Virgin Money linked savings account

DragonQ

castle96 said:

I want to put £25k into several avings a/cs. Do I pay into curreent a/c first then transfer, or directly into savings a/c? (All Faster pmts)

You can transfer money directly into the M Plus Saver from any bank. However, to withdraw money I believe you need to transfer from the M Plus Saver to the M Plus Current Account then out from there.

moneyfoolish

I've alread got a Virgin M Plus Joint Current Account with my wife via a Yorkshire Bank account originally. Can I apply for a linked savings account without applying for another current account or do I have to apply for another current account to get the savings account. I can't see any way of applying for the savings account without another current account although am happy to get both if that is allowed.

typistretired

The old Yorkshire accounts only had their name changed you will have to apply for a new Virgin M account to have the savings account 

YorkshireBoy

typistretired said:

The old Yorkshire accounts only had their name changed you will have to apply for a new Virgin M account to have the savings account 

That's not been our experience. When I queried the lack of an application link for just the savings account they sent this link in an email...

https://uk.virginmoney.com/current-accounts/existing-customers/virgin-money-m-plus-account/set-up-your-m-plus-saver-account

We've both successfully applied for M Plus Savings accounts using this link (as existing YB Current Account Direct customers whose accounts were migrated to M Plus Current Accounts some time ago...sounds like the same situation as @moneyfoolish).

Section62

YorkshireBoy said:

typistretired said:

The old Yorkshire accounts only had their name changed you will have to apply for a new Virgin M account to have the savings account 

That's not been our experience. When I queried the lack of an application link for just the savings account they sent this link in an email...

https://uk.virginmoney.com/current-accounts/existing-customers/virgin-money-m-plus-account/set-up-your-m-plus-saver-account

We've both successfully applied for M Plus Savings accounts using this link (as existing YB Current Account Direct customers whose accounts were migrated to M Plus Current Accounts some time ago...sounds like the same situation as @moneyfoolish).

Thanks YorkshireBoy, that link worked fine for me, and saved me having to make the same enquiry to VM you had.

Splodge1000

Having trouble opening a Virgin M account.

I wanted to open one of these in their branch, as it cannot be opened online and the instructions are to open in branch or on the telephone. It seems that no-one seems to be able to do this for me, despite trying more than one branch. I have emphasised that I do not wish to apply for the M plus account (their current account) but go directly for the M account (their basic account). The reason for this is I know any application for an M plus account will be rejected. About 4 1/2 years ago I got into difficulties and had to take out a DRO. That will be on my credit report for a further year and a half. I have started to rebuild my credit status - I now have a credit card which I manage carefully and pay off in full each month - but if I apply for an account and it gets rejected that will show up on my credit report and will not help with my rebuild. So because I know an application for an M Plus account will be rejected, I see no sense in applying for it. One of those times when although "they can only say no" it may leave me worse off than "saying no" normally might.

I should point out that my financial position has now improved beyond all recognition and I have received inheritances which will mean I never have to worry about money again in my lifetime, and in addition I will be taking my work pension in a few months. I wanted the M account because there is a savings account linked to this where I can get 1% up to £25000. I know that isn't much but it is better than just leaving the same sum in my present basic bank account and I can enjoy instant access. A basic account does all I need it to do; almost. I do not need any credit facilities - I shall never require an overdraft - though I could use a chequebook. My normal bank, with whom I have banked for 17 years, won't give me a chequebook on their basic account and nor will they upgrade me to a current account which would provide one, even though I urged them to consider doing so but in the process remove the overdraft facility. Bank that likes to say "yes" my backside! The massive sum I have them which I am starting to move to other banks in chunks of up to £85,000 seems to cut no ice.

Any advice re my problem with Virgin and basic accounts would be welcome.

Daliah

If Virgin Money reject your M Plus application, they might then offer you their basic account. You never know, they might even let you have the M Plus

 The credit search for a current account will make little difference to your credit file.

Splodge1000

That was what I was going on Daliah. "You can apply for the M account by phone or in store" which suggests to me I can apply for that account specifically without the need to apply for the M Plus Account. That would seem to be confirmed by the next line reproduced above. Only, in both branches that did not seem possible.

typistretired

Ring Virgin Money on 0800 678 3654 and inform them the store would not open M account for you

moneyfoolish

YorkshireBoy said:

typistretired said:

The old Yorkshire accounts only had their name changed you will have to apply for a new Virgin M account to have the savings account 

That's not been our experience. When I queried the lack of an application link for just the savings account they sent this link in an email...

https://uk.virginmoney.com/current-accounts/existing-customers/virgin-money-m-plus-account/set-up-your-m-plus-saver-account

We've both successfully applied for M Plus Savings accounts using this link (as existing YB Current Account Direct customers whose accounts were migrated to M Plus Current Accounts some time ago...sounds like the same situation as @moneyfoolish).

When I try to use that link it takes me to apply for an M Plus Current account and an M Plus Savings account even though I already have an M Plus Joint Current account with my wife which was previously a Yorkshire Bank joint account.

I can't see how we can just apply for an M Plus Savings Joint account.

Also does anybody know if I can also apply for another M Plus Current Account and an M Plus Savings account for myself if I already have an M Plus Joint Current account?