Virgin Money linked savings account

RG2015

trickydicky14 said:

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.

I doubt if their systems are refined enough to aggregate balances, and then reflect this in the individual accounts.

Daliah

Has anyone figured out how to see the interest rate that applies to the account in the app? I seem to only be able to see it in online banking

kaMelo

I can't see it either in the app and I have tried everything (I think) .

DragonQ

Daliah said:

Has anyone figured out how to see the interest rate that applies to the account in the app? I seem to only be able to see it in online banking

Doesn't seem possible. Waiting in the chat queue on the app is also horrendous - if my phone's screen turns off after inactivity I get booted from the queue. Online banking does show my existing account as having a 1% interest rate now though.

dc_scotland

Daliah said:

Has anyone figured out how to see the interest rate that applies to the account in the app? I seem to only be able to see it in online banking

The only way I can ever see the interest rate via the app is to select More > Messages & Documents > Secure Messages and then download the latest statement.  The latest statement currently available for my account is 1 Feb.  Even when the 1 March statement is issued in the coming days, I am assuming it will only cover the period up to 28 Feb, again before the increase.  So although the rate can (eventually) be found via the app, it's probably quicker to go via online banking.

EDIT: Latest statement received via app.  It shows both bands of the interest rate:
0 - £24999  1%
£25000+  0.50%

Frogletina

RG2015 said:

trickydicky14 said:

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.

I doubt if their systems are refined enough to aggregate balances, and then reflect this in the individual accounts.

I've got two savings accounts and both are showing 1% in online banking - the total balance is over the £25000, but I don't have the maximum in either one.

What I have done is filled them from my Virgin flexible ISA, and I will transfer them back to the ISA in April. I was earning 0.50% in the ISA, so although I might go over my personal tax allowance in the next 5 weeks, the extra taxable interest is worth it.

thegentleway

I've got an M Plus account but no linked saver?!

EDIT: I came from Clydesdale so didn't get one automatically. Took a few minutes to apply so now I've got one :-)

trickydicky14

Frogletina said:

RG2015 said:

trickydicky14 said:

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.

I doubt if their systems are refined enough to aggregate balances, and then reflect this in the individual accounts.

I've got two savings accounts and both are showing 1% in online banking - the total balance is over the £25000, but I don't have the maximum in either one.

What I have done is filled them from my Virgin flexible ISA, and I will transfer them back to the ISA in April. I was earning 0.50% in the ISA, so although I might go over my personal tax allowance in the next 5 weeks, the extra taxable interest is worth it.

That would suggest to me that as long as both savings accounts have no more than 25K in each, you will get 1% on the full amount?

Daliah

trickydicky14 said:

Frogletina said:

RG2015 said:

trickydicky14 said:

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.

I doubt if their systems are refined enough to aggregate balances, and then reflect this in the individual accounts.

I've got two savings accounts and both are showing 1% in online banking - the total balance is over the £25000, but I don't have the maximum in either one.

What I have done is filled them from my Virgin flexible ISA, and I will transfer them back to the ISA in April. I was earning 0.50% in the ISA, so although I might go over my personal tax allowance in the next 5 weeks, the extra taxable interest is worth it.

That would suggest to me that as long as both savings accounts have no more than 25K in each, you will get 1% on the full amount?

That's right. It's as I would expect it, but it's good to get confirmation from an actual account holder.

DragonQ

Considering pulling all of my premium bonds and bunging them in here instead. I've won literally nothing since I bought premium bonds back in September (bottom 10% of "luck"). >_>