Virgin Money Regular Saver Thread

RG2015

schiff said:

Kneeling - common parlance
Taking the knee - an example of 21st century mangling of English
Genuflect - Henry VIII era, approx

Genuflection is a momentary lowering to one's knee very common in the Catholic church.

Mee

Hi All,

Whilst the genuflection/ genuflexion stuff is interesting, please could we keep to the main subject.

Thanks

RG2015

I still have an HSBC 5% regular saver which ends on 27 September, yielding £81. I have just opened a VM issue 17 which will yield £21 and that with an extra month over HSBC.

If this can happen in 9 months, what will the next few months bring with all the economic costs of the lockdown to factor in?

typistretired

VIrgin Money have in the past increased the rate on the their fixed regular savings

RG2015

typistretired said:

VIrgin Money have in the past increased the rate on the their fixed regular savings

I have never understand why they did this. It was even in the Ts&Cs that they couldn't change the rate. 

schiff

Ours not to reason why. Especially when it's good news! 

1882

RG2015 said:

typistretired said:

VIrgin Money have in the past increased the rate on the their fixed regular savings

I have never understand why they did this. It was even in the Ts&Cs that they couldn't change the rate. 

It was a pleasant surprise to me at the time too. I presume they did it for various reasons, not least that folk could withdraw their cash already in it and move to a higher rate elsewhere and at the very least it'd reduce the amount put in each month by folk. Also it made me & others think well of them!

wozza2k

Nessie23 said:

wozza2k said:

pafpcg said:

wozza2k said:

schiff said:

"No more than 14 days before maturity we will send you a maturity pack through the post. This will detail all of your reinvestment options and the products available to you in relation to your account maturity, as well as all of your withdrawal options.

Once you have decided what you would like to do you just have to complete the form, pop it in the pre-paid envelope provided and send that back to us, we then do the rest."

I've made it into a formal complaint. In the meantime would someone provide the link to printing off the withdrawal form to an outside account please. I had to do it for Issue 16 but can't find the how to now. TIA

I just called up quoting this and they're saying these terms are for a bond/ISA and for regular saver the terms are different (going to dig them out later).  Such a pain to have to post a letter as I need to get some stamps and envelopes now!

Didn't you keep the Reply-Paid envelope that came with the account-opened confirmation paperwork twelve months ago?  You can use that envelope and write in: "Savings Operations".  It worked for me!

PS:  Requesting the same maturity instructions for all the outstanding issues of the regular savers - wouldn't you have to send all the passbooks with that request?

I opened it in branch and didn't get those envelopes?  

Hi, I’ve just been on the phone to VM. You can use a pre-paid envelope which is addressed to the new accounts team with a letter or maturity form, this will get redirected to the team dealing with maturing accounts. My plan: Open a Regular Saver issue 17 and just pay the minimum Amount in, but keep it as an option. As some have already said In a few months time 1% fixed might be good rate (there’s even talk of negative interest in some places), in the meantime use the free envelope :-)

Thanks for making me aware of this.  I called up again on a different number (Savings (existing customers) 0345 600 7301) and they were more than happy to send me out a pre-paid envelope and transfer slip.  

When I originally called the number on the account maturing letter (0345 600 4571) whoever answered the phone told me they don't provide pre-paid envelopes and I had to go in store despite the pandemic...  Really bad how the service varies dependent on who is taking the call.  

vermania

The rate cut may not be entirely due to COVID. Virgin Money was bought by CYBG, which then rebranded to Virgin, and so maybe the account offering is now the fruit of the post-takeover/merger bank. I cannot remember when I last saw Yorkshire or Clydesdale Banks with competitive regular saver rates.

SuperHans1

SuperHans1 said:

When issue 16 matured, I wrote to Virgin asking for a BACS transfer. I also asked them to do the same for issues 17, 18 and 19 upon maturity which they have accepted.

Just to confirm, I have today received my matured funds from Virgin Money without having to send in my issue 17 passbook.