Regular Saver Thread **New and Restarted**

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  • karlie88
    karlie88 Posts: 9,114 Forumite
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    xylophone wrote: »
    Not good enough and my complaint stands.

    Are you doing a 'Mchambers'? :D

    Personally, I'm not that bothered. The extra 50 odd pence in interest is welcomed.

    I may splurge it on 2 Freddo chocolate bars.
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • MarkFromCornwall
    MarkFromCornwall Posts: 885 Forumite
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    They have now changed the maturity date on my account without consulting me. It has always shown as yesterday, 20th Feb but now shows tomorrow, 22nd Feb.
  • xylophone
    xylophone Posts: 44,394 Forumite
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    Are you doing a 'Mchambers'?

    I'm a quick learner.....:D
  • xylophone
    xylophone Posts: 44,394 Forumite
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    On a more serious note, no, the delay is not of major importance.

    But, this is not the first time that there have been problems at maturity, the date stated as maturity date should not be changed on a whim and particularly not without even the courtesy of an explanation.
  • butterflymum
    butterflymum Posts: 987 Forumite
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    edited 21 February 2018 at 3:29PM
    . the date stated as maturity date should not be changed on a whim and particularly not without even the courtesy of an explanation.

    Well said! It is a point of principle and should not have happened. We should be able to have confidence in all aspects of online banking, whether of minor or major impact.
    butterfly )i(
  • karlie88
    karlie88 Posts: 9,114 Forumite
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    butterflymum wrote: »
    Well said! It is a point of principle and should not have happened. We should be able to have confidence in all aspects of online banking, whether of minor or major impact.

    Genuine question - apart from perhaps logging on a few extra times, what impact has this had on you?
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • colsten
    colsten Posts: 17,597 Forumite
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    edited 21 February 2018 at 7:05PM
    MarkFromCornwall wrote: »
    They have now changed the maturity date on my account without consulting me. It has always shown as yesterday, 20th Feb but now shows tomorrow, 22nd Feb.
    Whilst this un-advised change in T&Cs is rather naughty, we are the beneficiaries as we get 1 or 2 more days of 2.25% (don't plan on spending it all at once, lol!). The delay is only a problem for those who had firm plans for higher interest from today, or who had a committed payment which required those funds. I doubt there are many in either category.

    EDIT: I had forgotten there's no penalty for withdrawing before maturity, so anyone who wanted to withdraw their cash today could do so. Even less of an issue then that they want to pay us 2.25% a little longer.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    Those that are wanting to keep the account open for the 1% interest, I opened up the double take issue 1.36% and then I have somewhere for the money to go, or stay at the higher rate.

    Each maturity I do a closure of the total amount which adds interest, gets transferred into the double take, and then I send what I need to my nominated account.

    This way I get to keep a 1% account and I don't have to wait for the interested to be added and the account switched to easy access account before withdrawing.

    Issue 3 is still showing as issue 3 and not easy access even though I have taken the money and its now at read only status. There is obviously a issue with the conversion process.

    Westie983.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • xylophone
    xylophone Posts: 44,394 Forumite
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    Whilst this un-advised change in T&Cs is rather naughty,

    Virgin Money are not children in the kindergarten.

    They are, (or are supposed to be) professional providers of financial services.

    The delay is likely to be of minor importance for most customers - the lack of professionalism and hence the lack of confidence in information given by the provider (on which the customer is entitled to rely), may not be.
  • JamesRobinson48
    JamesRobinson48 Posts: 251 Forumite
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    I don't generally think very highly of VM's technology (has anyone else tried their CA ??), and the alleged responsibility of their marketing team for this all too predictable debacle says it all. But honestly, I am not at all inconvenienced by this: I always opt for monthly interest on each eRS Issue anyway, and I'm content to earn 2.25% for that bit longer. Some might be put off, and all respect to them. Personally, I'll continue to cherry-pick the more competitive VM products, to opt out of all VM marketing communications, to use their nice lounge in London's West End ... and to have back-up arrangements in place for any time they slip up a little.
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