Virgin M Plus Saver

Pharibo29

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

Daliah

Pharibo29 said:

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

Yes they do.

Molehusband

Pharibo29 said:

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

My understanding is that you are limited to having just one account. I'm told that in the past you could have more than one, but that ability was withdrawn for new customers who are now only permitted to have one such account.

Daliah

Molehusband said:

Pharibo29 said:

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

My understanding is that you are limited to having just one account. I'm told that in the past you could have more than one, but that ability was withdrawn for new customers who are now only permitted to have one such account.

You are no longer able to open more than one (unless the 2nd is a joint one, I think) but if you already have more than one, you can use them all, and get interest on all.

where_are_we

Pharibo29 said:

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

You would need to have more than one Virgin M Plus Current Account (VMPCA) because you can only have one linked M Plus Saver to each current account. In the past some forumites opened more than one VMPCA to benefit from the 2% interest on £1000 for each account (only one allowed now). A side effect of this was some having more than one linked M Plus Saver. The M Plus Saver interest rate was poor initially but has recently become very competitive. I can confirm that Virgin have paid interest on more than one M Plus Saver that I hold.

myth123

I recently switched my M Plus current account and the M Plus saver wasn't closed (the t&cs said it would mind). I have since opened another M Plus Current account and another M Plus saver was opened with it. Not sure if they'll end up closing the previous M Plus Saver/converting it but for now I have 2 which are paying the 1.7% each.

cymruchris

Yes - Had an Mplus saver and current account a while ago, switched out the current account, and the saver remained. At a later point when I deposited money in, they informed me that to get it out again, I'd need to either visit a branch, or open new current account. On doing the latter, they also opened another Mplus saver for me. So now I have two, with one current account, and both pay interest. 

Molehusband

cymruchris said:

Yes - Had an Mplus saver and current account a while ago, switched out the current account, and the saver remained. At a later point when I deposited money in, they informed me that to get it out again, I'd need to either visit a branch, or open new current account. On doing the latter, they also opened another Mplus saver for me. So now I have two, with one current account, and both pay interest. 

Given you now have two savers, can you get 1.7% on both of them on up to a maximum balance of £50,000? If so, when was it that they opened your second saver? I'm confused because a while back I was informed that nowadays customers could only open a single saver. So are you saying that as of today, being a customer with one saver, I can open a theoretically unlimited number of additional savers using the technique you describe?

Molehusband

Daliah said:

Molehusband said:

Pharibo29 said:

Virgin are paying 1.7% interest now on their M Plus savings account for balances up to £25k.
If you had more than one of this type of account, would they pay the interest on both?

My understanding is that you are limited to having just one account. I'm told that in the past you could have more than one, but that ability was withdrawn for new customers who are now only permitted to have one such account.

You are no longer able to open more than one (unless the 2nd is a joint one, I think) but if you already have more than one, you can use them all, and get interest on all.

That was my understanding too. However, we keep getting people (eg myth123, cymruchris) creeping out of the woodwork suggesting there may still be tricks to open additional M Plus Savers.

Is there some definitive place that defines whether or not customers can open multiple M Plus Savers today?

cymruchris

Molehusband said:

cymruchris said:

Yes - Had an Mplus saver and current account a while ago, switched out the current account, and the saver remained. At a later point when I deposited money in, they informed me that to get it out again, I'd need to either visit a branch, or open new current account. On doing the latter, they also opened another Mplus saver for me. So now I have two, with one current account, and both pay interest. 

Given you now have two savers, can you get 1.7% on both of them on up to a maximum balance of £50,000? If so, when was it that they opened your second saver? I'm confused because a while back I was informed that nowadays customers could only open a single saver. So are you saying that as of today, being a customer with one saver, I can open a theoretically unlimited number of additional savers using the technique you describe?

If you don't mind having a hard search on your account each time you do it - and as long as they don't mind giving you current account after current account with you continually closing them, I don't see why not. It happened to me as that was the circumstance - switched out - saver stayed - when the rates went up, I transferred in directly via sort code account number - then couldn't see a way to get it out again. Phoned them - they said the only way was to open another current account, which of course came with another M-saver. So that's how it worked for me - can't see why it wouldn't for you. 

Daliah

Agree with cymruchris, if anyone is desperate for a 2nd or 4rd VM Saver, it's worth trying the current account switch "trick". It's not guaranteed to work but it might well do - and some people might even be able to cash in on a switch bonus in the process.