Does switching current accounts from Virgin money to Nationwide close the linked saver?

ed_hill

What happens as i've switched from Virgin money to Nationwide and was curious what happens to the saver

grandadgolfer

You have to close it separately

phillw

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.

You can only withdraw cash from an M Plus Saver into the M Plus Account, so if the M Plus Account is closed then you would have difficulty using the M Plus Saver anyway.

Daliah

phillw said:

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.

You can only withdraw cash from an M Plus Saver into the M Plus Account, so if the M Plus Account is closed then you would have difficulty using the M Plus Saver anyway.

It can be any M Plus Account though, it doesn't have to be the one which originally triggered the opening of a particular saver account. You can freely make internal transfers between any savers and M Plus accounts you have. If you inadvertently close your last remaining M Plus, you could always apply for another one, and hope you'll get it.

phillw

Daliah said:
It can be any M Plus Account though, it doesn't have to be the one which originally triggered the opening of a particular saver account. You can freely make internal transfers between any savers and M Plus accounts you have. If you inadvertently close your last remaining M Plus, you could always apply for another one, and hope you'll get it.

You can only open one now in the same name(s). If you close the M Plus account then they appear to be saying in the T&C they will close the M Plus Saver.

wiseonesomeofthetime

The T&Cs weren't followed when I switched three of my current accounts away. 

I have four savers and all work with the one remaining current account atm. 

Daliah

phillw said:

Daliah said:
It can be any M Plus Account though, it doesn't have to be the one which originally triggered the opening of a particular saver account. You can freely make internal transfers between any savers and M Plus accounts you have. If you inadvertently close your last remaining M Plus, you could always apply for another one, and hope you'll get it.

You can only open one now in the same name(s). If you close the M Plus account then they appear to be saying in the T&C they will close the M Plus Saver.

You can apply for another M Plus after you closed your only existing one. 

I know what the T&Cs say about the Saver but they don’t appear to have implemented these terms in their systems.

trickydicky14

wiseonesomeofthetime said:

The T&Cs weren't followed when I switched three of my current accounts away. 

I have four savers and all work with the one remaining current account atm. 

Agreed, I had two current accounts and switch one 6 months ago I now have one CA and two savers. What would happen if you only had one CA and switched is another thing.

[Deleted User]

It's a legacy setup since CYBG days - they don't automatically close linked savings accounts and leave them effectively orphaned. As others have noted, they will work with other VM accounts though.