The Top Regular Savers Discussion Thread

dealyboy

Virgin Regular Saver Maturity

I used telephone banking with access code (needs to be set up) it has a £5,000 payment limit. Online banking has a £500 per transaction payment limit, £1,000 per day.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82117645#Comment_82117645

I was able to transfer out £3,250 from my RS to my external current account in a single transaction yesterday via online banking. That's way above the supposed £500 transaction and £1,000 daily limit.

dealyboy

https://forums.moneysavingexpert.com/discussion/comment/82117679#Comment_82117679

Virgin Regular Saver Maturity

… mine was blocked! I transferred the balance from the 'regular saver' to the current account and attempted to transfer to the linked external account and was met with the 'you are exceeding the payment limit' message (limit itself not mentioned). Telephone banking was fine, instantaneous faster payment.

Edit: My research suggests if I had simply done the payment out from the regular saver to my 'nominated account' which I would have given at account opening the payment would have gone through as an established pathway. Transferring it first to the current account 'open' environment meant the security restrictions were enforced.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82117713#Comment_82117713

Those lower limits apply if you don't have the Virgin Money app, and log on using memorable information instead of a code-generating device. Higher limits are available if you have a code generator and/or use the app.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82117726#Comment_82117726

I installed the Virgin Money app in the past for a switching incentive, but got rid of it after that. I now just log in using a code sent by SMS. I guess once the limit is raised, there is no need to continue using the app.

rallycurve

Virgin Money

I had the same problem. Thanks for the suggestion to install the app to be able to transfer my money out. What a faff! App now uninstalled and won't be using this bank again

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/82117750#Comment_82117750

Thats what I said then they offered a 10% reg saver and had to eat my words.

rallycurve

https://forums.moneysavingexpert.com/discussion/comment/82117713#Comment_82117713

I tried to pay out from the regular saver account and it enforced the (ridiculously low) limit. I thought it'd be easier from the current account but no, same problem. You have to phone or use the app for a transfer over £500 (and £1000 a day). Absolutely insane

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82117775#Comment_82117775

One might almost think that perhaps they are trying to incentivise their customers to make more use of the app?

Think you are being a little over-dramatic ("Absolutely insane"). Don't like the proffer then don't use the bank.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82117713#Comment_82117713

Edit: My research suggests if I had simply done the payment out from the regular saver to my 'nominated account' which I would have given at account opening the payment would have gone through as an established pathway. Transferring it first to the current account 'open' environment meant the security restrictions were enforced.

I'm not sure that is correct - the £500/£1000 limit seems to be based on your customer profile, not per account. If I set up a new payee from my Virgin current account I don't get asked to authenticate it, unless the payment is for more than £500. AIUI the 'nominated account' only makes a difference if you don't have a VM current account.