Closing Virgin Money MPlus current account, what happens to linked Saver account?

Yorkshire_Pud

As above. Want to close the current account, will the linked Saver be closed automatically and any balance transferred or would I need to contact Virgin to close Saver separately?

Daliah

Nothing happens automatically to the linked saver. You’d have to empty it yourself, then ask them to close it. You can also keep it but you can’t get any money out without also having a Virgin current account.

Yorkshire_Pud

Thanks, I will empty the Saver balance tomorrow when the quarterly interest is paid and close in due course.

If I switched the current account what happens to the saver if it still has funds in it? I have a few.

Daliah

Yorkshire_Pud said:

If I switched the current account what happens to the saver if it still has funds in it? I have a few.

Nothing happens to the saver unless you do something about it. As per above, to get the money out, you have to have at least one Virgin current account.

(NB. now's a good time to take your money out of Virgin and put it in a higher paying savings account. Plenty of those about)

Yorkshire_Pud

OK that’s good to know I only need one VM current to empty any/all the other Savers. Been very slow lately in looking for new homes for money, just missed the Newcastle 1year  bond 4.1% closed after a day but even that rate  might look silly soon, but not as silly as my two year Gatehouse fix at 1.6% 😭 Must revisit the notice accounts again. Presumably you can put a chunk of money in and give the required notice straight away with the option to cancel if remains a good rate?

Daliah

Yorkshire_Pud said:

Must revisit the notice accounts again. Presumably you can put a chunk of money in and give the required notice straight away with the option to cancel if remains a good rate?

Yes you can. There's a Notice account thread over on the Savings board.

where_are_we

I will keep my Virgin Current accounts running with a £1 balance in each one in case they up the interest rates from their present 2%. M plus savers have been emptied and moved to Yorkshire 2.5% loyalty account. I`m afraid I`ve done all the switches but who knows when I will be able to do one again so It`s good to have a few donor current accounts ready just in case.

martinm1

Daliah said:

Yorkshire_Pud said:

If I switched the current account what happens to the saver if it still has funds in it? I have a few.

Nothing happens to the saver unless you do something about it. As per above, to get the money out, you have to have at least one Virgin current account.

(NB. now's a good time to take your money out of Virgin and put it in a higher paying savings account. Plenty of those about)

I've just experienced this.  The T&C state that they will close it but they dont.  Having talked on the phone to VM and used their chat service, the only way to get the money out is to open another current account or to write to head office.

I have just raised a complaint with them as they dont follow their T&C's - so see where we get with that.

Zuzi

I just chatted to them via the app - I'd emptied my Saver but also, as others above are saying, expected them to close it when the current account had been switched away. The saver was still visible on the app after the main account disappeared, and the chap told me he "wasn't sure to be honest" about what it says in the T&Cs and why the saver was still open, but that he could go ahead and close it for me.

Reading the earlier responses to this thread, I'm glad I withdrew all the money from the saver since these were my only two accounts with Virgin.

mab3000

A few years ago I had 2 M plus savers open when the current accounts had been closed, I also saw in the T&C’s that they would be closed if the current accounts were closed, however they weren’t. Tried to use the chat facility to close them but told I had to call up, and just couldn’t get though to them on the phone. In the end I had to write a complaint letter, and they then closed them.

Since then I opened another account, but trying to get my name changed on the account seemed near impossible, pushed from branch to online then back to branch. In the end I gave up and switched the current account to another account in my old name. And the plus saver is still open, I’ve just left it open empty and forgotten about it. Not running though hoops again just to get it closed when it says in their T&C’s that it’s closed when the current account is closed. 

[Deleted User]

I had the same issue. I switched my current account which left my M plus saver open. To close it I had to call VM but no one answered the phone. I tried the Chat but they told me to phone. I phoned again and it rang and rang. Eventually I made an official complaint. They took ages to respond. I made a complaint again stating I would go to the Financial Ombudsman. Then they contacted me and offered me £25 for the agro of trying to close the account, and £25 for the late response from their Complaints Dept. However, they still had not closed the account. So I got in touch again and they closed the account. Then I sent off the acceptance letter for the £50, which I am waiting for. I have emailed them today to inform them that if I do not receive communications from them, or the money by 16th December, I will contact the Ombudsman. Whilst this might seem like a small matter, I am like a dog with a bone. If everyone made a complaint, then the banks would start to listen perhaps.