Virgin Money 10.38% regular monthly saver

MDMD

masonic said:

35har1old said:

masonic said:

35har1old said:

masonic said:

trickydicky14 said:

masonic said:

jaypers said:

I think this highlights the reason to keep old accounts open. There was a time where the M+ current account and associated savings rate was worth having. I’ve had nothing in my Virgin accounts for some time now but was reluctant to close them. This came along and of course it took only a few minutes to open and fund. 

It seems the biggest issues have arisen from those who left dormant accounts behind and now cannot log in or create a new profile.

Well, I can report my wife found my old login info for Virgin which I have not used for several years and it worked. I don’t have any existing current accounts but do have two old linked saving accounts. So now it gives me the opportunity to open a new CA and saver, pleased about that.

That just goes to demonstrate what a monstrosity Virgin Money is. People in identical situations having completely different experiences. Just like you, I had an old savings account left behind from a few years ago, but the site would not let me log in with my old details (not using my customer number or user id and password, nor using telephone banking PIN and account details). But, unlike another forumite trying the same thing, I was able to sign up as a new customer and open the accounts without issue on the website, despite being told on the app that they 'recognised me' and I needed to log in to proceed.

I pity Nationwide taking on all this mess next year, but hopefully they will put it out of its misery and migrate everything onto their systems.

What site where you trying to log in to the old Virgin site or the Clydesdale platform as 
Virgin never managed to migrate the chances that Nationwide will are slim

I had a go using https://login-and-registration.ib.apps.virginmoney.com/ and https://online.virginmoney.com/SSO before trying the app. Got as far as receiving a one-time code to my mobile phone, but upon entering it I got an error and was redirected to the login page again.

Nationwide have stated that they won't be using the Virgin Money brand longer term, so it behoves them to pull customers across onto their systems and jettison the whole sorry mess.

Virgin never managed to do it I think it was down to banking licence rules?
There's also the issue of the containing printing of Clydesdale bank notes.which is at odds with Nationwide aim of remaining a mutal building society

Nationwide isn't taking over Clydesdale Bank. It's acquiring the Virgin Money brand from CYBG. So Nationwide will not be printing banknotes after the acquisition or be subject to the same rules. Virgin Money couldn't do anything because it is just a brand name now.

Personally, I think any such excuse made by CYBG, if it was made by them, was nonsense. Any bank can migrate customers to an existing system within the banking rules. Sabadell famously did so for TSB customers, although not very smoothly (to say the least). They will have their reasons for keeping Clydesdale, Yorkshire and Virgin Money separate and disjointed, perhaps one reason was eyeing a future sale, which is made easier by the non-integration. But Nationwide will phase out the VM brand.

Nationwide absolutely is taking over CYBG.

The legal transaction is an acquisition of an entity called Virgin Money UK PLC

https://www.londonstockexchange.com/news-article/NBS/recommended-cash-offer-for-virgin-money-uk-plc/16387686

Virgin Money UK PLC, per Companies House was formerly CYBG PLC and is the listed ultimate parent company of the entire VM/CYBG group

https://find-and-update.company-information.service.gov.uk/company/09595911

Nationwide will end up with all assets, liabilities, rights and obligations that currently are held by the existing group but the entity which will have the right to issue banknotes would initially have to be the one which currently does it, a subsidiary of the listed company (Clydesdale Bank PLC)


https://www.bankofengland.co.uk/banknotes/scottish-and-northern-ireland-banknotes#:~:text=Three%20banks%20are%20authorised%20to,Royal%20Bank%20of%20Scotland%20plc.

masonic

MDMD said:

masonic said:

35har1old said:

masonic said:

35har1old said:

masonic said:

trickydicky14 said:

masonic said:

jaypers said:

I think this highlights the reason to keep old accounts open. There was a time where the M+ current account and associated savings rate was worth having. I’ve had nothing in my Virgin accounts for some time now but was reluctant to close them. This came along and of course it took only a few minutes to open and fund. 

It seems the biggest issues have arisen from those who left dormant accounts behind and now cannot log in or create a new profile.

Well, I can report my wife found my old login info for Virgin which I have not used for several years and it worked. I don’t have any existing current accounts but do have two old linked saving accounts. So now it gives me the opportunity to open a new CA and saver, pleased about that.

That just goes to demonstrate what a monstrosity Virgin Money is. People in identical situations having completely different experiences. Just like you, I had an old savings account left behind from a few years ago, but the site would not let me log in with my old details (not using my customer number or user id and password, nor using telephone banking PIN and account details). But, unlike another forumite trying the same thing, I was able to sign up as a new customer and open the accounts without issue on the website, despite being told on the app that they 'recognised me' and I needed to log in to proceed.

