Virgin Money ISA closue

masonic

For the sake of about 20p (potential compound interest on the last couple of month's interest), I would not put myself through any hassle to close an account and get some unpaid interest a month early. Fortunately, all I had to do in practice was fill out a simple form and wait a few days. Had that not worked, I would have shrugged it off and waited for the interest, then left the emptied savings account open. I certainly don't regret earning interest at 10% for the preceding year, nor has it discouraged me from opening the new RS offering.

It is incorrect to say VM require you to phone, visit, or write to close an account, though some have been told that. They have a web form you can complete. In any case, you are under no obligation to close an account if the process doesn't suit your proclivities. It is a burden on the organisation if customers leave dormant accounts behind, so they'd only be harming themselves by not making it easy.

I remember Al Rayan bank being one that made closure difficult and eventually they introduced a policy of closing dormant accounts automatically, but not before spending money on postage to write to account holders warning them. I'd built up quite a collection of old accounts by the time this was brought into action.

Cahoot is another one, but it turns out having a collection of old accounts there recently proved quite useful 

surreysaver

clairec666 said:

The account closure thing is a bit of an issue, and people have been wasting their own time phoning VM's call centre. But I think everyone has been able to withdraw their money without a problem? So no loss of interest after maturity.

It's an issue, but also a misnomer, as there's no actual requirement to close the account. And because it paid interest quarterly, there's only the wait for the last month's interest if you don't close it