Virgin Money Regular Saver Thread

eskbanker

20SmthngSver said:

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.

If you read the subsequent posts after the one you're quoting, you'll see that the objection was to preferential rates being available only in branch and not via the online products, thereby unlawfully discriminating against those who can't get to branches.  Nobody is advocating removal of choice in the way you appear to be inferring, i.e. if branch and online versions of the product are available and have identical returns then everyone's happy!

20SmthngSver

eskbanker said:

20SmthngSver said:

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.

If you read the subsequent posts after the one you're quoting, you'll see that the objection was to preferential rates being available only in branch and not via the online products, thereby unlawfully discriminating against those who can't get to branches.  Nobody is advocating removal of choice in the way you appear to be inferring, i.e. if branch and online versions of the product are available and have identical returns then everyone's happy!

From what I remember though, the Online Version offered 0.25% more than the Branch version with each issue? Maybe I'm wrong but that's what I remember seeing and that it was in fact the reverse.

Quite a lot of banks offer more for an Online management over Branch management though, like Santander's Everyday Saver vs eSaver, or TSB's Easy Saver vs E-Saver. Same product, different rate and management options. Or solely online. That's discriminatory against people who can't manage online (haven't got a smart phone to receive OTP, don't receive OTP because of signal etc) or who haven't got internet altogether. Generally, younger people (more technologically inclined so Faster Payments) have more debts vs older people (less technologically inclined so CSH/CHQ) have more savings, so I'd have thought that should be reflected in that generally more older people have more to save and would benefit from branch.

schiff

surreysaver said:

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...

There's still time! If necessary I'll be sending mine off end of next week

eskbanker

20SmthngSver said:

From what I remember though, the Online Version offered 0.25% more than the Branch version with each issue? Maybe I'm wrong but that's what I remember seeing and that it was in fact the reverse.

I don't believe that to be the case, but haven't trawled back through the relevant threads.

Edit: it's clear from the discussion on the first page or two of this thread that the branch-only versions had higher rates than the online equivalents.

20SmthngSver said:
Quite a lot of banks offer more for an Online management over Branch management though, like Santander's Everyday Saver vs eSaver, or TSB's Easy Saver vs E-Saver. Same product, different rate and management options. Or solely online. That's discriminatory against people who can't manage online (haven't got a smart phone to receive OTP, don't receive OTP because of signal etc) or who haven't got internet altogether. Generally, younger people (more technologically inclined so Faster Payments) have more debts vs older people (less technologically inclined so CSH/CHQ) have more savings, so I'd have thought that should be reflected in that generally more older people have more to save and would benefit from branch.

It's important to understand the difference between discrimination and unlawful discrimination!

Gers

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.

For me, a branch version required a 200 mile round trip.  Not really a problem I came down from the north at least once a fortnight anyway, however the real bugbear was the need to make an appointment and go through all the palavar and have ID photocopied each time. It all took about half an hour compared to under five minutes online.

Here's a list of the ones I held last year:

Passbook	01 February 2018					2.25%
Passbook	04 August 2018					3.00%
Online	07 February 2018					2.50%
Online	25 March 2018					2.50%
Online	20 July 2018					2.50%
Passbook	05 October 2018					3.00%

20SmthngSver

eskbanker said:

It's important to understand the difference between discrimination and unlawful discrimination!

So you're saying it's unlawful to discriminate against those who can't get to branch, but not for those who can't use online?!

surreysaver

20SmthngSver said:

eskbanker said:

It's important to understand the difference between discrimination and unlawful discrimination!

So you're saying it's unlawful to discriminate against those who can't get to branch, but not for those who can't use online?!

Only if those inabilities are caused by a disability or other protected characteristic.

eskbanker

20SmthngSver said:

eskbanker said:

It's important to understand the difference between discrimination and unlawful discrimination!

So you're saying it's unlawful to discriminate against those who can't get to branch, but not for those who can't use online?!

Yes, exactly.  It wasn't actually me making the argument, it was polymaff, but it holds water, the relevant legislation obliges all organisations to make reasonable adjustments to accommodate the disabled.  There is no such legislation offering protection for those unable (or unwilling) to use the internet....

20SmthngSver

Gers said:

For me, a branch version required a 200 mile round trip.  Not really a problem I came down from the north at least once a fortnight anyway, however the real bugbear was the need to make an appointment and go through all the palavar and have ID photocopied each time. It all took about half an hour compared to under five minutes online.

Here's a list of the ones I held last year:

Passbook	01 February 2018					2.25%
Passbook	04 August 2018					3.00%
Online	07 February 2018					2.50%
Online	25 March 2018					2.50%
Online	20 July 2018					2.50%
Passbook	05 October 2018					3.00%

You could open, operate, deposit and withdraw fully by post though. I knew one was slightly higher than the other but couldn't remember which. However, wasn't Online for 13 months and Branch for 12? So it did have an extra month where you could finish with a higher balance.

afis1904

20SmthngSver said:

eskbanker said: 

It's important to understand the difference between discrimination and unlawful discrimination!

So you're saying it's unlawful to discriminate against those who can't get to branch, but not for those who can't use online?!

First of all, a lot of people who 'can't' use online decide not to use online and it's much easier to make reasonable adjustments on a website which clearly they weren't able to do in their branches.