Virgin Money 10.38% regular monthly saver

bioboybill

Finally got my account closed and interest received yesterday. Only took 18 days lol.

Scrounger

bioboybill said:

Finally got my account closed and interest received yesterday. Only took 18 days lol.

Any compo?

subjecttocontract

Don't Nationwide own Virgin now. They made enough fuss about what a great move it was at the time, ignoring all the critics. Therefore the 'buck' must stop with them. Can't be doing their reputation any good. Virgin didn't really have a reputation to uphold in the first place and it's a shame some of that seems to be sliding in the direction of Nationwide.

masonic

subjecttocontract said:

Don't Nationwide own Virgin now. They made enough fuss about what a great move it was at the time, ignoring all the critics. Therefore the 'buck' must stop with them. Can't be doing their reputation any good. Virgin didn't really have a reputation to uphold in the first place and it's a shame some of that seems to be sliding in the direction of Nationwide.

They plan to phase out the brand, so I doubt they care much about its reputation.

mebu60

masonic said:

subjecttocontract said:

Don't Nationwide own Virgin now. They made enough fuss about what a great move it was at the time, ignoring all the critics. Therefore the 'buck' must stop with them. Can't be doing their reputation any good. Virgin didn't really have a reputation to uphold in the first place and it's a shame some of that seems to be sliding in the direction of Nationwide.

They plan to phase out the brand, so I doubt they care much about its reputation.

It's costing them a few quid to phase out the VM brand:
It is anticipated that Branson will receive approximately £700 million from Nationwide’s delisting [of VM I assume] from the stock market, including the £250 million exit fee [presumably in compo for loss of the £15m pa licensing fee], £60 million over four years for the continued use of the brand, and £400 million for his 14.5% stake in the bank.

masonic

mebu60 said:

masonic said:

subjecttocontract said:

Don't Nationwide own Virgin now. They made enough fuss about what a great move it was at the time, ignoring all the critics. Therefore the 'buck' must stop with them. Can't be doing their reputation any good. Virgin didn't really have a reputation to uphold in the first place and it's a shame some of that seems to be sliding in the direction of Nationwide.

They plan to phase out the brand, so I doubt they care much about its reputation.

It's costing them a few quid to phase out the VM brand:
It is anticipated that Branson will receive approximately £700 million from Nationwide’s delisting [of VM I assume] from the stock market, including the £250 million exit fee [presumably in compo for loss of the £15m pa licensing fee], £60 million over four years for the continued use of the brand, and £400 million for his 14.5% stake in the bank.

Yes, £0.7bn being just under a quarter of the total price paid, there's no doubt they overpaid for the additional customers and services, but it was widely reported they'd be phasing it out from the outset, so it seems to have been the plan from the start. For example from early 2024: https://www.bbc.co.uk/news/business-68499145

NewPieman

Trying to move money out of my 10% RS has been "Difficult"......moved £250 to the new RS, then tried to withdraw the rest to my external Current A/C.....hit a "transaction limit" but managed to move £500 successfully. 
Then tried to do via the newly installed app the rest - that transaction put on Hold and contact Fraud team,

Did that yesterday - went through Mitek security process......confirmed 1800 last night all cleared,

Phoned VM this morning 0830 - on hold for 30 mins then cut off.......Phoned again - 20 mins hold - speak to someone - she takes details says "let me check" then cuts me off.....

On with third call - 20 mins on hold - go through the same info - he goes away to check "verify" the security checks himself.......

Now been told I need to go to a branch......."additional verification"..... 

xylophone

Now been told I need to go to a branch......."additional verification"..... 

How far away is the nearest branch.......

mon3ysav3r

They closed the branch in my town, and in fact all branches South of Northampton according to their list of branches. Branch verification would not be an option for me.

jameseonline

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.

It just doesn't make sense to have an extra Virgin savings account, even the email about it maturing pointed out the linked saver &/or the main current account pays more than the Everyday Saver, what Virgin could have done rather than create a new account for people is at the end of the Regular Saver term automatically move any funds into the linked saver would have made things simpler.

Or if for some unknown reason someone didn't already have a linked saver then those people only could have an everyday saver.