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Virgin Money linked savings account

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Comments

  • dc_scotland
    dc_scotland Posts: 317 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    edited 2 March 2022 at 12:07AM
    Shedman said:
    If you look at the examples in the help section under Interest We Pay You it is very clear that it is 1% up to and including £25,000 and 0.5% for any amount that goes over the £25k.  They show an example of an initial £25,000 deposit earning £250 after a year and another example of £50,000 earning £375.70 (£250 from first £25k and just over £125 from the additional £25k)

    Clearly their CS team need to be better briefed.
    Yes, I see the website has been updated now, thanks. 


  • jimjames
    jimjames Posts: 17,933 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Daliah said:
    refluxer said:
    Aidanmc said:
    £24999.99 :p
    ...and withdraw the interest on the day it's paid ? :D
    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.
    Good point. I only opened 2 accounts but presumably could then hold £50k if I wished. Not that I hold that amount of cash at the moment but might be of use for those that do.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Ella_fella
    Ella_fella Posts: 124 Forumite
    Fifth Anniversary 10 Posts
    How many M Plus accounts are you allowed to open?

    And if its more than one how do you open multiple accounts. 
  • pafpcg
    pafpcg Posts: 907 Forumite
    Ninth Anniversary 500 Posts Name Dropper
    edited 1 March 2022 at 5:48PM
    How many M Plus accounts are you allowed to open?

    And if its more than one how do you open multiple accounts. 
    As of now (or sometime in February) you can apply for only ONE M Plus current account and an associated Savings Account.  [From May 2020 when the VM accounts were first offered until February 2022 it was possible to open multiple accounts.]
  • trickydicky14
    trickydicky14 Posts: 1,058 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    pafpcg said:
    How many M Plus accounts are you allowed to open?

    And if its more than one how do you open multiple accounts. 
    As of now (or sometime in February) you can apply for only ONE M Plus current account and an associated Savings Account.  [From May 2020 when the VM accounts were first offered until February 2022 it was possible to open multiple accounts.]

    I had two current accounts with Virgin but switched one out a while back for a bonus. But what is interesting is I retained the savings account that was linked to it so, currently I have one current account and two savings accounts. Both savers have money in them and both are showing 1% interest rate.


    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • Daliah
    Daliah Posts: 3,792 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    pafpcg said:
    How many M Plus accounts are you allowed to open?

    And if its more than one how do you open multiple accounts. 
    As of now (or sometime in February) you can apply for only ONE M Plus current account and an associated Savings Account.  [From May 2020 when the VM accounts were first offered until February 2022 it was possible to open multiple accounts.]

    I had two current accounts with Virgin but switched one out a while back for a bonus. But what is interesting is I retained the savings account that was linked to it so, currently I have one current account and two savings accounts. Both savers have money in them and both are showing 1% interest rate.


    Is the total balance of your 2 savings accounts >£25K?
  • mrchagle
    mrchagle Posts: 586 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Has anyone tried opening an account ? The system appears to keep giving errors once the form is completed. 
    If I've help in anyway, please remember to thank me :-)
  • trickydicky14
    trickydicky14 Posts: 1,058 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    Daliah said:
    pafpcg said:
    How many M Plus accounts are you allowed to open?

    And if its more than one how do you open multiple accounts. 
    As of now (or sometime in February) you can apply for only ONE M Plus current account and an associated Savings Account.  [From May 2020 when the VM accounts were first offered until February 2022 it was possible to open multiple accounts.]

    I had two current accounts with Virgin but switched one out a while back for a bonus. But what is interesting is I retained the savings account that was linked to it so, currently I have one current account and two savings accounts. Both savers have money in them and both are showing 1% interest rate.


    Is the total balance of your 2 savings accounts >£25K?

    Up until now, both savings accounts have only had small amounts of cash in them due to only getting 0.30% interest. So, the question ‘can I stuff 25k in each and still get 1% on all of it’ remains unanswered at this time.

    To be honest I can’t see me doing that but I may fill one account up and see if the interest rate changes on the other.


    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
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