Virgin Money Current Account

typistretired

Colsten you’re back!

typistretired

schiff there is another current Account paying 1% when you look at Virgin pages don’t know why?

schiff

My Instant Savings accounts now show 1%! So it seems retrospective.

typistretired

When I opened a Virgin Current Account on 7th May 2020 - well before the Regular Saver E17 was offered this was the rate showing for the savings part in the attachments in their confirmation email.

"What’s the interest rate?

Balance

Gross rate (%)

AER (%)

On all balances - up to 30th June 2020

1.00

1.00

On all balances - from 1st July 2020

0.50

0.50

Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.

epm-84

xlnc99 said:

oh really, i assumed it was the other way round due to the name change of Virgin. Strange one that

Not really.  Stagecoach was the biggest shareholder in Virgin Trains, Liberty Global own Virgin Media and Virgin Radio is owned by a subsidiary of News Corp.  Various businesses see Virgin as a reputable, well known brand so are happy to pay Branson a fee to licence the use of the Virgin brand even if he doesn't own them.

badger09

typistretired said:

Colsten you’re back!

Since 21st

[Deleted User]

epm-84 said:

xlnc99 said:

oh really, i assumed it was the other way round due to the name change of Virgin. Strange one that

Not really.  Stagecoach was the biggest shareholder in Virgin Trains, Liberty Global own Virgin Media and Virgin Radio is owned by a subsidiary of News Corp.  Various businesses see Virgin as a reputable, well known brand so are happy to pay Branson a fee to licence the use of the Virgin brand even if he doesn't own them.

The old Virgin Money was essentially a tarted up Northern Rock used all the same ancient systems as the ex-Building Society.

It should be interesting if full re-branding goes ahead as Virgin Trains lost their appeal, Virgin Atlantic is teetering on administration, Virgin Media is merging with O2 and tax exile Branson asking for a tax payer bailout didn't look great.

PaulW922

The Instant saver rate os going down from 1% to 0.5% shortly. Current account is 2.02% up to £1k

epm-84

dahj said:

epm-84 said:

xlnc99 said:

oh really, i assumed it was the other way round due to the name change of Virgin. Strange one that

Not really.  Stagecoach was the biggest shareholder in Virgin Trains, Liberty Global own Virgin Media and Virgin Radio is owned by a subsidiary of News Corp.  Various businesses see Virgin as a reputable, well known brand so are happy to pay Branson a fee to licence the use of the Virgin brand even if he doesn't own them.

The old Virgin Money was essentially a tarted up Northern Rock used all the same ancient systems as the ex-Building Society.

It should be interesting if full re-branding goes ahead as Virgin Trains lost their appeal, Virgin Atlantic is teetering on administration, Virgin Media is merging with O2 and tax exile Branson asking for a tax payer bailout didn't look great.

Clydesdale Bank isn't a well known brand outside Scotland.  Maybe that's a good thing - as some people are opting for alternatives to the big banks but then maybe not as people don't always trust the challenger banks.

One thing to remember about Virgin Trains (West Coast) was that introducing new tilting Pendolino trains to replace old slam door stock was a government requirement for the rail franchise and the trains were leased meaning Virgin would return them if they stopped running the franchise.  Yet Virgin managed to convince the majority of passengers that Pendolinos were their innovative idea and that they might disappear, to be replaced by inferior trains, if another company took over the franchise. 

ischris85

When will June's interest be paid into the Virgin account today? I'm guessing midnight.