Inaccessible Virgin bank account

daeargwr

SevenOfNine said:

I sent a DM via twitter & was told to call 0345 608 1604. Did that but operative had absolutely no clue, "it's a branch serviced account so we don't have any info". Though he did "think" that withdrawal "might be by cheque or bank transfer as that's how it's done with other accounts". "Think & might" isn't promising terminology!

I agree with xylophone, Headstart was meant to be long term, hence the 30 day notice, & that was exactly our intention. My plan was to leave it until oldest grandson is 16 next June, request w/d to an adult on-line a/c for him & let parent guide 'child' towards transferring out from Virgin Money into a fixed term a/c wherever interest is best.

It's not easy to simply move £40k out now, not many organisations will accept that for a child. Best we could find is £10k with Barclays. Kept an old Nationwide kid a/c open that takes max of £50k but interest is poor. My concern is that I'm sure I read somewhere that if we want to serve notice, w/d after 30 days & close the a/c we (as trustees) must attend a branch with the child - simply not possible, they live 3 hours away & also have no local branch.

None of this seems particularly well thought out by Virgin.

I'm happy to leave the money there long term but wanted some comfort that we could easily close if needs be as circumstances can change (without a 5hr round trip being involved!).  Wouldn't put it past Virgin to close all their branches eventually leaving account holders stuck!

I've been look at the Yorkshire Building Society as a possible alternative - Children's savings accounts | Open a kid's saving account | YBS.  Pays 4.5%AER and £1 million maximum balance.  We're luck to have a branch nearby but can be operated by post aswell.

xylophone

Found this

https://uk.virginmoney.com/savings/questions-and-answers/headstart-account/#what-happens-to-this-account-when-the-young-person-turns-17-15


When the person you opened the account for turns 17, it’s time for an adult account. Unless you ask us not to, the account will transfer to an Instant Savings Account in their name. We’ll contact the young person ahead of their birthday as there are a few steps you’ll both need to take to make sure they can still use the account.

[Deleted User]

xylophone said:

Found this

https://uk.virginmoney.com/savings/questions-and-answers/headstart-account/#what-happens-to-this-account-when-the-young-person-turns-17-15


When the person you opened the account for turns 17, it’s time for an adult account. Unless you ask us not to, the account will transfer to an Instant Savings Account in their name. We’ll contact the young person ahead of their birthday as there are a few steps you’ll both need to take to make sure they can still use the account.

Their Instant Savings Account definitely come with an ATM/debit card on request.