Virgin Money 10.38% regular monthly saver

Chadsman

I still have an ex-Yorkshire Bank current account which I have not used for just over a year and was asked to upload ID which I did. I phoned last week and was told it had been received and would be contacted again soon. Since then... nothing
How long did anyone else required to upload ID have to wait?

cutestkids

Chadsman said:

I still have an ex-Yorkshire Bank current account which I have not used for just over a year and was asked to upload ID which I did. I phoned last week and was told it had been received and would be contacted again soon. Since then... nothing
How long did anyone else required to upload ID have to wait?

I got a letter in the post within 3 days with details to log in and when I did the account was set up straight away

Nasqueron

Stupid question perhaps but I couldn't see an answer: is there any harm in taking out the interest after it's paid into the saver every few months? 

The virgin site just says I can take out money at any time and my reading of it is that if I took it out but the balance was still the maximum i.e. £500 at the end of September it wouldn't matter?

I have a Virgin account for the £1000 / 10% interest switch deal so I opened my saver on the 3rd or so when I saw it mentioned, I have funded the £250 already. I know the interest does not count towards your monthly contributions and that they won't pay more on top of the £250 a month so it seems like it would be a bit of a waste of potential interest to leave it there - might as well move that interest elsewhere and just leave it at the £250 a month. 

Cold_comfort

Nasqueron said:

Stupid question perhaps but I couldn't see an answer: is there any harm in taking out the interest after it's paid into the saver every few months? 

The virgin site just says I can take out money at any time and my reading of it is that if I took it out but the balance was still the maximum i.e. £500 at the end of September it wouldn't matter?

I have a Virgin account for the £1000 / 10% interest switch deal so I opened my saver on the 3rd or so when I saw it mentioned, I have funded the £250 already. I know the interest does not count towards your monthly contributions and that they won't pay more on top of the £250 a month so it seems like it would be a bit of a waste of potential interest to leave it there - might as well move that interest elsewhere and just leave it at the £250 a month. 

The interest compounds, i.e. the interest credited each quarter earns more interest at 10% p.a. So best to leave it in the account to maximise the deal.

surreysaver

Nasqueron said:

Stupid question perhaps but I couldn't see an answer: is there any harm in taking out the interest after it's paid into the saver every few months? 

The virgin site just says I can take out money at any time and my reading of it is that if I took it out but the balance was still the maximum i.e. £500 at the end of September it wouldn't matter?

I have a Virgin account for the £1000 / 10% interest switch deal so I opened my saver on the 3rd or so when I saw it mentioned, I have funded the £250 already. I know the interest does not count towards your monthly contributions and that they won't pay more on top of the £250 a month so it seems like it would be a bit of a waste of potential interest to leave it there - might as well move that interest elsewhere and just leave it at the £250 a month. 

Interest added to the account doesn't count as part of the maximum monthly subscription. Its only money you pay in yourself which counts towards the £250pm maximum 

Dizzycap

Amoux said:

Ah thanks @friolento - I've sorted it now. It turns out my account was closed even though I could see it in the mobile app. 

I must have switched it but it didn't erase the account from my app. I have so many different bank accounts, it's difficult to keep track of things 

I wouldn't be assuming you've switched your account. I logged into my Virgin Current account and my current account just disappeared ! I too contacted the tech team who were looking into it. The end result was that they suggested I opened another current account???! I was more interested in where my old current account had gone to because I never gave permission for it to be closed or recevied any notification from Virgin that it would be closing?

At the end of the day, I';m glad to have logged in in June and take out the money (small amount) from the account:-)

BTW, I did apply for a new currecnt account, but although I have had and still do have investments with them for over 12 years, they didn't know who I was, so uploaded all the proof of ID etc. Told account was open, received letters and then 2 days ago I received an email saying "We've thought long and hard and decided to deny your application?

No reason as to why, not even in the letter I received today.

Just to rub salt in the wound, today I receive an email regarding one of my investments maturing and the avilable options which I need to decided upon NOW. There were NO enhanced interest rate offers included because I don't hold a current account with Virgin?! How convenient! I did indeed take action NOW and my money is being transferred to another provider who is offering a better interest rate...!!!!!!, ADIOS & G*O*N*E!

allegro120

Nasqueron said:

Stupid question perhaps but I couldn't see an answer: is there any harm in taking out the interest after it's paid into the saver every few months? 

The virgin site just says I can take out money at any time and my reading of it is that if I took it out but the balance was still the maximum i.e. £500 at the end of September it wouldn't matter?

I have a Virgin account for the £1000 / 10% interest switch deal so I opened my saver on the 3rd or so when I saw it mentioned, I have funded the £250 already. I know the interest does not count towards your monthly contributions and that they won't pay more on top of the £250 a month so it seems like it would be a bit of a waste of potential interest to leave it there - might as well move that interest elsewhere and just leave it at the £250 a month. 

Interest compounds (i.e. you get interest on the interest that you leave in the account), so if you want to earn full 10.38% you shouldn't withdraw your interest.

Nasqueron

Ok thank you all, I couldn't see anything in the terms that suggested it would compound on top - the wording implied that you would only get interest on the £250 a month accumulation. I had budgeted to take out after the end of July next year anyway so makes it easier for my spreadsheet to not start messing around taking bits out.

ThePirates

Interest paid quarterly too.

AmityNeon

Nasqueron said:

Ok thank you all, I couldn't see anything in the terms that suggested it would compound on top - the wording implied that you would only get interest on the £250 a month accumulation.

The wording explicitly states exactly the opposite.

Key Product Information:

How do I open and manage my account?

• Interest payments added directly to your account will not be counted towards the monthly £250 limit.
• Cumulative monthly deposit limit*
  *This does not include any interest we’ve directly added to your account.
• If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit. This does not include any interest that will be added direct to your account.

Remember, the limit specifically pertains to interest eligibility (not deposit acceptance), so if direct interest added is excluded from this limit, then the interest will naturally compound.