Virgin Money Current Account

poppellerant

When is interest paid on the current and savings accounts? I expected interest for the current account to be in this morning and it wasn't.  So I called Virgin Money who told me that interest for current accounts is paid at the end of the last working day of the month, while savings accounts are paid interest quarterly.

MovingForwards

poppellerant said:

When is interest paid on the current and savings accounts? I expected interest for the current account to be in this morning and it wasn't.  So I called Virgin Money who told me that interest for current accounts is paid at the end of the last working day of the month, while savings accounts are paid interest quarterly.

Last working day for current account.

Last working day, quarterly, for the linked savings account. Last quarter interest was December.

I think they show the interest paid the first working day after.

Bobblehat

VXman said:

Brewer20 said:

I asked about the DD situation on their live chat system. The question, "can I set up the DD's after the switch or do they need to be already on the switched account?"
Was told the DD's needed to switched with your old account. 
So to simplify things I switched my defunct Tesco account as I still had the DD's on there rather than the defunct TSB with no DD.
Hope this helps.

Not my experience. I just received wine voucher code and I didn't have any direct debits on the donor account.

I just set up 2 direct debits on the Virgin account after it was opened by giving the new account details to the companies concerned. They haven't actually been used but they are visible on the account online. So the live chat system info was not correct.

Neither was the live phone advice I was given either! As mentioned in an earlier message, I was advised that they DD's had to be part of the switch! More and more it seems you can't rely on many banks' CS advice!

colsten

poppellerant said:

When is interest paid on the current and savings accounts? I expected interest for the current account to be in this morning and it wasn't.  So I called Virgin Money who told me that interest for current accounts is paid at the end of the last working day of the month, while savings accounts are paid interest quarterly.

The information you got is correct, and in line with what their website says.

Current account: "We’ll add any interest to your account on the last working day of the month". That's today for January 2021, but the day is not over yet.

Savings account: "We’ll add any interest on the last working day in March, June, September and December". So next pay date is 31st of March.

gozaimasu

I have 6 credit searches from Clydesdale Bank after applying for this account - I remember reading someone else on this thread had a similar problem? Multiple credit searches for 1 account? Did you manage to get them removed?

williewonder

I got my £1.70 interest today.

VXman

williewonder said:

I got my £1.70 interest today.

Congratulations! What are you going to spend it on or with you re invest? 

goatfaced

Haha, I got 2p. I haven't really used the account yet except for the direct debits. 

tomsocr

GreenBitterfly said:

dcs34 said:

IIRC you can open 3 with no real fuss. More than three and you might get some light interrogation as to why you want to open another account

I've got four current accounts with them, but I'm not pushing my luck any further by trying to apply for anymore.

I'm on my sixth.  Opened the last one yesterday.  Yes, when do I stop? 

fabsaver

tomsocr said:

GreenBitterfly said:

dcs34 said:

IIRC you can open 3 with no real fuss. More than three and you might get some light interrogation as to why you want to open another account

I've got four current accounts with them, but I'm not pushing my luck any further by trying to apply for anymore.

I'm on my sixth.  Opened the last one yesterday.  Yes, when do I stop? 

Stop when you get to 85, due to the FSCS protection limit