Virgin Money Current Account

Eco_Miser

And the discussion as to whether was a new account or a rebranded "B" account or an existing branch/phone only essential current account filled the first page.  The OP thought it was new, and that's what I looked at.

And now we're discussing that again.

RegularSaver22

I'd like to share my experience trying to sign up for a Current Account. I already had an account with them from 2015 or so for an ISA I had with them previously. 

On the 27th of July, I tried applying for a current account. It got to the point where it says 'We need more information, we will send you an email' or something to proceed. Bear in mind I did their eligibility check and it said 'Great chance' or similar of being accepted.

I put in the wrong start date of work, and was using a VPN at the time. I then tried to apply again with the correct details and not using a VPN and it got to the same point. I phoned up regarding the process and they said a letter had been sent out with more information to proceed.

I got the letter in the post Friday saying we need more information, it had the authorisation code, reference number and customer number on. So I phoned up and they said they needed ID (this was on the Friday) so they sent over the ID form and I completed that with passport and digital bank statement, and said they would contact back within 2 working days.

Tuesday rolls around, no call, so this morning (Wednesday) i ring up, got put on hold in the queue for 10 minutes, then explain the situation, and put on hold again to the admin team, who said 'Unfortunately due to the credit check we cant open a current account' and basically said 'the credit check agency (or whatever) just provides a yes/no and no information'. So basically I cant open a current account with them.

RG2015

@RegularSaver22,

Have you checked your credit report to see if there are any negative issues that may have caused Virgin Money to turn you down?

I can say that Virgin Money are the only bank of the ten I have used that have had problems with my ID credentials. Curiously, this was not for the current account which I opened without any problems, but for a new savings account despite already having 8 or 9 active savings accounts with them.

In addition, Virgin Money savings accounts are on an entirely different database to the latest current account. Therefore having previously had an ISA would not have helped in the ID process.

RegularSaver22

@RG2015,
Virgin Money uses Experian and Transunion. I checked my statutory credit report with both and there does not seem to be any negative issues, on injunctions / defaults / CCJ etc. Ive only applied to Amex in the past year which was successful, and I have also checked MSE Credit Club and again everything is in order

tel_

I have just applied for their current account and have been told they will send something in the post, as their system couldn't authorise my application. (Which has never happened to me before when applying for a current account).

I will keep all informed on what happens next. 

surreysaver

RegularSaver22 said:

I'd like to share my experience trying to sign up for a Current Account. I already had an account with them from 2015 or so for an ISA I had with them previously. 

On the 27th of July, I tried applying for a current account. It got to the point where it says 'We need more information, we will send you an email' or something to proceed. Bear in mind I did their eligibility check and it said 'Great chance' or similar of being accepted.

I put in the wrong start date of work, and was using a VPN at the time. I then tried to apply again with the correct details and not using a VPN and it got to the same point. I phoned up regarding the process and they said a letter had been sent out with more information to proceed.

I got the letter in the post Friday saying we need more information, it had the authorisation code, reference number and customer number on. So I phoned up and they said they needed ID (this was on the Friday) so they sent over the ID form and I completed that with passport and digital bank statement, and said they would contact back within 2 working days.

Tuesday rolls around, no call, so this morning (Wednesday) i ring up, got put on hold in the queue for 10 minutes, then explain the situation, and put on hold again to the admin team, who said 'Unfortunately due to the credit check we cant open a current account' and basically said 'the credit check agency (or whatever) just provides a yes/no and no information'. So basically I cant open a current account with them.

I had a similar experience after opening my account in May. I could only start using it today, after three months of waiting. Don't hold your breath 

mab3000

I opened this account a few months ago for the 2% interest rate. It seemed a good idea at the time. It’s ok but I cannot get the app to work on my phone due to them saying there is an apparent problem with my security settings on my phone (just have a completely un modified iPhone 11 Pro purchased directly from Apple and run multiple banking apps on it just fine including the virgin credit card app). And for £1.70 a month just doesn’t seem worth it. 

I have used it as an account to switch for the Halifax switch incentive. 

tel_

tel_ said:

I have just applied for their current account and have been told they will send something in the post, as their system couldn't authorise my application. (Which has never happened to me before when applying for a current account).

I will keep all informed on what happens next. 

My activation code arrived this morning (very prompt). After completing a few more details and entering a fair few passcodes, I am now logged in.

Strange though the current account doesn't display the % interest, whereas the saver account does.

lhsecons

That’s true, but I don’t think any current accounts display it. I assume it’s because the interest is only paid on a specific amount rather than the whole balance , in this case £1000. If , for example, you had £2000 in the account, what could it display?

tel_

lhsecons said:

That’s true, but I don’t think any current accounts display it. I assume it’s because the interest is only paid on a specific amount rather than the whole balance , in this case £1000. If , for example, you had £2000 in the account, what could it display?

Yes, I can see the confusion it could cause.

People could think they are going to receive the % stated on their entire balance, even though the T&C's state only on the first 1k.