Virgin savings my options?

I have a Virgin savings account that has a max of 2 withdrawals per yr.
Seemingly I have used them all up for this yr and wish to move the money to a higher interest account.

Contacted Virgin via their usual number, was advised to use the message facility explaining what I wanted to do and to close the account.
The reply I got was: Closing the account is the same as making a withdrawal…..as you have reached the max for this yr, you need to wait until next January.


To me this is not acceptable….I’ve a mind to close all 6 accounts held with Virgin and move my money elsewhere…

Can Virgin withhold my money in this savings account? 
What options do I have apart from waiting until January 2024? 





Comments

  • It's not unusual for savings products to have this kind of limitation. It all depends on the terms & conditions that you agreed to when you opened the account.

    A good reason for moving your money elsewhere is that it can earn more interest with better terms. I'd hesitate to move money just because Virgin have p*ssed you off. 
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Closing your account counts as a withdrawal and so you will not be able to close your account if you have already made two withdrawals in a calendar year



  • kipsterno1
    kipsterno1 Posts: 450 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker

    Can Virgin withhold my money in this savings account? 
    What options do I have apart from waiting until January 2024? 

    They are not withholding your money they are saying if you remove it you there will be a penalty as per the T & C's.
  • ForumUser7
    ForumUser7 Posts: 2,376 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper

    Can Virgin withhold my money in this savings account? 
    What options do I have apart from waiting until January 2024? 

    They are not withholding your money they are saying if you remove it you there will be a penalty as per the T & C's.
    The terms @grumbler found don't seem to allow a withdrawal with a penalty, just no access. I note OP was told to message, but if they were misinformed by the call handler (if CH said could close even once all withdrawals used), OP may want to make a complaint to Virgin Money. I don't know how it would go, as OP agreed to the terms, but it might result in a GOGW due to the misinformation.
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper

    Can Virgin withhold my money in this savings account? 
    What options do I have apart from waiting until January 2024? 

    They are not withholding your money they are saying if you remove it you there will be a penalty as per the T & C's.
    Cannot remove the money, not even at a penalty. See the T&Cs grumbler has posted
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 17 April 2023 at 10:44AM
    To compare - different T&C for a similar YBS account
    The Rainy Day Account Issue 2 allows unlimited withdrawals from your account on two days per account year, based on anniversary of account opening. You may also close your account at any time even if you have used all of your withdrawal days. Withdrawals are instant and subject to daily limits shown below, without loss of interest.
    Coventry BS:
    You may make up to 6 withdrawals each year without charge and without loss of interest on the remaining amount.  If you make 7 or more withdrawals in a year (which can include closure), you will be charged an amount equivalent to 50 days' interest on the amount withdrawn on the 7th and subsequent withdrawals. The charge will be deducted from the balance of the account, at the time of the withdrawal.


  • silvercue
    silvercue Posts: 243 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    I recently moved all of my funds from Virgin Savings to Skipton BS.  Higher interest rate at the moment and not as restricted as Virgin.


  • Thanks for all the replies,I’ll go back to Virgin and see what they have to say regarding the response from the call handler.

  • Albermarle
    Albermarle Posts: 27,326 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    If you want a savings account with no restrictions on withdrawals, you are better with a standard easy/instant access account.
    Inevitably though they tend to pay a bit less interest than those with restrictions.
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