The Top Regular Savers Discussion Thread

ColdIron

mebu60 said:

Stargunner said:

subjecttocontract said:

My Virgin reg saver matures 31st July. So I think my plan would be to let it mature, withdraw the balance on 1st Aug', wait until September for my July interest. Couldnt care less if the account remains open if there is a zero balance.
What a palaver or malarkey ?

I am considering closing mine on the 30th July. They should then pay me the accrued interest, and I will use the funds towards funding my other Reg savers from the 1st August.

That's my thinking too, close on 30th / 31st.

Does anyone know the VM closure protocol? Is there an automated option online or is it secure message / phone call? If the latter action on the 30th probably prudent! 

A couple of pages back

https://forums.moneysavingexpert.com/discussion/comment/81545332/#Comment_81545332

ForumUser7

PRAISETHESUN said:

apt said:

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

There's an option to close your account through online banking by submitting a closure form. I've used it to close the linked savings account that comes bundled with their current account (despite what they say, it does not get automatically closed when you close your current account), and I assume this online form will also allow you to close other types of savings accounts as well.

When logged in to internet banking, from the menus across the top of the page select the three dots "More" and scroll down to "Close an account" (under the Account Services sub-heading). From there you fill in a form with details of the account you wish to close and you can nominate an account (can be with another bank) to receive any outstanding balance/interest.

How long does it take though? Is it immediate and automated, or manually processed?

etienneg

PRAISETHESUN said:

apt said:

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

There's an option to close your account through online banking by submitting a closure form. I've used it to close the linked savings account that comes bundled with their current account (despite what they say, it does not get automatically closed when you close your current account), and I assume this online form will also allow you to close other types of savings accounts as well.

When logged in to internet banking, from the menus across the top of the page select the three dots "More" and scroll down to "Close an account" (under the Account Services sub-heading). From there you fill in a form with details of the account you wish to close and you can nominate an account (can be with another bank) to receive any outstanding balance/interest.

When I select the three dots and "Close an account" it takes me to a screen labelled "Close a current account", which I don't want to do. It doesn't matter if I have the regular saver selected or not before I select the three dots - the same thing happens. Any ideas?

wmb194

etienneg said:

PRAISETHESUN said:

apt said:

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

There's an option to close your account through online banking by submitting a closure form. I've used it to close the linked savings account that comes bundled with their current account (despite what they say, it does not get automatically closed when you close your current account), and I assume this online form will also allow you to close other types of savings accounts as well.

When logged in to internet banking, from the menus across the top of the page select the three dots "More" and scroll down to "Close an account" (under the Account Services sub-heading). From there you fill in a form with details of the account you wish to close and you can nominate an account (can be with another bank) to receive any outstanding balance/interest.

When I select the three dots and "Close an account" it takes me to a screen labelled "Close a current account", which I don't want to do. It doesn't matter if I have the regular saver selected or not before I select the three dots - the same thing happens. Any ideas?

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

flaneurs_lobster

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

etienneg

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Aidanmc

Regarding the maturing Virgin RS, the funds should be available to withdraw on 1st Aug? Should be able to transfer balance instantly to Virgin current acc. The matured RS can then be closed or left until Sept.

mebu60

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

I concur, just tried it, explicitly refers to closing your current account only.

Instruction via secure message? 

kaMelo

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

flaneurs_lobster

kaMelo said:

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

Sounds like you speak from experience so fair enough. How long does the closure take?