Virgin Money M Plus Saver

HillStreetBlues

jameseonline said:

HillStreetBlues said:

To why I want to close it, two reasons.
Personal preference, I close accounts that I'm not using, can always get a another one later. I'd rather be given the choice to opening a savings account.

I think you would have to ask Virgin, surely you knew you would get a linked savings account when you opened the current account?.

I did know, but don't call me Shirley.

simonsmithsays

2010 said:

Funding 50 C/A`s with £1k each, now I`ve heard it all!  

It was more than 50.

:-)

simonsmithsays

jameseonline said:

simonsmithsays said:

jameseonline said:

simonsmithsays said:

jameseonline said:

simonsmithsays said:

I've been closing over 50 of the Virgin Current accounts bit by bit, via branch, over the last few weeks.

I'm left with half a dozen.

But I'd love to close the associated savings accounts.

Main reason for closing them is I'm unable to login online (I can via the app).

This made opening the RS a little tricky.

The Technical Department have had two attempts at sorting me but seem out of their depth.

Hence me getting rid of the vast (and unused in the last three years) C/As to see if that helps matters.

Over 50 Virgin Money Current Accounts?, why so many?

It was at the time they were offering a market leading 2% on balances upto £1k on each CA.

Like many on here I skimmed the monthly interest off each month.

2% isn't a lot & can't have been market leading for long, surely there were better ways to distribute over 50K? 🤔

Things aren't computing in my head.

It was market leading for Easy Access - as simple as that really.

Only a relatively short time ago too. From Oct 2020 according to my spreadsheets.

Maybe you haven't been in this board and in a position to save, when rates were lower, that long to notice.

I've been with Virgin a few years (even before Clydesdale takeover) I'm pretty sure that there's been better ways to distribute 50+k in that time, through regulars, instant access etc.

I've used Virgins linked saver before then ended up using Tandem & Zopa & Chip because Virgin didn't pay as good.

I'm surprised Virgin let you have so many current accounts too.

Over 50 with 1 provider is excessive.

Must have been difficult managing all those.

Nationwide only let you have like 4 or something max at a time.

Surprising therefore that you weren't aware that there was no limit, no maintenance and that this was the Market Leader at the time.

It was very well documented on the forums on here.

Twas brilliant whilst it lasted.

Absolutely nothing excessive about playing within the rules to get the best deals if it suits your circumstances.

Also surprising you didn't know that for us legacy current account holders the linked savings accounts were imposed.

I darent tell you how many RS I run with....

friolento

2010 said:

Funding 50 C/A`s with £1k each, now I`ve heard it all!  

Would you rather get 2% on £50k, or 0.5% or less? This is MSE, after all

jameseonline said:

Over 50 with 1 provider is excessive.

Must have been difficult managing all those.

Nobody was compelled to open dozens of VM current accounts but many did as it was the best easy access interest saver at the time. I never saw any complaints about difficulties managing these accounts. I certainly had no difficulties myself.

2010

simonsmithsays said:

2010 said:

Funding 50 C/A`s with £1k each, now I`ve heard it all!  

It was more than 50.

:-)

Do Guinness know?   

PRAISETHESUN

You can use the "close account" form in your VM online banking settings to close your linked savings account. The form refers to using it to close your current account, but I've used it to close a lone savings account that was orphaned after a switch away from VM last year without any issues. Otherwise call/write to them I guess.

simonsmithsays

PRAISETHESUN said:

You can use the "close account" form in your VM online banking settings to close your linked savings account. The form refers to using it to close your current account, but I've used it to close a lone savings account that was orphaned after a switch away from VM last year without any issues. Otherwise call/write to them I guess.

Is there an equivalent on the app that anyone has found?

jameseonline

simonsmithsays said:

PRAISETHESUN said:

You can use the "close account" form in your VM online banking settings to close your linked savings account. The form refers to using it to close your current account, but I've used it to close a lone savings account that was orphaned after a switch away from VM last year without any issues. Otherwise call/write to them I guess.

Is there an equivalent on the app that anyone has found?

Possibly via chat?

kimwp

I think might have asked on the chat and they said call or do the online form. I don't think there's a method in the app (seems to be the way with a lot of banks, though I don't know why, seems a basic ask!)

pafpcg

simonsmithsays said:

jameseonline said:

simonsmithsays said:

jameseonline said:

simonsmithsays said:

jameseonline said:

simonsmithsays said:

I've been closing over 50 of the Virgin Current accounts bit by bit, via branch, over the last few weeks.

I'm left with half a dozen.

But I'd love to close the associated savings accounts.

Main reason for closing them is I'm unable to login online (I can via the app).

This made opening the RS a little tricky.

The Technical Department have had two attempts at sorting me but seem out of their depth.

Hence me getting rid of the vast (and unused in the last three years) C/As to see if that helps matters.

Over 50 Virgin Money Current Accounts?, why so many?

It was at the time they were offering a market leading 2% on balances upto £1k on each CA.

Like many on here I skimmed the monthly interest off each month.

2% isn't a lot & can't have been market leading for long, surely there were better ways to distribute over 50K? 🤔

Things aren't computing in my head.

It was market leading for Easy Access - as simple as that really.

Only a relatively short time ago too. From Oct 2020 according to my spreadsheets.

Maybe you haven't been in this board and in a position to save, when rates were lower, that long to notice.

I've been with Virgin a few years (even before Clydesdale takeover) I'm pretty sure that there's been better ways to distribute 50+k in that time, through regulars, instant access etc.

I've used Virgins linked saver before then ended up using Tandem & Zopa & Chip because Virgin didn't pay as good.

I'm surprised Virgin let you have so many current accounts too.

Over 50 with 1 provider is excessive.

Must have been difficult managing all those.

Nationwide only let you have like 4 or something max at a time.

Surprising therefore that you weren't aware that there was no limit, no maintenance and that this was the Market Leader at the time.

It was very well documented on the forums on here.

Twas brilliant whilst it lasted.

Absolutely nothing excessive about playing within the rules to get the best deals if it suits your circumstances.

Also surprising you didn't know that for us legacy current account holders the linked savings accounts were imposed.

I darent tell you how many RS I run with....

From May 2020 my partner & I were opening the VM accounts at intervals of a fortnight, so we ended up with a similar number.  We too had problems logging-in on-line through a browser in late 2020, soon the only time it ever worked was in the early hours of Sunday morning!  Eventually, it stopped completely and we were forced onto the app which did work but slowly. All the cash was withdrawn when interest rates elsewhere were more attractive and I closed most of the current accounts using the CASS switching service.  VM send letters giving six months notice that the "orphaned" savings accounts are going to be closed after a couple of years of non-use.  With the reduction in the number of current accounts (now down to approx a dozen each) it's possible to login again using the on-line browsers - I'm convinced that blocking login via a browser was the mechanism VM used to control the number of accounts - opening a new account was only possible via a browser.