Virgin One / One Account closing down?

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Legacy_user
Legacy_user Posts: 0 Newbie
in Budgeting & bank accounts
It appears that RBS has closed The (Virgin) One account to new apps.
It could have been added to the RBS branch sale or even to Virgin Money?
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  • agalashan
    agalashan Posts: 4 Newbie
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    I had to call them yesterday because of difficulties logging on to their on-line banking, I asked if they were closing they said no only for a short time as people were being trained for a couple of months.

    Interestingly I recently had a call from them asking me to consider reducing the agreed available funds as I currently don't use them - they said the bank is obliged to hold sufficient funds to cover them even though I don't use it - I declined!

    Its nice to have a bank tied into something that costs them money and they cant get out of!
  • System
    System Posts: 178,102 Community Admin
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    Quite possibly its just closed for training; its equally possible that it is being wound down or sold.

    Many of these current account mortgages have closed to new business since 2008 with changes to increased funding costs and capital requirements.

    When I looked recently, the market seems to be offset rather than pure current account mortgages like the One Account.

    agalashan wrote: »
    I had to call them yesterday because of difficulties logging on to their on-line banking, I asked if they were closing they said no only for a short time as people were being trained for a couple of months.

    Interestingly I recently had a call from them asking me to consider reducing the agreed available funds as I currently don't use them - they said the bank is obliged to hold sufficient funds to cover them even though I don't use it - I declined!

    Its nice to have a bank tied into something that costs them money and they cant get out of!
  • slimgym
    slimgym Posts: 64 Forumite
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    Wonder what their plan is?

    I have a VO mortgage and looking to move and it's been showing that "retraining" message for ages.

    Are there any comparable products out there?

    Had little contact with VO apart from in the early days when under Bransons control they were a great company to deal with and certainly they changed the face of borrowing in this country so much for the better. Not sure what they're like now and other threads here suggest they're now as bad as all the others :(
  • slugbreff
    slugbreff Posts: 25 Forumite
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    The training message is still there! Any news anyone?
    Happy girl!
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    Well, they weren't on training since last July. I recently closed down my OneAccount and it was all business as usual with them. They probably just have another training session going on now.
  • System
    System Posts: 178,102 Community Admin
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    They've been on training since last summer.
    I've get the feeling they are going the way of IF.
    Archi_Bald wrote: »
    Well, they weren't on training since last July. I recently closed down my OneAccount and it was all business as usual with them. They probably just have another training session going on now.
  • slimgym
    slimgym Posts: 64 Forumite
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    I don't know if they're going that way but I phoned them a while back and they were happy to offer me a further facility on my existing account but said they were not going to open any new accounts for people who didn't already have them.

    Glad I kept it going as I think it's now unique?
  • juniper100
    juniper100 Posts: 3 Newbie
    edited 1 April 2014 at 12:54PM
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    Has anybody actually extended their facility with Virgin One? Like the previous post they offered me an extension in principle subject to an "application process". My facility runs out in October of this year, it would be good to hear if anybody has been through the process and what the outcome was. I have nothing but good things to say about Virgin One after 15 years!
  • System
    System Posts: 178,102 Community Admin
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    They have offered me a facility for a house move so I would guess yes.

    They said they should be resuming full service in the next few weeks. Obviously, that doesn't mean that they will have the same offering to new customers.
    juniper100 wrote: »
    Has anybody actually extended their facility with Virgin One? Like the previous post they offered me an extension in principle subject to an "application process". My facility runs out in October of this year, it would be good to hear if anybody has been through the process and what the outcome was. I have nothing biu good things to say about after 15 years!
  • juniper100
    juniper100 Posts: 3 Newbie
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    Hi Heng Leng,

    Can I just clarify........was it an increase in money or time you asked for? Sorry if that was unclear. I want to extend the facility in terms of time not the amount.

    Thanks for your reply.

    Juniper
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