Virgin Money linked savings account

RG2015

According to their Twitter account, Virgin Money are increasing the rate on their linked saving account to 1.00% on 1st March.

It is likely that this will result in a very large number of applications for their current account, and also numerous deposits to existing accounts.

Can their systems cope with this major increase in activity?

pafpcg

RG2015 said:

According to their Twitter account, Virgin Money are increasing the rate on their linked saving account to 1.00% on 1st March.

It is likely that this will result in a very large number of applications for their current account, and also numerous deposits to existing accounts.

Can their systems cope with this major increase in activity?

There may indeed be an increase in applications, but the VM Current Account already pays 2% on the first £1,000 (and has done since its launch in May 2020) so I'd suggest that the increase in demand will be limited to those who weren't aware of the current account offer. 

However, I would expect a substantial transfer of funds being switched from lower-interest rate saver accounts and being deposited in the VM Savings Account - I'll be doing that on Wednesday!

ColdIron

That's why I did it on the 18th thanks to a kind poster on this board that highlighted it then. Debit card received a few days ago, all very efficient

Growingold

RG2015 said:

According to their Twitter account, Virgin Money are increasing the rate on their linked saving account to 1.00% on 1st March.

Still showing as 0.35%

Daliah

Moved my balance from Atom to a Virgin Money savings account, via my linked Santander. Completed in seconds.

veryintrigued

Growingold said

Still showing as 0.35%

Is there a way of seeing the interest rate on the Virgin app on these  M plus saver accounts?

trickydicky14

veryintrigued said:

Growingold said

Still showing as 0.35%

Is there a way of seeing the interest rate on the Virgin app on these  M plus saver accounts?

I’ve just tried looking for the interest rate via the app and the only reference to it is if you look generically at savings accounts and that still shows as 0.35%

RG2015

veryintrigued said:

Growingold said

Still showing as 0.35%

Is there a way of seeing the interest rate on the Virgin app on these  M plus saver accounts?

I don’t think so and mine still shows as 0.35% in my online account.

typistretired

Virgin money savings accounts on M plus current I tried to chat to an advisor online but there was 32 people before me so there must be a lot of people asking the same question 

Daliah

They are in the process of updating their website. If you click on the link, it currently still shows 0.35%. Patience.

[Deleted User]

Daliah said:

They are in the process of updating their website. If you click on the link, it currently still shows 0.35%. Patience.

Not good enough. They announce a rise from 1st March to a (by far) market leading instant access rate but fail to ensure that the correct rate is showing against the account in online banking on the day. Not impressive, sorry.