Virgin Money 10.38% regular monthly saver

lohr500

jameseonline said:

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?

I opened the regular saver a/c yesterday. The summary box document I received by email as part of the opening information pack states that the maturity date is 31st July 2025. 

So it doesn't last for a full 12 months. 

It also says : This projection is provided for illustrative purposes only and does not take into account your individual circumstances. It is based on a maximum £250 monthly deposit being paid on 1st of the month, over 12 months, with no withdrawals being made and interest being added to the account quarterly.

I set up a standing order to pay in the max £250 per month on the 1st of each month to maximise the interest. 

Section62

masonic said:

MDMD said:

masonic said:

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.

Not the right thread for a long discussion about it, but yes, I agree.

Section62

Archerychick said:

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..

VM have emailed me asking me to reply to the (unsecure) email with various bits of personal and sensitive information, which they already have as I've been both a CYBG and VirginMoney customer for years.

The email then states: "This mailbox isn’t monitored so please don’t reply to this email."

You couldn't make it up.

RG2015

lohr500 said:

jameseonline said:

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?

I opened the regular saver a/c yesterday. The summary box document I received by email as part of the opening information pack states that the maturity date is 31st July 2025. 

So it doesn't last for a full 12 months. 

It also says : This projection is provided for illustrative purposes only and does not take into account your individual circumstances. It is based on a maximum £250 monthly deposit being paid on 1st of the month, over 12 months, with no withdrawals being made and interest being added to the account quarterly.

I set up a standing order to pay in the max £250 per month on the 1st of each month to maximise the interest. 

Virgin Money often have fixed maturity dates. For example their Exclusive Fixed Rate ISA which matures on 29/8/2025. In this case though the account is more than 12 months.

Both accounts were launched on 1/8/2024, so the fixed ISA could run for almost 13 months whereas the regular saver could only be a maximum of 12 months.

Fortunately this RS was discussed on the 1st August on the Regular Saver thread so several users got the full 12 months.

cutestkids

friolento said:

cutestkids said:

Does anyone know how long it takes them to set this up if you have been asked to upload id and address documents. Despite having been a customer of clydesdale bank / virgin money for all of my 57 years. Having a had a current account which my wages and my husbands wages have gone into for over 35 of those years. Plus having had a mortgage with them they wanted me to upload, driving licence and proof of address. Got all that done and it went through successfully this morning and radio silence since.

3 working days, apparently, before they get back to you. Hang on in there.

Just wanted to update to say that I received a letter in the post this morning with a code. I had to resume my application  put the code in and the saver appeared in my online banking app straight away.

cutestkids

dingling68 said:

cutestkids said:

Does anyone know how long it takes them to set this up if you have been asked to upload id and address documents. Despite having been a customer of clydesdale bank / virgin money for all of my 57 years. Having a had a current account which my wages and my husbands wages have gone into for over 35 of those years. Plus having had a mortgage with them they wanted me to upload, driving licence and proof of address. Got all that done and it went through successfully this morning and radio silence since.

I'm a day ahead of you so will report back when they send the next communication 

Just to say I received  letter in the post this morning with a code. After going to the resume my application and entering the code the regular saver appeared in my banking app immediately. Hope you have got sorted too.

dingling68

cutestkids said:

Just to say I received  letter in the post this morning with a code. After going to the resume my application and entering the code the regular saver appeared in my banking app immediately. Hope you have got sorted too.

Thank you for letting me know. I had to upload my ID for the third time today due to isues, so who knows if I will ever get this account opened!

Hammer_Time

Hi All, I opened my bank account today and also the regular saver, I phoned Virgin to ask if I could pay into the saver using a monthly standing order from Santander. They told me I can only pay into the regular saver via my Virgin bank account, is this correct?

Archerychick

Section62 said:

Archerychick said:

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..

VM have emailed me asking me to reply to the (unsecure) email with various bits of personal and sensitive information, which they already have as I've been both a CYBG and VirginMoney customer for years.

The email then states: "This mailbox isn’t monitored so please don’t reply to this email."

You couldn't make it up.

I’d be lying if I said I was surprised! In my latest news I got a text and email today advising me they’d made a decision and to my total surprise I was then able to login view this and then set up the regular saver, without having to call them again 🥳🥳

arfster

Hammer_Time said:

Hi All, I opened my bank account today and also the regular saver, I phoned Virgin to ask if I could pay into the saver using a monthly standing order from Santander. They told me I can only pay into the regular saver via my Virgin bank account, is this correct?

I sent to the reg saver direct from another. Hasn't bounced yet at least.

Terms also say: "You or someone else can send money to your Regular Saver Exclusive by bank transfer."