Virgin Money Regular Saver Thread

schiff

As with Monmouth last week.

Eco_Miser

schiff said:

Eco_Miser said:

So is everyone happy at just dropping a passbook evidencing over £3k plus withdrawal instructions within a freepost envelope (or indeed an envelope with a first class stamp) into a postbox?   What happens if it never arrives at Head Office?

We've no option but to trust Royal Mail. I posted mine at a PO as an added protective measure. Virgin could always lose it though!

While we  have to trust Royal Mail, we could use a tracked and/or insured service of theirs.
Yes, this is stir-crazy paranoia kicking in

Elvie100

Isaac_:) said:

Elvie100 said:

I have always closed mine by post (4) to the address above with a signed letter of my instructions.  I have never sent the passbook.  I am just thinking perhaps I should this time.  I did ring up and ask for envelopes before the last one because they have never supplied them with the maturity instructions.

That's good to hear. I've got an account maturing soon, and I won't be able to send them my passbook as I've moved back in with my mum and dad for the foreseeable, and forgot to bring the passbook with me. I spoke to someone from Virgin on the web chat and she said I'd need to send it along with the withdrawal request, but I'll give it a try without the passbook if you've not needed it in the past.

I have not in the past, but decided to this time.  When I called them before the first time, they said I could send it and they would send it back.  Seemed on odd non-answer, it wasn’t a ‘yes you have to’. Hope it works out for you.

pearl123

I had a 2% regular saving with Virgin, but moment Richard Branson starting requesting a bailout for Virgin Airways I closed the account down. Maybe, I was a bit hasty, as there not a lot of good savings accounts around. 

Speculator

pearl123 said:

I had a 2% regular saving with Virgin, but moment Richard Branson starting requesting a bailout for Virgin Airways I closed the account down. Maybe, I was a bit hasty, as there not a lot of good savings ac

Virgin money is part of Clydesdale/Yorkshire bank.

typistretired

The owner of Clydesdale Bank and Yorkshire Bank, CYBG,  agreed to buy Virgin Money for £1.7bn in June 2018.

CYBG said it had agreed with Sir Richard Branson's Virgin Group to license the Virgin Money brand for £12m a year, rising to £15m later.

Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business.

He receives these licencing fees off all the companies using the Virgin name.

eddie7612

Does the Virgin RS16 still earn 3% on the 1st of May or is the 30th April the last day of 3% - is it worth me making a final payment into the account on the 1st? Thanks

20SmthngSver

Eco_Miser said:

So is everyone happy at just dropping a passbook evidencing over £3k plus withdrawal instructions within a freepost envelope (or indeed an envelope with a first class stamp) into a postbox?   What happens if it never arrives at Head Office?

Yep, often did postal cheque deposits. What could someone do? Passbook in my name and address, with UV signature. Cheque signature matches the passbook and written to me.

Also did a few closures and withdrawals, payable to me. With a covering letter confirming all details. Never ever had an issue or not received. 

schiff

eddie7612 said:

Does the Virgin RS16 still earn 3% on the 1st of May or is the 30th April the last day of 3% - is it worth me making a final payment into the account on the 1st? Thanks

It will go into the same Easy Access e-saver as the proceeds from the maturing RS16 on May 1st and depending how long you leave it there it could gain you an extra penny or two.

vermania

Eco_Miser said:

So is everyone happy at just dropping a passbook evidencing over £3k plus withdrawal instructions within a freepost envelope (or indeed an envelope with a first class stamp) into a postbox?   What happens if it never arrives at Head Office?

I have posted the passbook twice in the past, but I have the same concerns that you're almost in effect putting £3k into the general post. I have done it this time as there is no other option, other than to wait, with a terrible interim interest rate.

For the two previous times I had put the full withdrawal instructions (i.e. the bank account number to send it to) on the covering letter. This time, I wrote that I would advise of the bank account number in a secure message on the Virgin Money website. I expect the letter arrived today, but the message has already been replied to. Their reply was that "this secure message service is for customers to service their online accounts not branch/postal accounts, but we'll help you this time", and went on to say "we can only act on instructions where a customer's signature is present", so I will have to wait for them to receive the (signed) letter before I know they will do anything.

It is a bit disappointing that (a) as others have said, they are hardly accounting for the fact many of us can't get to a branch during COVID-19 lockdown - my nearest is over 20 miles away, and (b) the segregation between branch and online is so pronounced that a secure message is not a legitimate form of contact to deal with a non-online account.