M Plus Saver 1.56% up to £25k (Easy Access)

what7

For those who have virgin money current account, the interest rate for the m plus saver has increased to 1.56% up to £25k, which is higher than chase.

https://uk.virginmoney.com/current-accounts/pca/

How do I open and manage my account?

You may only open an M Plus Saver if you have an M Plus Account with us in the same name(s). The M Plus Saver will stay open, as long as the M Plus Account is maintained as described in the Terms.

AER1 (1.55% gross1 per annum variable) on savings balances up to £25,000, and 0.75% on any balances above £25,000. 

Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.


Can I withdraw money?

You may only withdraw funds by transfer to your M Plus Account or any other account that we allow you to make a transfer into using internet/telephone banking, the Virgin Money Mobile Banking app or in Store.

RG2015

For those who don’t already have the VM current account, there are reported delays in opening one.

This is being discussed on the top easy access savings account thread.

Daliah

RG2015 said:

For those who don’t already have the VM current account, there are reported delays in opening one.

You never know, may be Virgin Money are also trying to outperform Chase on the length of time it takes to open an account. 🤣🤣🤣

RG2015

Daliah said:

RG2015 said:

For those who don’t already have the VM current account, there are reported delays in opening one.

You never know, may be Virgin Money are also trying to outperform Chase on the length of time it takes to open an account. 🤣🤣🤣

I was curious and just applied for a joint account with my wife who did not have any VM accounts.

Within 30 minutes it was verified, opened and funded.

adindas

RG2015 said:

For those who don’t already have the VM current account, there are reported delays in opening one.

This is being discussed on the top easy access savings account thread.

Not just that. It also works like a pot luck + hard credit search.

I applied the VM current account a while ago wanted to benefit the saving, it got rejected.

I already have VM credit card with reasonable limit.

I have or used to have more two dozens VM saving accounts.

Call them think to ask that decision considering the facts above, he just did not want to listen. Just keep arguing it is different things. Because he dod want to contact his manager.

Everyone could easily see that Credit card, saving account is different with current account. But is it not that Credit card should be more difficult to get in term of credit check affordability. Also he should be able to y see that I have reasonable amount of saving in saving account.

The way a bank making decision is sometimes still a mystery for me. 

kuepper

how come existing a/c holders don't get notified of changes like this, ditto when the isa went up to 1.76.....

RG2015

kuepper said:

how come existing a/c holders don't get notified of changes like this, ditto when the isa went up to 1.76.....

From the M Plus Saver Summary Box

Can Virgin Money change the interest rate?

Yes, if we decrease your rate we’ll provide at least two months’ notice as described in your Terms. We may increase your rate without giving you notice.

And from the M Plus Account and M Plus Saver Terms

Changing the interest we pay you on your money

When it’s good news...

We can increase the amount of interest we pay you on your money whenever we like.

Within three days of making the change, we’ll put the info on our website and on signs in our Stores. We’ll also get in touch to let you know within 30 days of making the change.

Rudyson

kuepper said:

how come existing a/c holders don't get notified of changes like this, ditto when the isa went up to 1.76.....

Agreed, I've just found out from this thread.  But at least existing customers get the rate rise. I had an account with Cynergy @ 1.2% which did not go up to the 1.32% new customers were offered. I had to find out for myself and manually transfer to the new issue. I withdrew it all in a fit of pique and am glad I did now.

Worse still are Oaknorth's notice accounts which do the same thing despite being advertised as flexible. Not only do you not get the same rate as a new customer, you also have the entire notice period at the lower rate before you can transfer to an account at the higher rate.

Edited. Oaknorth have changed their policy: you can now open a new account at the higher rate and transfer in from the lower rate account. Full marks to them for that.

Andystriker

I seem to remeber on the linked current account there was an limit to how much can be withdrawn at any time in online bankinking.  Is this still the case??

Daliah

Andystriker said:

I seem to remeber on the linked current account there was an limit to how much can be withdrawn at any time in online bankinking.  Is this still the case??

There is a limit of £1K/day if you do not use the app or their authenticator gadget. Otherwise it is £30k. If you need more on the same day, you can pay for a CHAPS transfer. See https://uk.virginmoney.com/current-accounts/making-payments/

Section62

Daliah said:

Andystriker said:

I seem to remeber on the linked current account there was an limit to how much can be withdrawn at any time in online bankinking.  Is this still the case??

There is a limit of £1K/day if you do not use the app or their authenticator gadget....

The £1k/day is also further restricted to £500 per transaction (as FP's in online banking).