Virgin Money linked savings account

Aidanmc

£24999.99

RG2015

dc_scotland said:

My interpretation from recent media reports was that on balances of up to £25k, a rate of 1% would be paid.  And if the balance exceeds £25k, a rate of 0.50% would be paid on the portion above £25k.  I relayed this info to a friend, who contacted Virgin and was told that some customers are misinterpreting the new rate.  She was told that if the balance exceeds £25k, the rate on the entire balance is reduced to 0.50%.  I wonder if it's the media and some customers who are misinterpreting, or is it some Virgin staff !  

With any other bank I would have dismissed this suggestion as ludicrous, but with their IT glitch record it does concern me.

On a side note, despite all of my disparaging comments, I do like Virgin Money. But with anything in life, it is always good to know where things may go wrong and to be prepared.

Here, for obvious reasons it makes no sense to hold more than £25k here. In addition, I will retain small amounts in Tesco Bank, Marcus and Ford Money as emergency backup to VM.

refluxer

Aidanmc said:

£24999.99

...and withdraw the interest on the day it's paid ?

veryintrigued

refluxer said:

Aidanmc said:

£24999.99

...and withdraw the interest on the day it's paid ?

Is it monthly (like the c/a) or annual interest?

Trying to fathom their website is just blinking awful

dc_scotland

veryintrigued said:

Is it monthly (like the c/a) or annual interest?

Trying to fathom their website is just blinking awful

Monthly interest, or at least it has been up until now.

Daliah

refluxer said:

Aidanmc said:

£24999.99

...and withdraw the interest on the day it's paid ?

Presumably it's up to £25K per account? So those who have filled their boots with more than one of the lovely 2% VM current accounts won't lose any sleep over that limit. They'd probably more concerned not to bust the FSCS limit.

veggieblob

dc_scotland said:

veryintrigued said:

Is it monthly (like the c/a) or annual interest?

Trying to fathom their website is just blinking awful

Monthly interest, or at least it has been up until now.

Mine is monthly on the CA but quarterly on the linked savings accounts

Descrabled

Question.

Are people moving money into the savings account directly by faster payments from other banks current account(s)?

Alternatly I'm using faster payments into the Virgin current account(s) and thence to the savings accounts.

Daliah

Descrabled said:

Question.

Are people moving money into the savings account directly by faster payments from other banks current account(s)?

Alternatly I'm using faster payments into the Virgin current account(s) and thence to the savings accounts.

I have just one VM M Plus current account in the payee list of my hub account, which is with a different bank. I use this one account as my inward-  and outward gateway for all VM Plus accounts. If I were to fund the Saver account with SOs, I would do that directly to the Saver account.

refluxer

veryintrigued said:

Is it monthly (like the c/a) or annual interest?

Trying to fathom their website is just blinking awful

Interest paid on the linked savings account is paid quarterly according to their website, but it's still showing the rate as 0.35% so doesn't appear to have been updated yet. I don't like their site either !