Virgin M Plus switch what happens to interest on linked saver? 30 November 2022 at 12:53PM in Budgeting & bank accounts 6 replies 239 views

Lewis7498

Hi everyone,

Have any of you switched FROM a Virgin m plus current account with the linked M Plus saver? What happens to the interest you might of gained from the last couple of months as it’s paid quarterly and the anoint will already be closed by this point?

grizzlegrizzle

If you contact them (better before the switch completes) then they can close the savings account and pay you the interest due. 

Lewis7498

Hmm it states that you can only close the current account which I don’t want to do as I’m switching but wondering where the interest goes from it. Crafty but I bet they don’t pay it…. 

jimjames

Lewis7498 said:

Hmm it states that you can only close the current account which I don’t want to do as I’m switching but wondering where the interest goes from it. Crafty but I bet they don’t pay it…. 

Interest is paid into the savings account

Lewis7498

The savings account is linked to the m plus current account and automatically closed when the current account is so it can’t get put into savings? 

kaMelo

Lewis7498 said:

The savings account is linked to the m plus current account and automatically closed when the current account is so it can’t get put into savings? 

No it doesn't, the savings accounts continue independent of what happens to the current account(s) and any interest due will continue to be credited to the account(s). The problem is that without a current account withdrawing money from the savings accounts becomes difficult. One can always open another Virgin current account to regain access to any money in savings accounts.

grizzlegrizzle

Lewis7498 said:

Hmm it states that you can only close the current account which I don’t want to do as I’m switching but wondering where the interest goes from it. Crafty but I bet they don’t pay it…. 

As I said you need to contact Virgin customer service to close a savings account and tell them into which account you would like them to pay the interest that's due. I had this confirmed by customer service as I too was switching away.