Multiple Virgin M Plus Accounts?

Se1Lad

I thought that you were no longer able to apply for multiple M Plus Accounts - however I couldn't see anything about this in the T&C's.  I checked via online chat and the agent I spoke to confirmed it is still possible to apply for additional M Plus accounts.  I applied online and was immediately approved, so now have a second M Plus account and second linked saver, both showing in online banking straight away.  Hopefully this means I will also get 1% interest on the first 25K in the second linked savings account too.

where_are_we

Yes - with two M Plus current accounts you will get 1% on each £25K in the two linked M Plus saver accounts.

Daliah

Se1Lad said:

I thought that you were no longer able to apply for multiple M Plus Accounts - however I couldn't see anything about this in the T&C's.  

It is right at the beginning of the T&Cs, on page 2. Whether they enforce this particular term or whether they will close your account after a review remains to be seen. If they close it, you don't have a leg to stand on.

Se1Lad

Daliah said:

Se1Lad said:

I thought that you were no longer able to apply for multiple M Plus Accounts - however I couldn't see anything about this in the T&C's.  

It is right at the beginning of the T&Cs, on page 2. Whether they enforce this particular term or whether they will close your account after a review remains to be seen. If they close it, you don't have a leg to stand on.

Ah I was looking at the T&Cs I was sent when I opened my first account in January. I will keep a copy of the chat log with their customer service agent in case they do close it - if nothing else I can raise a complaint that I was given the wrong information.  

It seems odd that they have not updated the application process either - one of the questions at the start of the process confirms if you already have an existing M Plus account with them!

I’ll report back at end of month to advise if they let the accounts stay open and pay interest on them.

Daliah

Se1Lad said:

It seems odd that they have not updated the application process either - one of the questions at the start of the process confirms if you already have an existing M Plus account with them!

It's not unusual that T&Cs are not enforced by the systems. There was Coventry BS whose T&Cs stated 1 RS only, yet plenty of people had half a dozen - until they started to close the multiples nearly a year later. Virgin Money themselves have been seen to be quite lenient, too - though that's with savings accounts, which seems to be a different department. You might be the first to find out how they handle multiple M Plus accounts opened after Feb 28.

Note that even if they close your second M Plus current account, they might not actually close the attached saver. There have been multiple reports about people switching their M Plus and still were left with the savings account, despite the T&Cs stating "...we’ll close your M Plus Saver at the same time".  

If and when they close your 2nd account(s), you will get all your money back, and I would think they will pay interest up to the date of closure.

Se1Lad said:

Ah I was looking at the T&Cs I was sent when I opened my first account in January. I will keep a copy of the chat log with their customer service agent in case they do close it - if nothing else I can raise a complaint that I was given the wrong information.  

The T&Cs for the M Plus accounts were changed in mid February, so you won't get anywhere by referring to the January terms.  Wrong advice given by a VM CS person after Feb 28 could be a different matter, and you should definitely keep the chat log.

BTW, link to the T&Cs: https://uk.virginmoney.com/virgin/assets/pdf/Virgin-Money-Current-Account-Terms.pdf

cricidmuslibale

Daliah said:

Se1Lad said:

It seems odd that they have not updated the application process either - one of the questions at the start of the process confirms if you already have an existing M Plus account with them!

It's not unusual that T&Cs are not enforced by the systems. There was Coventry BS whose T&Cs stated 1 RS only, yet plenty of people had half a dozen - until they started to close the multiples nearly a year later. Virgin Money themselves have been seen to be quite lenient, too - though that's with savings accounts, which seems to be a different department. You might be the first to find out how they handle multiple M Plus accounts opened after Feb 28.

Note that even if they close your second M Plus current account, they might not actually close the attached saver. There have been multiple reports about people switching their M Plus and still were left with the savings account, despite the T&Cs stating "...we’ll close your M Plus Saver at the same time".  

If and when they close your 2nd account(s), you will get all your money back, and I would think they will pay interest up to the date of closure.

