Virgin Money Current Account

dcs34

colsten said:

dcs34 said:

I have scoured the available T&Cs to check before asking, but is anyone aware of a minimum balance that must be in the instant saver, in order to be eligible for the 2.02% interest on the £1,000 in the current account?

Although the 1% on an unlimited balance is a good offer, at the current time I might as well keep the savings in my Marcus account whilst that rate is higher.

There is no minimum balance, or other condition. You get the variable interest rate for the current account on up to £1,000 held in the current account, and that's it. Any money you might have in the linked savings account doesn't come into it.

Ta. I guess I am being paranoid this decent offer appeared 8 days ago and it's all slightly too straightforward to be true!

RG2015

dcs34 said:

I have scoured the available T&Cs to check before asking, but is anyone aware of a minimum balance that must be in the instant saver, in order to be eligible for the 2.02% interest on the £1,000 in the current account?

Although the 1% on an unlimited balance is a good offer, at the current time I might as well keep the savings in my Marcus account whilst that rate is higher.

But the instant saver drops to 0.50% on 1st July. 

ischris85

I notice once you have downloaded the app on your mobile, the only way to login and view your account online through a pc/laptop is by verification through the app. It's a shame you can't have the  app and continue with the sms verification.

schiff

Virgin introduced this with quite a fanfare, as if it was something innovative and exciting. In practice I imagine most will have dumped £1000 in the current account with the intention of just leaving it there and probably not bothering much with the saver. I expect to check once a month when the interest goes in, once I find out when that is.

crumpet_man

I concur, £1k deposit , no requirement for monthly funding or DD so treat it like a savings account.

colsten

schiff said:

 I expect to check once a month when the interest goes in, once I find out when that is.

Paid on the last business day of the month. Now let's see when it actually shows on the statement - on the last business day, on the calendar day after the last business day, or on the working day after the last business day?

surreysaver

I opened a Virgin Money Current Account yesterday. Transferred the obligatory £1 to and from the accounts I will be sending money to and from, then transferred in the £1k. Now my account is blocked and I've had to send a picture of my ID to them!  Why they couldn't have asked for that before filling the account up?

crumpet_man

I got the request for ID too, after receiving the debit card and PIN too. ID uploaded a couple of days ago but it's not resolved yet, I'll wait til sometime next week before contacting them.

ischris85

i transferred £1,000 in before receiving my card and PIN but haven't been asked for ID yet :S

onlyfoolsandparking

I too haven't been asked for ID since opening VM account last week, hope I don't get asked as I'm useless with uploading stuff!!

I do have 2 credit cards with VM so maybe they can already identify me?