I pity Nationwide taking on all this mess next year, but hopefully they will put it out of its misery and migrate everything onto their systems.

What site where you trying to log in to the old Virgin site or the Clydesdale platform as 
Virgin never managed to migrate the chances that Nationwide will are slim

I had a go using https://login-and-registration.ib.apps.virginmoney.com/ and https://online.virginmoney.com/SSO before trying the app. Got as far as receiving a one-time code to my mobile phone, but upon entering it I got an error and was redirected to the login page again.

Nationwide have stated that they won't be using the Virgin Money brand longer term, so it behoves them to pull customers across onto their systems and jettison the whole sorry mess.

Virgin never managed to do it I think it was down to banking licence rules?
There's also the issue of the containing printing of Clydesdale bank notes.which is at odds with Nationwide aim of remaining a mutal building society

Nationwide isn't taking over Clydesdale Bank. It's acquiring the Virgin Money brand from CYBG. So Nationwide will not be printing banknotes after the acquisition or be subject to the same rules. Virgin Money couldn't do anything because it is just a brand name now.

Personally, I think any such excuse made by CYBG, if it was made by them, was nonsense. Any bank can migrate customers to an existing system within the banking rules. Sabadell famously did so for TSB customers, although not very smoothly (to say the least). They will have their reasons for keeping Clydesdale, Yorkshire and Virgin Money separate and disjointed, perhaps one reason was eyeing a future sale, which is made easier by the non-integration. But Nationwide will phase out the VM brand.

Nationwide absolutely is taking over CYBG.

The legal transaction is an acquisition of an entity called Virgin Money UK PLC

https://www.londonstockexchange.com/news-article/NBS/recommended-cash-offer-for-virgin-money-uk-plc/16387686

Virgin Money UK PLC, per Companies House was formerly CYBG PLC and is the listed ultimate parent company of the entire VM/CYBG group

https://find-and-update.company-information.service.gov.uk/company/09595911

Nationwide will end up with all assets, liabilities, rights and obligations that currently are held by the existing group but the entity which will have the right to issue banknotes would initially have to be the one which currently does it, a subsidiary of the listed company (Clydesdale Bank PLC)


https://www.bankofengland.co.uk/banknotes/scottish-and-northern-ireland-banknotes#:~:text=Three%20banks%20are%20authorised%20to,Royal%20Bank%20of%20Scotland%20plc.

Blimey, that's a very different picture than what I came to understand from the media coverage and previous discussion here. The FCA only has Virgin Money registered as a trading name of Clydesdale Bank plc, with Virgin Money plc being mothballed as Virgin Money Limited and apparently dormant. I was unaware of CYBG plc being renamed in its place. That really changes my view of the deal. Seems such a waste to inherit all of that garbage.

jameseonline

dealyboy said:

jameseonline said:

35har1old said:

jameseonline said:

Just managed to fund it, Bank Of Scotland Regular into Bank Of Scotland Current into Virgin Money Current & into Virgin Money Regular 😊, basically my 5.5% BOS & Halifax accounts are getting rinsed this month leaving me with my minimum at 5.75% for regulars, which will be a YBS loyalty I think 

So you are ditching a fixed rate for variable rate in the current climate of downward interest rates given that the rate has just dropped YBS may take the opportunity to reduce the rate by the full 0.25% and it may be the start of further reductions 

Virgin is fixed, I need to free up funds to fund better regular savers & pay bills, buy things (there's a new Google phone out this month for example) etc.

I've got a Nationwide 8% ending next month & a YBS 7% ending next month.

That's gonna be over £8000 freed up + interest.

I may end up ditching the 5.75% YBS account at some point too.

So yeah.

Not sure what point you are trying to make to be honest, I have multiple regular savings accounts on the go at the same time, majority paying more than 5.5%.

Ditched a 5.5% Principality one recently too.

I keep all my regular savings accounts going for as long as possible because that's the point of them but if I need to free up funds I will.

Nobody knows whats going to happen to all the regular savings accounts if anything yet, more likely easy access accounts are going down more than regulars, either way I'm not going to be bothered if BOS/Halifax rates are going to go down when I've still got higher rate paying accounts on the go.

Also doesn't the timing of Virgins Regular seem strange?.

Who knows maybe some other bank etc might launch a decent rate account?

Totally understand James, I'm in a similar position. I haven't heard of any of my regular savers' interest rates going down (yet) and they are a mix of fixed and variable ones. I am now no longer able to afford to fund all of them to the max but am not closing any early (yet), but am discriminating in favour of the higher rates and ignoring the F vs. V for now.

