The Top Regular Savers Discussion Thread

Hattie627

Over62 said:m

I also emptied my Virgin Regular Saver account last weekend as I needed the money towards a new car before the account was due to mature.  I was able to send the full amount directly from the regular saver account to my Lloyds current account without having to route it through my Easy Access account.

Ditto. Yesterday (29th), using the app, I emptied my Virgin RS and sent the money directly from the RS to my Santander current account. Money arrived at Santander almost instantly. This will help with cash flow for the forthcoming first of the month RS standing orders. I then went online to Virgin to close the RS (now with nil balance) to get the residual interest, Couldn't find anywhere to do this on the app. As I think was mentioned in earlier posts, the online "close account" feature is headed "close my current account" but seems to work for sort codes starting 82. I've asked for the residual interest to go to my VM current account as (a) this may possibly get quicker action and (b) it will let me keep better track of the interest for my records. It said that the account would be closed in 2 working days and a closing statement would be posted to me.

Section62

subjecttocontract said:

HillStreetBlues said:

Decided to withdrawn mine tonight (Virgin RS) via app Was in my Chase account within a minute no issues and then asked for it to be closed ( I already denied it access to my location).

Changed my mind & also withdrew mine tonight into my Santander account using my Virgin Security Key. There was no £500 limit applied.

There won't be - the £500 (x2) limit only applies where neither the security token or app authentication is used.  With one or the other authentication method the daily withdrawal limit is £30,000.

s71hj

So to be clear, can I make a withdrawal from the Virgin RS before maturity on the 1st and lose no interest? It's just that all my standing orders for other RSs go out on the 1st and I need that amount of money from somewhwere and it strikes me as the least faff to do it this way. 

wmb194

s71hj said:

So to be clear, can I make a withdrawal from the Virgin RS before maturity on the 1st and lose no interest? It's just that all my standing orders for other RSs go out on the 1st and I need that amount of money from somewhwere and it strikes me as the least faff to do it this way. 

If you did it today you'd "lose"* two days' interest but it's an instant access account with no interest penalties for making a withdrawal.

To squeeze every penny from it I'm going to withdraw the money on 01/08. I've never had any issues withdrawing thousands in one go via the VM Money app.

*But you could earn two days' interest at a, presumably, lower rate elsewhere.

flaneurs_lobster

s71hj said:

So to be clear, can I make a withdrawal from the Virgin RS before maturity on the 1st and lose no interest? 

Assuming you have a full holding then you will lose ~85p interest for each day before maturity that you withdraw the funds.

subjecttocontract

Section62 said:

subjecttocontract said:

HillStreetBlues said:

Decided to withdrawn mine tonight (Virgin RS) via app Was in my Chase account within a minute no issues and then asked for it to be closed ( I already denied it access to my location).

Changed my mind & also withdrew mine tonight into my Santander account using my Virgin Security Key. There was no £500 limit applied.

There won't be - the £500 (x2) limit only applies where neither the security token or app authentication is used.  With one or the other authentication method the daily withdrawal limit is £30,000.

Well done. I'm sure there will be a few of us that will have needed that to be clarified.

s71hj

flaneurs_lobster said:

s71hj said:

So to be clear, can I make a withdrawal from the Virgin RS before maturity on the 1st and lose no interest? 

Assuming you have a full holding then you will lose ~85p interest for each day before maturity that you withdraw the funds.

It would be going into my Edge Up current account so I would be getting some interest on it. 

saverkev

s71hj said:

So to be clear, can I make a withdrawal from the Virgin RS before maturity on the 1st and lose no interest? It's just that all my standing orders for other RSs go out on the 1st and I need that amount of money from somewhwere and it strikes me as the least faff to do it this way. 

Virgin RS

I am going to withdraw in the 1st and use the money to fund my Regular Saver standing orders due to go out same day from LLoyds and HSBC.

I've got Virgin current and Virgin easy access ISA which I use regularly and have always had withdrawals made instantly from both accounts via the app without any problem 

HHUK

Virgin 

It's belatedly dawned on me that the bonus 10% interest being paid on balances up to £1000 in the associated current account ended on 30 June. So I guess now many of us are in the process of closing our Virgin regular savers it's time to move most if not all of that £1000 elsewhere, if we haven't already.

masonic

I'll be losing 2 days interest on £1 for the benefit of having an existing payee set up on the day rather than risking a security hold due to setting up a new payee and making a large payment on the same day. Might be unnecessary, but I'll err on the side of caution.