Virgin Money linked savings account

Shedman

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 !  

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.

dc_scotland

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

Daliah said:

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.

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.

Ella_fella

How many M Plus accounts are you allowed to open?

And if its more than one how do you open multiple accounts. 

pafpcg

Ella_fella 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.]

where_are_we

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 paid a small amount directly into the Virgin M Plus Savings (VMPS) account from my "hub" current account to verify my first payment and to set up a new payment mandate. Then checked it had gone in OK and then paid in a large amount. Thus when I have spare cash in my "hub" current account and want to move it to VMPS, it`s one transaction and I don`t have to log into my Virgin Money Current Account (VMCA) and move it again (2 transactions) as would be the case if I used faster payments to my VMCA.

trickydicky14

pafpcg said:

Ella_fella 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.

Daliah

trickydicky14 said:

pafpcg said:

Ella_fella 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

Has anyone tried opening an account ? The system appears to keep giving errors once the form is completed. 

trickydicky14

Daliah said:

trickydicky14 said:

pafpcg said:

Ella_fella 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.