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  • FIRST POST
    • Eye2013
    • By Eye2013 10th Feb 18, 10:36 PM
    • 62Posts
    • 10Thanks
    Eye2013
    Virgin Bank - Terrible Service
    • #1
    • 10th Feb 18, 10:36 PM
    Virgin Bank - Terrible Service 10th Feb 18 at 10:36 PM
    Anyone else had problems ?

    I opened a Defined Acess E-Saver two years ago, and despite interest rates increasing generally this has just been reduced to a paltry 0.5% !

    This is a real pain because I have a large amount of money in the account that is my mothers - I manage as power of attorney. I visited the bank but most of their high interest rate accounts are online and you can't operate in the bank. I have never been sent a passbook and I will now have to pay a special visit to the bank with ID and documentation !

    Moving away from Virgin for sure !
Page 1
    • Thrugelmir
    • By Thrugelmir 10th Feb 18, 11:02 PM
    • 58,173 Posts
    • 51,533 Thanks
    Thrugelmir
    • #2
    • 10th Feb 18, 11:02 PM
    • #2
    • 10th Feb 18, 11:02 PM
    I have never been sent a passbook
    Originally posted by Eye2013
    Not the technology I expect Virgin to use.

    Virgin's branch network was born out of the old Northern Rock branches. Not the coverage of the older established banks. Hence the focus on an online offering.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • colsten
    • By colsten 11th Feb 18, 7:22 AM
    • 8,976 Posts
    • 7,723 Thanks
    colsten
    • #3
    • 11th Feb 18, 7:22 AM
    • #3
    • 11th Feb 18, 7:22 AM
    I opened a Defined Acess E-Saver two years ago, and despite interest rates increasing generally this has just been reduced to a paltry 0.5% !
    Originally posted by Eye2013
    you can find plenty of other banks and building societies which pay even more miserable interest rates. 0.5% is the BoE base rate. Having said this, two years ago it was still quite easy to get 3-4% on up to 50K.

    This is a real pain because I have a large amount of money in the account that is my mothers - I manage as power of attorney. I visited the bank but most of their high interest rate accounts are online and you can't operate in the bank.
    Originally posted by Eye2013
    What is your complaint? That they don't offer all their accounts in branch? That they don't offer all their accounts online? You chose to open an account two years ago, presumably you did confirm then that the account features meet your needs?

    I have never been sent a passbook and I will now have to pay a special visit to the bank with ID and documentation !
    Originally posted by Eye2013
    Did they perhaps send the passbook to your mother? Why did you not ask for the passbook two years ago? Why are you not using the online functionality to withdraw the money? Why are you complaining that Virgin want to see proof of ID and the PoA - would you rather they would give the money to anyone who says they are your mother's son?

    Moving away from Virgin for sure !
    Originally posted by Eye2013
    Given all the questions above, I'm afraid I think there might be a possibility that Virgin won't be exactly sad to see the back of you.
    • ctdctd
    • By ctdctd 11th Feb 18, 7:58 AM
    • 872 Posts
    • 696 Thanks
    ctdctd
    • #4
    • 11th Feb 18, 7:58 AM
    • #4
    • 11th Feb 18, 7:58 AM
    My dealings with Virgin Money. all online, have been perfect.

    I'd expect the ID requirements for a branch based POA account to be stringent and you can hardy call a non-market leading interest rate "poor service".

