Virgin Money Headstart a/c

NoodleDoodleMan

I've come a bit late to this discussion - apologies.

I managed to arrange an appointment at our nearest branch (8 miles away) to open 2 Headstart accounts last summer, one for each grandchild.

I would have preferred to do this online, however I can understand why Virgin Money want a face to face with the customer to check children's birth certificates etc.

However, it's the subsequent account management procedures that I really find unsatisfactory to say the least - one monthly paper statement is a poor substitute for modern communications.

I ended up making a formal complaint to VM - I had paid in a relatively substantial sum into each account by bank transfer for the first time just after the most recent statements had been published - but it became a trying exercise to confirm if it these had been received safely.

No online access, no telephone number for the branch - the only option was to visit the branch which is most inconvenient. I finally had to call the savings team in Newcastle to get an answer - after some discussion they agreed to put me through to the branch, although very reluctant to do so. The branch picked up and then hung up in quick time - clearly not wanting to have to respond to the call.

Bottom line, without going into details - to my great suprise VM upheld my complaint but are very non committal about my suggestion to resolve the lack of communication. I asked that they confirm a credit to either account by text message, which is what my regular bank does as standard.

I also pointed out the disparity between their online account statements where VM urge customers not to print off paper copies - but savings statements are still traditional paper sent out in the mail.

I'm not impressed - it seems where savings accounts are concerned that the bank is run for its own convenience ahead of that of customers.

NoodleDoodleMan

Drillsmills said:

Couldn't agree more, I tried to get an appointment which took 3 weeks. When I arrived at the (empty) branch they were not ready and had to patch in another lady over the phone to open the account, this all took 45 minutes.
I was told the account details would be sent by email but received nothing.
After 3 weeks I wrote to complain and heard nothing for 6 weeks.
I received a letter stating I would get a reply in 4 weeks, so I called and was told they would get the branch to call me with the account number.
2 days later I got the numbers and funded the account but wanted a reply to the complaint.
Now it's over 3 months and I have had 5 letters each saying we will get back to you.
As soon as I find a new account I'll be moving away.
Shocking service.

See my post above - I sent my original complaint by email copied to the CEO.

Got a response from their customer service staff the next day, if memory serves.

LL_USS

NoodleDoodleMan said:

Drillsmills said:

Couldn't agree more, I tried to get an appointment which took 3 weeks. When I arrived at the (empty) branch they were not ready and had to patch in another lady over the phone to open the account, this all took 45 minutes.
I was told the account details would be sent by email but received nothing.
After 3 weeks I wrote to complain and heard nothing for 6 weeks.
I received a letter stating I would get a reply in 4 weeks, so I called and was told they would get the branch to call me with the account number.
2 days later I got the numbers and funded the account but wanted a reply to the complaint.
Now it's over 3 months and I have had 5 letters each saying we will get back to you.
As soon as I find a new account I'll be moving away.
Shocking service.

See my post above - I sent my original complaint by email copied to the CEO.

Got a response from their customer service staff the next day, if memory serves.

Do we know whether in the one month that we have to wait to withdraw a sum from Virgin Headstart, is interest still paid in for that month or that means we lose 1 month's interest too? Thank you

friolento

LL_USS said:

NoodleDoodleMan said:

Drillsmills said:

Couldn't agree more, I tried to get an appointment which took 3 weeks. When I arrived at the (empty) branch they were not ready and had to patch in another lady over the phone to open the account, this all took 45 minutes.
I was told the account details would be sent by email but received nothing.
After 3 weeks I wrote to complain and heard nothing for 6 weeks.
I received a letter stating I would get a reply in 4 weeks, so I called and was told they would get the branch to call me with the account number.
2 days later I got the numbers and funded the account but wanted a reply to the complaint.
Now it's over 3 months and I have had 5 letters each saying we will get back to you.
As soon as I find a new account I'll be moving away.
Shocking service.

See my post above - I sent my original complaint by email copied to the CEO.

Got a response from their customer service staff the next day, if memory serves.

Do we know whether in the one month that we have to wait to withdraw a sum from Virgin Headstart, is interest still paid in for that month or that means we lose 1 month's interest too? Thank you

You‘ll get interest on the balance at the end of every day.

NoodleDoodleMan

MSE doesn't quote the VM Headstart account as a Best Buy for childrens' savings - anybody know why not ?

I think it may have done so originally, otherwise I would n't have been aware of it.

The interest rates appear to be the best deal for saving for kids, hence my question.

premierfella

NoodleDoodleMan said:

MSE doesn't quote the VM Headstart account as a Best Buy for childrens' savings - anybody know why not ?

I think it may have done so originally, otherwise I would n't have been aware of it.

The interest rates appear to be the best deal for saving for kids, hence my question.

It hasn't been available to new customers since November 2022 according to their interest rates page. A good children's account for those who got one whilst it was on sale though.