Virgin Money Current Account

surreysaver

onlyfoolsandparking said:

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?

I have a credit card and umpteen regular savers with them, and I also used to have a Clydesdale current account.  But at least my £1k is in there earning interest while they faff about

dcs34

Interesting little quirk is the saver shows the 1% rate when you click on it, in the little 'summary' section, but the current account makes no mention of the 2% when you click on the account.

And for the real question, anyone manage to get a second one to open?

surreysaver

dcs34 said:

Interesting little quirk is the saver shows the 1% rate when you click on it, in the little 'summary' section, but the current account makes no mention of the 2% when you click on the account.

And for the real question, anyone manage to get a second one to open?

I noticed that too. Perhaps the 2% won't be around for long 

lhsecons

I’m not sure it’s a quirk. All savings accounts show the interest rate on the account page, but virtually no current accounts do. I presume it’s because the 2% only applies to the first £1000 and it’s 0% thereafter, whereas almost all savings accounts pay interest on the entire balance, even when the rate changes as the amount in the account increases.

RG2015

surreysaver said:

dcs34 said:

Interesting little quirk is the saver shows the 1% rate when you click on it, in the little 'summary' section, but the current account makes no mention of the 2% when you click on the account.

And for the real question, anyone manage to get a second one to open?

I noticed that too. Perhaps the 2% won't be around for long 

I can't imagine that this is a short term teaser rate. That would result in a lot of hacked off customers.

onlyfoolsandparking

Doesn't matter to me whether the interest rate is or 2% or 0% I've never really bothered with savings accounts, my money has always gone into 'bricks and mortar' and that beats any savings account, well I mean its never let me down,just wanted a back up current account and hopefully VM will fulfill that. Interesting that some are having to provide ID and some are not?

onlyfoolsandparking

The usual binary statement, what are you talking about?

colsten

onlyfoolsandparking said:

Doesn't matter to me whether the interest rate is or 2% or 0% I've never really bothered with savings accounts, my money has always gone into 'bricks and mortar' and that beats any savings account, well I mean its never let me down,just wanted a back up current account and hopefully VM will fulfill that. Interesting that some are having to provide ID and some are not?

I'd love to see you pay for your food shop with bricks and mortar  . Or pay your bills for the next 6 months should you suddenly find yourself without income. There is a good reason why people should have an emergency cash fund, best kept in an interest paying account, and covering 6-12 months living expenses. Aside from that, a diversified investment portfolio is preferable to having all your eggs in one basket, aka binary approach. 

Regarding ID: it is normal practice at all banks that people have to provide additional proof of ID if their ID cannot verified electronically. 

RG2015

colsten said: 

Regarding ID: it is normal practice at all banks that people have to provide additional proof of ID if their ID cannot verified electronically. 

I agree but Virgin Money seem to buck the trend. I have opened about 30 accounts in the last 5 years with about 15 banks and all have been verified electronically apart from a recent VM savings account.

Despite having had about 10 VM savings accounts and a VM credit card they needed me to send them ID for a new savings account last year. 

onlyfoolsandparking

colsten said:

onlyfoolsandparking said:

Doesn't matter to me whether the interest rate is or 2% or 0% I've never really bothered with savings accounts, my money has always gone into 'bricks and mortar' and that beats any savings account, well I mean its never let me down,just wanted a back up current account and hopefully VM will fulfill that. Interesting that some are having to provide ID and some are not?

I'd love to see you pay for your food shop with bricks and mortar  . Or pay your bills for the next 6 months should you suddenly find yourself without income. There is a good reason why people should have an emergency cash fund, best kept in an interest paying account, and covering 6-12 months living expenses. Aside from that, a diversified investment portfolio is preferable to having all your eggs in one basket, aka binary approach. 

Regarding ID: it is normal practice at all banks that people have to provide additional proof of ID if their ID cannot verified electronically. 

Why would you ASSUME I don't have cash reserves?? also I'm not familiar with ID verification as this VM account is only the second current account I've opened in 35 years!!

Try to remember a few of us on here are 'old school' when it comes to modern ways of banking with doing things online, apps etc, I took peoples advice on opening a second current account as I could see the problem/s I may have IF Natwest froze/closed my account.