Se1Lad said:

Ah I was looking at the T&Cs I was sent when I opened my first account in January. I will keep a copy of the chat log with their customer service agent in case they do close it - if nothing else I can raise a complaint that I was given the wrong information.  

The T&Cs for the M Plus accounts were changed in mid February, so you won't get anywhere by referring to the January terms.  Wrong advice given by a VM CS person after Feb 28 could be a different matter, and you should definitely keep the chat log.

BTW, link to the T&Cs: https://uk.virginmoney.com/virgin/assets/pdf/Virgin-Money-Current-Account-Terms.pdf

Se1Lad may, and I definitely emphasise the word 'may', be ok with his 2nd M Plus current account because he has only opened 1 of these accounts (so far at least) after February 18 (and possibly because he only had 1 opened before Feb 18). It is very likely indeed that anyone yet to have an M Plus current account, according to the new T's and C's which are not entirely clear, can open 1 of these accounts only from now (and indeed from after Feb 18) onwards but those who have one or more of these accounts opened on a date up to but no later than Feb 18 may be able to open 1 more M Plus current account only from after Feb 18 onwards. I.e. it could be that Virgin Money are now completely disregarding any M Plus current accounts opened up to but no later than Feb 18 and thus every applicant effectively starts from scratch and is permitted to open 1 only of these accounts from Feb 19 onwards.

kaMelo

I think the terms are explicitly clear as to what happens with account opened after this date;

From 18 February 2022, you are only able to open 1 of these accounts in your own name. Accounts opened in your own name after this date that take you over this maximum number will have to be closed.


Whether they enforce them is another matter.

cricidmuslibale

As far I can see the only completely unambiguous clarity in the terms is that from 18 February 2022 you are only able to open 1 of these accounts.

I think the terms are explicitly clear as to what happens with account opened after this date;

From 18 February 2022, you are only able to open 1 of these accounts in your own name. Accounts opened in your own name after this date that take you over this maximum number will have to be closed.

The key phrase in that 2nd sentence is 'after this date'.

I.e. This could - I'm definitely not saying that it definitely does - mean that only when more than 1 account is opened from Feb 19 onwards will the 2nd, 3rd account etc. have to be closed and that accounts opened before and up to but no later than Feb 18 are considered as part of a now closed 'previous era' and, to the benefit of many 'long standing' multiple M Plus account holders, disregarded in this context. 

Se1Lad

So far the account has remained open and the debit card/pin both arrived today.  Will report back if anything changes.

dggar

I have an old Yorkshire Bank account which was converted to Virgim M Plus account and two other M Plus accounts. Today I received an eMail from virgin   stating :-
"we just had to remind you about our M Plus Account, because we don’t want you to miss out. For a limited time, it comes with our Brighter Money Bundle of three brilliant rewards"

"To get yourself rewards-ready, just tick-off these simple steps
1 Apply online for an M Plus Account
2 Complete a full bank account switch using the Current Account Switch Service, including at least two Direct Debits
3 Download and register for the Virgin Money Banking app
4 Pay in at least £1,000 to your linked M Plus Saver and keep this in your account until we email you your unique Virgin Experience Days Gift Card code."

Assuming Virgin know I already have 3 M plus accounts are they really inviting me to apply for a 4th one?

Daliah

dggar said:

I have an old Yorkshire Bank account which was converted to Virgim M Plus account and two other M Plus accounts. Today I received an eMail from virgin   stating :-
"we just had to remind you about our M Plus Account, because we don’t want you to miss out. For a limited time, it comes with our Brighter Money Bundle of three brilliant rewards"

"To get yourself rewards-ready, just tick-off these simple steps
1 Apply online for an M Plus Account
2 Complete a full bank account switch using the Current Account Switch Service, including at least two Direct Debits
3 Download and register for the Virgin Money Banking app
4 Pay in at least £1,000 to your linked M Plus Saver and keep this in your account until we email you your unique Virgin Experience Days Gift Card code."

Assuming Virgin know I already have 3 M plus accounts are they really inviting me to apply for a 4th one?

Goferit.....