Regular Saver Thread **New and Restarted**

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  • schiff
    schiff Posts: 20,099 Forumite
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    ariarnia wrote: »
    Would someone mind letting me know what documentation you need to open a VM regular saver account in store? I've only ever opened them online.

    I've got bank statements from my current account and a passport which is due to expire in a couple of weeks (waiting for post-brexit to renew).

    Passport, driving licence usually enough. If you're not on the Voters' List and/or haven't been at your current address for long, a paper utility bill may also be needed, IF you have one!
  • antrobus
    antrobus Posts: 17,386 Forumite
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    greenglide wrote: »
    A bit like a supermarket that doesn't sell food then?


    It does seem an extremely odd concept!

    All these new app only banks don't 'handle' cash either. They only exist in cyberspace.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    antrobus wrote: »
    All these new app only banks don't 'handle' cash either. They only exist in cyberspace.

    Some of them do handle cash:
    Cash can be deposited into your personal account at any Natwest branch.
    https://www.starlingbank.com/faq/

    It is also not a fair comparison. Virgin Money operate a branch network (although irritatingly call them shops). No other bank with branches refuses to handle cash in their branches!
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    ariarnia wrote: »
    Would someone mind letting me know what documentation you need to open a VM regular saver account in store? I've only ever opened them online.

    I've got bank statements from my current account and a passport which is due to expire in a couple of weeks (waiting for post-brexit to renew).
    I've found Virgin Money to be one of the fussier banks for wanting ID for opening accounts in-branch.

    Since they changed their IT system earlier this year I've had to produce ID each time I open an account. My passport is expired (also waiting for Brexit) and the options for other 'List A' documents is limited. List B documents allows a wider range of options including utility bills etc. The policy in my area (Virgin operate branches on a regional basis) is that every new account requires both a List A and a List B document.
    https://uk.virginmoney.com/virgin/downloads/facetofaceid.pdf
    "In the future, everyone will be rich for 15 minutes"
  • BMTH
    BMTH Posts: 77 Forumite
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    Guys, what would be the best option to do with 10k?
  • Gers
    Gers Posts: 12,033 Forumite
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    Got the issue 12 opened today instore.

    I had had an appointment for last Tuesday to do this but had to cancel as my DM was ill and was being admitted to hospital. Phoned today for an appointment, unless I took 4pm I'd had to wait until next Thursday.

    So, poor Mum, happy me at 3%.

    I asked about the need to always have ID instore and the agent said that online applications are identified electronically.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    BMTH wrote: »
    Guys, what would be the best option to do with 10k?

    That's a pretty hard question to answer without more information (and probably best addressed in a thread of its own).

    It depends on which accounts you already have (e.g. interest earning current accounts; easy access savings accounts; regular savings accounts); how long you can leave the money locked away; and whether you wish to remain totally in cash, or would consider a long term investment in stocks and shares.
  • schiff
    schiff Posts: 20,099 Forumite
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    I'm on friendly terms with a MOS in my branch, first name terms an' all. But on the phone yesterday to arrange an appointment, she did still ask for my full address, DOB, etc. Same story when opening an account when she can see me in the flesh. So to speak.

    I don't mind as she always cuts out the 'conditions etc' palaver
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    edited 4 August 2018 at 6:42PM
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    schiff wrote: »
    I don't mind as she always cuts out the 'conditions etc' palaver

    That's not very wise of her. She is failing in the banks duty to ensure that customers are aware of terms and conditions. This is a failure of regulatory compliance. The ID stuff is just bank policy to meet KYC, but she does know you, and they have already carried out KYC checks, so what she does insist on doing is not necessary (the banks' policy is over the top), but what she doesn't bother with is necessary to ensure regulatory compliance. Her manager needs to have a word with her.
  • schiff
    schiff Posts: 20,099 Forumite
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    I tell her that I know all the T&Cs and the protection of my money stuff and that I don't need to go through it again. If necessary, I would sign a statement to that effect.
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