Virgin Money 10.38% regular monthly saver

surreysaver

Got my money yesterday. I filled in the online form on Sunday 3rd August. I asked them to transfer the interest to my Virgin Money account, but they transferred it to my Bank of Scotland one instead!

allegro120

Got money today from both, "82" and "05", accounts. Money was transferred to VM respective current accounts as requested. The old accounts are closed. Closures we requested online on 1st August.  I didn't contact VM, just waited patiently to see how long it could take without any interference from me.

Rawrzy

I hadn't been following it too closely but noticed the closing and moving finally happened on monday. Over a week after I'd filled the form in. 

bioboybill

I still haven't had my account closed and interest received since filling out the form on 1st August. However, I did receive an email from a Complaint Handler this afternoon after raising a complaint yesterday. She upheld my complaint and offered me compensation. However, she said, "I see your account has now been closed". It hasn't of course, so I replied to say so. What chance have you got when the Complaint Handler can't even get it right?😂

jameseonline

Ch1ll1Phlakes said:

masonic said:

subjecttocontract said:

But wasn't the reverse takeover by Clydesdale & Yorkshire Bank some years ago ? Surely they have had plenty of time to sort out the mess but have chosen not to on purpose knowing their customers will continue to suffer ? What's their excuse......I bet they have one ?

They've chosen not to. It won't be because of a conscious effort to make their customers suffer. Making customers suffer tends to drive them away, leading to loss of revenue, loss of shareholder value, and ultimately failure of their company. No business owner or investor would want that. And they wouldn't want staff below them destroying the company from within.

The reason will be a combination of failure to recognise the strategic benefits, lack of appetite to find the money to invest in a new platform in the short term, unwillingness of relevant individuals to put their neck on the line, and lack of clarity over the future of the business.

It's been a rocky road throughout, starting with CYBG being dumped by National Australia Bank in 2016 at a loss of £2bn plus another £1.7bn set aside to cover misselling claims. Post floatation, CYBG went through a period of cost saving measures including branch closures, then perversely purchased VM for £1.7bn in 2018. Customers were migrated into the VM brand between 2019-2021, alongside mass redundancies, Covid, and from there things were clearly not rosy, hence just a couple of years later Nationwide is being courted as a potential buyer. Is it any wonder that through that mayhem there was a lack of strategic action?

Just to add to this. Before the reverse takeover Virgin Money had acquired Northern Rock (yes that one) in 2012, including the nasty bits that were separated from the reasonable bits after it's demise. So the merged Virgin Money today has bits of Northern Rock, the old Virgin Money, Clydesdale Bank and Yorkshire Bank. Based on the fact Nationwide has set aside 6 years to sort it out, I'm guessing that most of those parts were never fully sorted out. Hopefully, based on Nationwide's record, this should be the end of all the messy bits.

I think you missed at least 1 out of that list, B perhaps?

Ch1ll1Phlakes

jameseonline said:

Ch1ll1Phlakes said:

masonic said:

subjecttocontract said:

But wasn't the reverse takeover by Clydesdale & Yorkshire Bank some years ago ? Surely they have had plenty of time to sort out the mess but have chosen not to on purpose knowing their customers will continue to suffer ? What's their excuse......I bet they have one ?

They've chosen not to. It won't be because of a conscious effort to make their customers suffer. Making customers suffer tends to drive them away, leading to loss of revenue, loss of shareholder value, and ultimately failure of their company. No business owner or investor would want that. And they wouldn't want staff below them destroying the company from within.

The reason will be a combination of failure to recognise the strategic benefits, lack of appetite to find the money to invest in a new platform in the short term, unwillingness of relevant individuals to put their neck on the line, and lack of clarity over the future of the business.

It's been a rocky road throughout, starting with CYBG being dumped by National Australia Bank in 2016 at a loss of £2bn plus another £1.7bn set aside to cover misselling claims. Post floatation, CYBG went through a period of cost saving measures including branch closures, then perversely purchased VM for £1.7bn in 2018. Customers were migrated into the VM brand between 2019-2021, alongside mass redundancies, Covid, and from there things were clearly not rosy, hence just a couple of years later Nationwide is being courted as a potential buyer. Is it any wonder that through that mayhem there was a lack of strategic action?

Just to add to this. Before the reverse takeover Virgin Money had acquired Northern Rock (yes that one) in 2012, including the nasty bits that were separated from the reasonable bits after it's demise. So the merged Virgin Money today has bits of Northern Rock, the old Virgin Money, Clydesdale Bank and Yorkshire Bank. Based on the fact Nationwide has set aside 6 years to sort it out, I'm guessing that most of those parts were never fully sorted out. Hopefully, based on Nationwide's record, this should be the end of all the messy bits.

I think you missed at least 1 out of that list, B perhaps?

True but most people have never heard of B and isn't as mainstream as the others

boingy

I filled out the form on 1st or 2nd of August and it has been actioned sometime in the last couple of days. So not their 2-3 working days but they got round to it eventually. Would have been nice to have an email acknowledgement that it was in the queue but it's not a biggie for me.

allegro120

jameseonline said:

Ch1ll1Phlakes said:

masonic said:

subjecttocontract said:

But wasn't the reverse takeover by Clydesdale & Yorkshire Bank some years ago ? Surely they have had plenty of time to sort out the mess but have chosen not to on purpose knowing their customers will continue to suffer ? What's their excuse......I bet they have one ?

They've chosen not to. It won't be because of a conscious effort to make their customers suffer. Making customers suffer tends to drive them away, leading to loss of revenue, loss of shareholder value, and ultimately failure of their company. No business owner or investor would want that. And they wouldn't want staff below them destroying the company from within.

The reason will be a combination of failure to recognise the strategic benefits, lack of appetite to find the money to invest in a new platform in the short term, unwillingness of relevant individuals to put their neck on the line, and lack of clarity over the future of the business.

It's been a rocky road throughout, starting with CYBG being dumped by National Australia Bank in 2016 at a loss of £2bn plus another £1.7bn set aside to cover misselling claims. Post floatation, CYBG went through a period of cost saving measures including branch closures, then perversely purchased VM for £1.7bn in 2018. Customers were migrated into the VM brand between 2019-2021, alongside mass redundancies, Covid, and from there things were clearly not rosy, hence just a couple of years later Nationwide is being courted as a potential buyer. Is it any wonder that through that mayhem there was a lack of strategic action?

Just to add to this. Before the reverse takeover Virgin Money had acquired Northern Rock (yes that one) in 2012, including the nasty bits that were separated from the reasonable bits after it's demise. So the merged Virgin Money today has bits of Northern Rock, the old Virgin Money, Clydesdale Bank and Yorkshire Bank. Based on the fact Nationwide has set aside 6 years to sort it out, I'm guessing that most of those parts were never fully sorted out. Hopefully, based on Nationwide's record, this should be the end of all the messy bits.

I think you missed at least 1 out of that list, B perhaps?

B was a Clydesdale current account. I still have it. The name of the account has changed, but the account number is still the same, sort code is 826025.

vixen1500

Finally received interest and all accounts now closed.

Only took a fortnight 😆 

billn

Could somebody please tell me which form they are using to close an Everyday Saver. The only form I can find on VM's website is for current account closure.

I have tried Live Chat twice and got contradicting information, first person pointed me to the current account form and the second one said you can't close the account online.

Thank you in advance.