Virgin Money Current Account

gwapenut

colsten said:

gwapenut said:

It's not necessarily about being adventurous though - some may say it's about being pragmatic. I personally value my time more than it takes to open, setup and, at some future date, close a string of identical current accounts so that I can earn £10 extra per year on each account containing £1000. It's all down to individuals, some are not adventurous, and some have circumstances which make it a waste of their time.

Just for the record, 2% of £1,000 is £20; 0.5% of £1,000 is £5. 

Also for the record, opening a Virgin Money account, and then keeping £1,000 in it, is a doddle for 99% of all applicants. It is no more effort than opening a 0.5% savings account, and then keeping £1,000 in it. Especially for those calling themselves Money Saving Experts.

Just for the record, some adventurous people have 1.2% accounts they opened within the last 6 months.
Thanks for the maths lesson though, you do like being patronising, don't you?
Also for the record, I was beginning to think you'd mellowed recently, but no, you're back on form.

colsten

gwapenut said:

Just for the record, some adventurous people have 1.2% accounts they opened within the last 6 months.

You will find that I mentioned these legacy savings accounts at the start of this debate.

I still make 1.2% less than 2% but I am now bored with dropping hints.

Bobblehat

ZeroSum said:

Bobblehat said:

ZeroSum said:

I thought you had to keep £1k in the savings account for a month?

Opened account on 20th dec. Wine came today

I can see why you thought you might have to keep the £1000 in the savings account for a month .... but if you read the T&C's carefully, you can withdraw the £1000 once you have the wine code ... I waited until the wine actually arrived (today  )  before moving the £1000 out to a better interest rate account.

The savings rate is 0.5% isnt it?
Which is pretty much top of the market

Well, there's an interesting discussion going on here, but to answer your question, yes the Virgin savings account is 0.5%. Like Colsten said there are accounts paying higher to new applicants and also accounts that I have already open that pay anything from 1.09% to 0.66% Easy Access, so why wouldn't I move it ...only took a minute of my time. The move also topped-up my RS feeding fund, as well as earning more than 0.5% in one go!

I have left £1000 in the Virgin CA even though it will net only £20, seemed to be a reasonable thing to do at the moment, and can be moved at a later date if my financial circumstances change.

Ashen

colsten said:

gwapenut said:

Just for the record, some adventurous people have 1.2% accounts they opened within the last 6 months.

You will find that I mentioned these legacy savings accounts at the start of this debate.

Seems a little odd then to subsequently challenge his/her figures of £10 extra a year then (or even lower against a 1.2% account), other than to be argumentative.

soulsaver

We need an emoji for 'Descends into the usual MSE  blox' - save typing.

VXman

Missed the 31 day deadline for switching by one day! So no wine. I had planned it out and put a reminder in the calender (just to ensure the DD had gone through) but got my counting slightly wrong!!

So applied for another current account for the wife. All gone through quickly and account granted on one go. I'll give it a week or for for the DD to transfer and do the switch. 2nd time lucky I hope.

williewonder

With this Virgin current account, if you have good credit rating are you accepted straight away? My friend wants to open this account but has very poor credit worthiness and he told me after he did the online application it said he'll hear back from them while they process the application.

I remember when I opened the Yorkshire bank B account around 2 years ago I was accepted straight away.

Do you need a decent credit rating to open a Virgin current account?

funkycredit

If they can't offer you the full account they'll usually offer a basic one or flat out decline you. Maybe your friend was referred to underwriting - albeit you can find out with a soft search. Apply for a £100 overdraft using the eligibility checker. At the end it'll tell you if you can a) have the account and b) the overdraft or c) offer a basic one (pending full application). 

You'll get an idea then. Just with the soft search. 

Brewer20

VXman said:

Missed the 31 day deadline for switching by one day! So no wine. I had planned it out and put a reminder in the calender (just to ensure the DD had gone through) but got my counting slightly wrong!!

So applied for another current account for the wife. All gone through quickly and account granted on one go. I'll give it a week or for for the DD to transfer and do the switch. 2nd time lucky I hope.

Did you have to wait for a code sent in the post before the final set up?. I had to, I thought it would just be an address check up.

goatfaced

Brewer20 said:

VXman said:

Missed the 31 day deadline for switching by one day! So no wine. I had planned it out and put a reminder in the calender (just to ensure the DD had gone through) but got my counting slightly wrong!!

So applied for another current account for the wife. All gone through quickly and account granted on one go. I'll give it a week or for for the DD to transfer and do the switch. 2nd time lucky I hope.

Did you have to wait for a code sent in the post before the final set up?. I had to, I thought it would just be an address check up.

I had to get a code in the post and it also wouldn't let us switch online, had to phone them. We both have good credit, I think we must have got a question wrong.
We still got the wine code. Tried one bottle, not that nice to be honest. Vxman sorry you missed out but I doubt it's really £180 worth, half that at a push.