic responses from some, to it.  Less than 52% or the responses btw, so that puts MSE correspondents further up the ladder than the general public..

So, good for Virgin.

glider3560

schiff said:

I don't really understand their rationale about these accounts, but hey ho. 

It's almost guaranteed money on their balance sheet each month.  They know the majority of account holders will pay in the same amount each month (unlike a standard savings account) and they are unlikely to withdraw the money until maturity (unlike an instant access account).  It comes at a price (higher interest rate) but is likely a cheap way of borrowing almost guaranteed money.

pafpcg

surreysaver said:

Descrabled said:

You can download and print the forms from the website. I think they are under useful savings forms.

Can you provide me a link to save me spending the next week trying to find it on their website?  One thing Virgin is good at is waffle.

The link is in Descrabled's post on page 12 of this thread on 9th April at 5:25PM! The form is a 139kB PDF titled "Transaction Slip" on the Virgin Money website.

schiff

Thanks, that's useful. I'm still waiting for their letter but have printed a copy off just in case!

20SmthngSver

polymaff said:

Good to see that Virgin appears to have totally abandoned the branch-only RS.

And with other rates crumbling, a fixed 1.5% easy access doesn't look too bad.

Thanks SuperHans1

Why is it good they don't offer branch version anymore? I've never really understood why they offered Branch and Online versions of the same product. I don't see the issue with it being the same product, and then having the choice of how you mange it, like most regular savers. I don't see why people have an issue with choice. If you didn't have or don't want the branch product, then it doesn't impact you if you choose the online product. The only difference is management and deposit options.

It's a bit like a Skipton account I have. It's a branch account, with a passbook, but it does appear on online banking as well. So it can be done. People like choices, but it seems to be that those who don't want choice don't want anyone else to have choice.

surreysaver

Well, I've printed of a form, and am loathe to stick a stamp on the envelope! I bet I get a pre-paid envelope in the post tomorrow...