I find the home page so cluttered once you've logged in. An old unused YBS credit card takes pride of place then the four new accounts spread haphazardly over the rest of it. Why not a list?
You can re-order and rename them, it's in the settings.
They do state that interest is paid on the last business day of the month. Odd though that they would calculate, and pay, for days they can't know the balance for - are you sure?
"Interest is calculated on a daily basis and is paid on the last business day of each month. Credit interest is calculated daily on the cleared credit balance in your account."
EDIT: see my next post. It might be that they never post transactions at weekends, and therefore assume that your Friday balance stays the same until the next working day (even though the 'cleared balance' does actually change.....)
It seems they don't update your transaction list on a weekend. (EDIT: They do, as I have now found out, but with a delay of perhaps several hours).
I have just moved some money from my current account #2 into current account #1. The cleared balances in both accounts updated instantly but neither account shows the actual transactions, and they are also not on the Timeline.
I then made a payment from current account #1 to a non-Virgin account. Again, the cleared balance was immediately updated correctly but there is no sign of the transaction anywhere. The payment hasn't yet arrived in the other account but that might be due to the other account not processing anything at weekends.
This is quite astonishing for a brand-new current account. Though having seen the delays for showing incoming transactions, perhaps I shouldn't be surprised.
I also understand that your account has up to three sort codes. 1 - the one printed on your card and showing online/app. 2 - the one printed on your cheque book (if you have one). 3 - the sort code to be used to make CHAPS payments into your account. Confusing or what.
They do state that interest is paid on the last business day of the month. Odd though that they would calculate, and pay, for days they can't know the balance for - are you sure?
"Interest is calculated on a daily basis and is paid on the last business day of each month. Credit interest is calculated daily on the cleared credit balance in your account."
Yes, £1,000 deposited on 11th May and £1.15 interest posted on 29th May.
31-10=21 days at 2%. £1000 x 21 x 2% / 365 = £1.15
When I logged in yesterday the standing orders set for Monday had already been subtracted from my balance for the Friday (though it has the little clock next to them in the transaction list) so I too wonder how they'll be calculating the interest.
I find the home page so cluttered once you've logged in. An old unused YBS credit card takes pride of place then the four new accounts spread haphazardly over the rest of it. Why not a list?
You can re-order and rename them, it's in the settings.
But does it work for you?
When I set-up my new VM accounts a couple of weeks ago, I successfully reordered the list of Clydesdale and VM accounts, but last week when I tried to change the order again, the system wouldn't respond. [Firefox75 running in LinuxMint19]
Renaming works provided that the name you want isn't too long.
It seems they don't update your transaction list on a weekend.
I have just moved some money from my current account #2 into current account #1. The cleared balances in both accounts updated instantly but neither account shows the actual transactions, and they are also not on the Timeline.
I then made a payment from current account #1 to a non-Virgin account. Again, the cleared balance was immediately updated correctly but there is no sign of the transaction anywhere. The payment hasn't yet arrived in the other account but that might be due to the other account not processing anything at weekends.
This is quite astonishing for a brand-new current account. Though having seen the delays for showing incoming transactions, perhaps I shouldn't be surprised.
I also understand that your account has up to three sort codes. 1 - the one printed on your card and showing online/app. 2 - the one printed on your cheque book (if you have one). 3 - the sort code to be used to make CHAPS payments into your account. Confusing or what.
I made a FP from my Virgin account to HSBC today. All went through fine.
I made a FP from my Virgin account to HSBC today. All went through fine.
My payment has now also arrived, so FPs are being processed at weekends. In and out.
BUT: none of those payments is reflected in the transactions lists, so unless you have made notes or have a good memory, it's anybody's guess how the difference between last night's and the current cleared balance came about.
I wouldn't want Virgin as my actual current account as it involves flying blind at times. All other apps and online banking that I have come across update the transaction lists as the transactions happen - not a day or two after the event.
Mind you, none of the others pays 2% interest, so I will be hanging around for a while
Replies
Its fascinating to see how different banks have subtly different ways of calculating and posting interest.
EDIT: see my next post. It might be that they never post transactions at weekends, and therefore assume that your Friday balance stays the same until the next working day (even though the 'cleared balance' does actually change.....)
It seems they don't update your transaction list on a weekend. (EDIT: They do, as I have now found out, but with a delay of perhaps several hours).
I have just moved some money from my current account #2 into current account #1. The cleared balances in both accounts updated instantly but neither account shows the actual transactions, and they are also not on the Timeline.
I then made a payment from current account #1 to a non-Virgin account. Again, the cleared balance was immediately updated correctly but there is no sign of the transaction anywhere. The payment hasn't yet arrived in the other account but that might be due to the other account not processing anything at weekends.
This is quite astonishing for a brand-new current account. Though having seen the delays for showing incoming transactions, perhaps I shouldn't be surprised.
I also understand that your account has up to three sort codes. 1 - the one printed on your card and showing online/app. 2 - the one printed on your cheque book (if you have one). 3 - the sort code to be used to make CHAPS payments into your account. Confusing or what.
31-10=21 days at 2%.
£1000 x 21 x 2% / 365 = £1.15
When I set-up my new VM accounts a couple of weeks ago, I successfully reordered the list of Clydesdale and VM accounts, but last week when I tried to change the order again, the system wouldn't respond. [Firefox75 running in LinuxMint19]
Renaming works provided that the name you want isn't too long.
I made a FP from my Virgin account to HSBC today. All went through fine.
BUT: none of those payments is reflected in the transactions lists, so unless you have made notes or have a good memory, it's anybody's guess how the difference between last night's and the current cleared balance came about.
I wouldn't want Virgin as my actual current account as it involves flying blind at times. All other apps and online banking that I have come across update the transaction lists as the transactions happen - not a day or two after the event.
Mind you, none of the others pays 2% interest, so I will be hanging around for a while