Indeed the VM RS is a curiosity, hadn't intended to open another RS but is a nice problem to have.

I won't be closing the BOS one but probably won't be funding it either, same as the lower 5.25% Lloyds one which I already reduced to £0.

Already closed several 5.25% regulars prior to that or around the same time as the Lloyds.

The Halifax one I'll have to close to get money out as they don't allow withdrawals like the other 2.

I gotta do what I can till 19th & 21st September.

Hammer_Time

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 

Archerychick

I have spoken to six people at Virgin money this morning because I’m going round in circles trying to set up online banking & then I get an error which says I can’t continue online. The sixth person eventually works out that my current account application is still pending a decision and I can’t register for OB until it’s been approved - why the heck have they sent me emails telling me to set it up 🤯🤯🤯.

they’ll have withdrawn the saver account before I manage to get in at this rate..

masonic

Hammer_Time said:

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 

The requirement is to hold a current account. If you both hold a joint account together, then you would both meet that condition.

xylophone

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 


Don't think we can....

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/#additional-information

Virgin's own T&C seems to me ambiguous

• This is a 12 month fixed term.
• Once the fixed term ends your account will become a variable rate Everyday Saver account (or other easy access account we’ve available). We’ll write to you before the end of the fixed term to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.
• You can only have one Regular Saver Exclusive at any time, this includes joint accounts.

 (a) Each joint account holder may have a regular saver?

or

 (b)In the case of a joint current account, there can be only one regular saver held in joint names?

or

 (c)  Each joint account holder may open a regular saver but then cannot open a joint regular saver?

Digital_Payback

xylophone said:

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 


Don't think we can....

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/#additional-information

Virgin's own T&C seems to me ambiguous

• This is a 12 month fixed term.
• Once the fixed term ends your account will become a variable rate Everyday Saver account (or other easy access account we’ve available). We’ll write to you before the end of the fixed term to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.
• You can only have one Regular Saver Exclusive at any time, this includes joint accounts.

 (a) Each joint account holder may have a regular saver?

or

 (b)In the case of a joint current account, there can be only one regular saver held in joint names?

or

 (c)  Each joint account holder may open a regular saver but then cannot open a joint regular saver?

xylophone said:

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 


Don't think we can....

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/#additional-information

Virgin's own T&C seems to me ambiguous

• This is a 12 month fixed term.
• Once the fixed term ends your account will become a variable rate Everyday Saver account (or other easy access account we’ve available). We’ll write to you before the end of the fixed term to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.
• You can only have one Regular Saver Exclusive at any time, this includes joint accounts.

 (a) Each joint account holder may have a regular saver?

or

 (b)In the case of a joint current account, there can be only one regular saver held in joint names?

or

 (c)  Each joint account holder may open a regular saver but then cannot open a joint regular saver?

(A) I read that as meaning, if you have a joint current account you may have a regular saver each. 

(B) If you have a joint current acc., you can have one joint regular saver. 

(C) If you have a joint current account and have each already opened a regular saver, you cannot have a joint regular saver account too. 

jameseonline

NGL I don't think many things about this account are clear/make sense.

Does the account last for a full 12 months if you didn't open on day 1?

Why does it pay quarterly?

The joint account thing.

Why can't Virgin sort their website to have a form that allows you to do your 3 year address history this leaving you to call up to manually open the account?, a problem that has happened with other accounts, it seems to me Virgin want to put people off getting the account.

All I know is I have it & can fund it by upto £250 a month and it's paying 10%

masonic

xylophone said:

If you open a joint banking account with virgin, can you open a regular saver for myself and my wife? 


Don't think we can....

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/#additional-information

Virgin's own T&C seems to me ambiguous

• This is a 12 month fixed term.
• Once the fixed term ends your account will become a variable rate Everyday Saver account (or other easy access account we’ve available). We’ll write to you before the end of the fixed term to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.
• You can only have one Regular Saver Exclusive at any time, this includes joint accounts.

 (a) Each joint account holder may have a regular saver?

or

 (b)In the case of a joint current account, there can be only one regular saver held in joint names?

or

 (c)  Each joint account holder may open a regular saver but then cannot open a joint regular saver?

I don't think they will allow you to hold a sole and joint RS (I think it remains to be seen if that is enforced), so if you have more than £250 per month between you to save, it would be unwise to apply for a joint account first.

Either 2 x sole or 1 x joint would be my interpretation of what is stated. Nowhere do they state joint current account holders must open a joint RS.