Virgin savings my options?

Geordiejohn1

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? 

flaneurs_lobster

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

https://uk.virginmoney.com/savings/pdf/Double_Take_E_Saver_Issue_12-key_product_info.pdf

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

Geordiejohn1 said:

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

kipsterno1 said:

Geordiejohn1 said:

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.

Band7

kipsterno1 said:

Geordiejohn1 said:

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

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

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.

IanManc

Geordiejohn1 said:

To me this is not acceptable….

Whether it is "acceptable" to you or not, those are the terms of the account which you signed up to, and Virgin are entitled to follow them. No one forced you - you chose the account. If the terms and conditions were "not acceptable" then you shouldn't have opened it.  If you didn't read the terms and conditions before you put money in then that's on you, not Virgin. 

Geordiejohn1

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

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.