Virgin Money Current Account

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  • edited 28 February 2021 at 9:35PM
    typistretiredtypistretired Forumite
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    edited 28 February 2021 at 9:35PM
    I have Yorkshire Bank Current Accounts paying interest on the same app and as you have to make a monthly deposit each month to earn the interest on Yorkshire Bank Accounts need to log in anyway
    "Look after your pennies and your pounds will look after themselves"
  • cricidmuslibalecricidmuslibale Forumite
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    What's interesting to me is that none of you posting above appears to do what I currently do which is depositing the monthly interest payment for each current account into its linked savings account to build up a small amount for a treat like a tasty meal at a nice eating establishment when this sort of thing is allowed again. 
    I do. Stick the interest from the three accounts into the savings account linked to my first current account.
    That's clearly a good idea (which I hadn't thought of before) as it slightly increases the amount of new interest gained on the original interest.
  • colstencolsten Forumite
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    What's interesting to me is that none of you posting above appears to do what I currently do which is depositing the monthly interest payment for each current account into its linked savings account 
    Some of us have legacy accounts which pay more than twice the interest elsewhere, and almost 3 and a half times more when Virgin drops to 0.35% in April. Some of us also rushed into opening all those 3% Regular Savers, or even the 1.75% Virgin ones. So the attraction of the linked Virgin savings accounts is not awfully high for a lot of people.
  • edited 1 March 2021 at 12:06AM
    cricidmuslibalecricidmuslibale Forumite
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    edited 1 March 2021 at 12:06AM
    colsten said:
    What's interesting to me is that none of you posting above appears to do what I currently do which is depositing the monthly interest payment for each current account into its linked savings account 
    Some of us have legacy accounts which pay more than twice the interest elsewhere, and almost 3 and a half times more when Virgin drops to 0.35% in April. Some of us also rushed into opening all those 3% Regular Savers, or even the 1.75% Virgin ones. So the attraction of the linked Virgin savings accounts is not awfully high for a lot of people.
    I used to have exactly that sort of legacy account (with Coventry BS) but the interest rate on that account was slashed by more than 50% 18 days ago! Apart from the very recently issued Yorkshire BS one and the Cambridge BS one which requires having a previous account with them for at least one year, I thought all 3% Regular Savers currently available were restricted to very low deposit amounts and those who have current accounts with that particular bank? I'm not sure I would qualify for the 1.75% Virgin ones unfortunately due to current low earnings and therefore no prospect whatsoever of buying a house at present but if I'm mistaken on this I'm very happy to be corrected.

    No issues with your final sentence above but I do wonder if/when VM reduce the current account interest rate whether they will raise the savings interest rate at the same time by enough - to roughly the market-leading instant access savings rate at the time - to encourage many of their new current account customers to deposit most of their current account money into the linked savings account rather than withdrawing it from VM altogether? 
  • jimjamesjimjames Forumite
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    Can get better than 0.50% elsewhere
    Can you confirm where you can get that for instant access?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colstencolsten Forumite
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    jimjames said:
    Can get better than 0.50% elsewhere
    Can you confirm where you can get that for instant access?
    Sure. Many of us have legacy instant access accounts still paying at least 1.2%
  • RG2015RG2015 Forumite
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    colsten said:
    jimjames said:
    Can get better than 0.50% elsewhere
    Can you confirm where you can get that for instant access?
    Sure. Many of us have legacy instant access accounts still paying at least 1.2%
    Yes, legacy accounts. If you haven’t got one you cannot get better than 0.50% elsewhere.
     
    Hence your statement saying that you can get better than 0.50% elsewhere is incorrect. You either already have it or you cannot get it.

    A bit verbose, I know but this is for the avoidance of doubt.
  • [Deleted User][Deleted User] Forumite
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    colsten said:
    jimjames said:
    Can get better than 0.50% elsewhere
    Can you confirm where you can get that for instant access?
    Sure. Many of us have legacy instant access accounts still paying at least 1.2%
    Many of us?

    Is it the Skipton (Online Bonus Saver Issue 7) with a 0.5% bonus for the first 12 months.
    The 0.7% is variable and could be reduced to 0% at any time unless I'm missing something?
  • wiseonesomeofthetimewiseonesomeofthetime Forumite
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    It could, but it hasn't, so is therefore still at 1.20% for those of us lucky enough to hold it.

    Even if they slash the lot, it's still 0.50% until September (for me), so certainly my favourite account at the moment.
  • edited 1 March 2021 at 1:07PM
    clivepclivep Forumite
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    edited 1 March 2021 at 1:07PM
    How do you de-register the app?
    I prefer to use my PC for online banking and just getting an OTP text works best for me.
    Once the Virgin Money app was installed (for the case of wine) I now have to use it to allow me to continue on the PC.
    I wish to de-register the app to return to the OTP verification which I understand can be done in the app. How? On the 'Mobile app access' screen I can see my registered mobile with the option of removing it. Does removing it have the effect of de-registering the app and thereby returning to the OTP method of verification?

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