Virgin Money 10.38% regular monthly saver

clairec666

Middle_of_the_Road said:

flaneurs_lobster said:

51 pages of people losing their jobbies over £20?

Just leave it until end September then move the money out manually. 

Indeed, there must be more to it than the lost interest on £18-20 for a month.

Closing matured accounts/ tying up loose ends seems to be the main motivation behind all these comments.

A combination of people who want to get redundant old accounts off of their spreadsheets, and people who just get annoyed at banks who can't do simple things properly. I reckon a lot of people here fit both categories.

Nasqueron

£26 can work a lot harder say at 6% in Santander than 1.5% or whatever it was in the Virgin account - which you'll still have to close anyway!

crumpet_man

Nasqueron said:

£26 can work a lot harder say at 6% in Santander than 1.5% or whatever it was in the Virgin account - which you'll still have to close anyway!

Which equates to about 20p extra interest for August and September?

friolento

flaneurs_lobster said:

51 pages of people losing their jobbies over £20?

Just leave it until end September then move the money out manually. 

It's even only the interest on £20...

And, ok, an annoying process for some to get their account closed.

Nasqueron

crumpet_man said:

Nasqueron said:

£26 can work a lot harder say at 6% in Santander than 1.5% or whatever it was in the Virgin account - which you'll still have to close anyway!

Which equates to about 20p extra interest for August and September?

Better 20p in my pocket, hence I felt it was worth it

boingy

It does seem that no-one at Virgin considered that having all of the 10% accounts mature on the same day might cause an overload of folks wanting to close the account on that day.

clairec666

boingy said:

It does seem that no-one at Virgin considered that having all of the 10% accounts mature on the same day might cause an overload of folks wanting to close the account on that day.

So it seems. Problem was exacerbated by the weird timings of their interest payments, and the need to close the account to get access to the last chunk of interest. At least they've gone with annual payment for the latest issue.

gt94sss2

boingy said:

It does seem that no-one at Virgin considered that having all of the 10% accounts mature on the same day might cause an overload of folks wanting to close the account on that day.

It's not new. Virgin have form in doing this with other accounts in the past including regular savers and fixed rate bonds. Even the latest regular saver that matured next August is the same.

They really just need an automated process to close accounts

kaMelo

gt94sss2 said:

boingy said:

It does seem that no-one at Virgin considered that having all of the 10% accounts mature on the same day might cause an overload of folks wanting to close the account on that day.

It's not new. Virgin have form in doing this with other accounts in the past including regular savers and fixed rate bonds. Even the latest regular saver that matured next August is the same.

They really just need an automated process to close accounts

They have an automated process, the form to close a current account works on savings accounts too. It's not instant, it takes a few days to happen but it does work, I've closed over a dozen savings accounts using it including this one

For the sake of a few pence in lost interest it really isn't worth the time and energy calling Virgin over it in my opinion but alas, from the length of this thread it seems patience is in short supply or some people have too much time on their hands.

ForumUser7

kaMelo said:

gt94sss2 said:

boingy said:

It does seem that no-one at Virgin considered that having all of the 10% accounts mature on the same day might cause an overload of folks wanting to close the account on that day.

It's not new. Virgin have form in doing this with other accounts in the past including regular savers and fixed rate bonds. Even the latest regular saver that matured next August is the same.

They really just need an automated process to close accounts

They have an automated process, the form to close a current account works on savings accounts too. It's not instant, it takes a few days to happen but it does work, I've closed over a dozen savings accounts using it including this one

For the sake of a few pence in lost interest it really isn't worth the time and energy calling Virgin over it in my opinion but alas, from the length of this thread it seems patience is in short supply or some people have too much time on their hands.

How do we know it is automated? It’s probably the same team manually closing it in the background