Virgin Money 10.38% regular monthly saver

AmityNeon

Exodi said:

jameseonline said:

Deffo only been live on 1st August and ends on 31st July next year

How are we interpreting that by the way? Specifically:

Fixed rate for 12 months

10.38%

AER1 (10.00% Gross2)

Fixed until: 31 July 2025

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/

I can only imagine it means either two things:

1. The rate is fixed at 10% until the 31st July, at which point it will change for everyone with an account (likely going down).

E.g. you open an account 1st September, you enjoy 11 months at 10% interest, and 1 month earning an unknown, likely lower, interest rate.

2. The rate is fixed at 10% for 12 months for accounts opened up to the 31st July 2025.

E.g. you open an account 30th July 2025 and you enjoy 12 months at 10% interest.

It means a third option: the maturity date of the account is 31st July 2025, for anyone and everyone.

Middle_of_the_Road

Trying to open this regular saver for a few days now. I must have opened 40+ accounts painlessly over the last year or so, but this one has me beaten. 

Briefly had a current account with them, which left me with an M plus saver in the app. Easily opened another c/a but trying to register and access online banking to open the saver has been very frustrating.

Eventually managed to access online banking, but the current account isn't showing, and as so, the regular saver is not in the list of accounts available to open.

They appear to have the worst I.T system of any bank I've come across. I'm not going to waste any more time trying to sort it out, and will CASS the current account, and admit defeat.

gt94sss2

Try applying from this page. 

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/

When you select that you already have a current account, it will ask you to login to internet banking as part of the application flow 

Beddie

sausage_time said:

Paid in £1 (ignoring warnings).  All good.  Paid in £249, and set up Standing Order for 11 months from 1st Sept.

Same here!

binaryuniverse

That is a sweet deal. Especially if you can take money out, without any penalty.
Took me about half an hour to get a current account and then regular saver open, via the app. then £250 in on day one.

Exodi

AmityNeon said:

Exodi said:

jameseonline said:

Deffo only been live on 1st August and ends on 31st July next year

How are we interpreting that by the way? Specifically:

Fixed rate for 12 months

10.38%

AER1 (10.00% Gross2)

Fixed until: 31 July 2025

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/

I can only imagine it means either two things:

1. The rate is fixed at 10% until the 31st July, at which point it will change for everyone with an account (likely going down).

E.g. you open an account 1st September, you enjoy 11 months at 10% interest, and 1 month earning an unknown, likely lower, interest rate.

2. The rate is fixed at 10% for 12 months for accounts opened up to the 31st July 2025.

E.g. you open an account 30th July 2025 and you enjoy 12 months at 10% interest.

It means a third option: the maturity date of the account is 31st July 2025, for anyone and everyone.

Oh duh! I think after nationwide and first direct, I'd become blinkered that they always last 12 full months.

Thanks.

Middle_of_the_Road

gt94sss2 said:

Try applying from this page. 

https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/

When you select that you already have a current account, it will all you to login to internet banking as part of the application flow 

Thanks for the tip. I must have tried 20+ times on the same system, but not Via that link. 
I just switched the current account to Co-op, so opened yet another M plus account.

Now wondering what problems I'll encounter with all the reported issues in paying in 🥺

cutestkids

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.

friolento

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.

dingling68

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