Closure advice for dormant Virgin Money M Plus accounts

Band7

90 day notice letters are starting to arrive for dormant, £0 balance, VM M Plus current and savings accounts. Just one simple transaction will bring them out of dormancy though. So if you want to preserve unused VM current accounts, e.g. for switching or some other purpose, it might be worth putting some money through them now. On the other hand, if you are happy to see them closed, especially if the notice is for linked savings accounts, you won't have to do anything to effect this.

cricidmuslibale

@Band7 How many months does it take for a £0 balance maintained in one of these accounts to trigger a 90 day notice letter, please, if you know? My M Plus savings accounts have been empty for about 3 months now. I have recently put £10 into each of my M Plus current accounts, I assume this is sufficient to prevent a 90 day notice letter for any of them, can anyone clarify this please?

Naturally, if Virgin Money were to be generous enough to increase the interest rate on the M Plus current account to c. 3% (for balances up to £1k) and the interest rate on the M Plus savings account to c. 3.25% (for balances up to £25k), their customers would be far less likely to empty their accounts and far fewer 90 day notice letters would be necessary!

surreysaver

How will this affect special rate ISAs that require a Virgin Current Account I wonder?

Band7

cricidmuslibale said:

@Band7 How many months does it take for a £0 balance maintained in one of these accounts to trigger a 90 day notice letter, please, if you know? My M Plus savings accounts have been empty for about 3 months now. I have recently put £10 into each of my M Plus current accounts, I assume this is sufficient to prevent a 90 day notice letter for any of them, can anyone clarify this please?
 

I can only guess - I emptied mine beginning of September 2022, so it could be 6 months. If you have a >£0 balance in the current accounts, I doubt they would consider your accounts dormant. SO you should be fine.

No idea what rules apply to the linked savings accounts - most of mine never had any money in them since May 2020 and it's only now that they have advised they'll close one of them in 90 days time if it remains unused.

surreysaver said:

How will this affect special rate ISAs that require a Virgin Current Account I wonder?

Good question. The T&Cs say they can close the ISA if you close your current account. In reality, I wouldn't expect this to be an issue as you have 90 days notice, anyway. 

Millyonare

Just pop £1 in it, and withdraw 1min (or 1 day) later.