Virgin Money ISA linked to M Plus Current Account?

wallofbeans

Hi All,

I'm not sure this is the right place for my question, but I wasn't sure where to add it...

I have a Virgin Money ISA with money in it. This is linked to "M Plus Current" and "M Plus Saver" accounts with nothing in them.

I've had a letter from Virgin Money regarding the M Plus Current Account saying that "if you don't make a transaction within the next 90 days, the account will remain 'inactive' and any debit card(s) won't be renewed at expiry."

It then says the the 'inactive' status won't impact the way your account operates in any other way and it will stay open" but I wonder if it would be a good idea to add some money to it... is there any advantage to having the account stay 'active'?

Thanks!

Robin9

I'd certainly keep the current account active as a back up to other current accounts. The saver is poor value.

apt

They sometimes have special offers for current account holders, although this might change under Nationwide ownership. The debit card has no fees for foreign use 

wallofbeans

I'm not using either of them, but just wondered if it's worth keeping them active.

It is odd that they say the 'inactive' status "won't impact the way your account operates in any other way and it will still stay open" as if it's still open, it isn't then still active...

I'm assuming the only difference is that they won't send me a new debit card when the current one goes out of date. 

allegro120

wallofbeans said:

Hi All,

I'm not sure this is the right place for my question, but I wasn't sure where to add it...

I have a Virgin Money ISA with money in it. This is linked to "M Plus Current" and "M Plus Saver" accounts with nothing in them.

I've had a letter from Virgin Money regarding the M Plus Current Account saying that "if you don't make a transaction within the next 90 days, the account will remain 'inactive' and any debit card(s) won't be renewed at expiry."

It then says the the 'inactive' status won't impact the way your account operates in any other way and it will stay open" but I wonder if it would be a good idea to add some money to it... is there any advantage to having the account stay 'active'?

Thanks!

There is no advantage to having them closed. When you get these warnings all you need to do is make a transaction - £1 in and out does the job. 

surreysaver

Google Pay is handy for these things. Just have each debit card stored in the wallet and cycle through each debit card to make a small payment every now and again 

Beddie

wallofbeans said:

I'm not using either of them, but just wondered if it's worth keeping them active.

It is odd that they say the 'inactive' status "won't impact the way your account operates in any other way and it will still stay open" as if it's still open, it isn't then still active...

I'm assuming the only difference is that they won't send me a new debit card when the current one goes out of date. 

I think you're right - the account will stay exactly as it is, but there is a cost to sending out cards and obviously it's wasteful too. So they mark it as inactive. Sensible, if you ask me, so no you don't need to make a transaction just to get a card you won't use.

sausage_time

I just had this too.  I also opened just to get the better ISA rate, balance has been £0 since then.  I paid some small amount in just to keep it ticking over in case of future offers.

dingling68

apologies for being off topic, but a thread started by "wallofbeans" having a last post [before I came along} by "sausage_time" made me chuckle 

HSC_2

They're offering cashback on Morrisons shopping at the moment and several other places so maybe use it for that to keep it active?  They occasionally have really good rates, like the 10% interest Regular Saver last year, so I'd be inclined to keep it active.