    If you are the attorney and there is a large amount of money in the account, I'm surprised you didn't pick up the lack of a passbook earlier - do you not check balances and interest rates regularly?
    Do Money Saving sites make you buy more bargains - and spend more money?
    • Novice investor101
    • By Novice investor101 11th Feb 18, 8:26 AM
    • 118 Posts
    • 50 Thanks
    Novice investor101
    • #5
    • 11th Feb 18, 8:26 AM
    • #5
    • 11th Feb 18, 8:26 AM
    I've had Virgin ISA's for about a year now. I say ISA's because in that time I've transferred into a new one either when the rate on my current one was cut or they introduced a new issue that had a higher rate.
    It took minutes online & my account was opened in a day. & The account number even stayed the same. I have a branch in my city but have never had any need to use it. I find them really easy to deal with, but then all my dealings have been online.
    • WobblyDog
    • By WobblyDog 11th Feb 18, 8:46 AM
    • 460 Posts
    • 292 Thanks
    WobblyDog
    • #6
    • 11th Feb 18, 8:46 AM
    • #6
    • 11th Feb 18, 8:46 AM
    I have a number of Virgin savings accounts, and my (exclusively on-line) dealings with them have been positive so far. When I carelessly opened a Virgin cash ISA thinking it was a non-ISA account, they were able undo my mistake quickly without impacting my ISA allowance.
    • IanManc
    • By IanManc 11th Feb 18, 10:43 AM
    • 521 Posts
    • 847 Thanks
    IanManc
    • #7
    • 11th Feb 18, 10:43 AM
    • #7
    • 11th Feb 18, 10:43 AM
    Anyone else had problems ?

    I opened a Defined Acess E-Saver two years ago, and despite interest rates increasing generally this has just been reduced to a paltry 0.5% !

    This is a real pain because I have a large amount of money in the account that is my mothers - I manage as power of attorney. I visited the bank but most of their high interest rate accounts are online and you can't operate in the bank. I have never been sent a passbook and I will now have to pay a special visit to the bank with ID and documentation !

    Moving away from Virgin for sure !
    Originally posted by Eye2013
    You say you opened a Defined Access E-Saver. That is an online account, so you operate it online, and you don't get a passbook.

    Seeing you already have opened an online account, and so must have online access and the ability to operate accounts online, it is hard to see why most of their higher interest accounts being online - even if that is true - is a problem.

    Somehow I can't imagine that Virgin will be sad to see you go.
    • firestone
    • By firestone 11th Feb 18, 11:15 AM
    • 187 Posts
    • 79 Thanks
    firestone
    • #8
    • 11th Feb 18, 11:15 AM
    • #8
    • 11th Feb 18, 11:15 AM
    Anyone else had problems ?

    I opened a Defined Acess E-Saver two years ago, and despite interest rates increasing generally this has just been reduced to a paltry 0.5% !

    This is a real pain because I have a large amount of money in the account that is my mothers - I manage as power of attorney. I visited the bank but most of their high interest rate accounts are online and you can't operate in the bank. I have never been sent a passbook and I will now have to pay a special visit to the bank with ID and documentation !

    Moving away from Virgin for sure !
    Originally posted by Eye2013
    Think both forms of defined access saver(on-line & store etc) were cut by more then half at the same time to pay the same rate.There is now a new online version i believe for only 2 withdrawals as a sort of replacement.
    But you should have been offered a a bond with your change of rate letter at 1.35% for One year as a special rate for switching out which maybe of use for some of the funds
    • adindas
    • By adindas 11th Feb 18, 11:30 AM
    • 3,508 Posts
    • 2,182 Thanks
    adindas
    • #9
    • 11th Feb 18, 11:30 AM
    • #9
    • 11th Feb 18, 11:30 AM
    If the interest rate drops quite significantly they must have sent you notification. I think your main mistake is that you do not review your interest rate regularly once in a year at least. All you need to do is to call either the branch where you open your ac or their head quarter.

    They are within their right to reduce the interest rate of an account with flexible inteest rate.

    I have more than 15 Saving account with Virgin Money both online and passbook account. I have account almost in any high street bank.
    My personal experience is that their customer service is even better than some of the high street bank.


    Anyone else had problems ?

    I opened a Defined Acess E-Saver two years ago, and despite interest rates increasing generally this has just been reduced to a paltry 0.5% !

    This is a real pain because I have a large amount of money in the account that is my mothers - I manage as power of attorney. I visited the bank but most of their high interest rate accounts are online and you can't operate in the bank. I have never been sent a passbook and I will now have to pay a special visit to the bank with ID and documentation !

    Moving away from Virgin for sure !
    Originally posted by Eye2013
    • G_M
    • By G_M 11th Feb 18, 4:12 PM
    • 43,778 Posts
    • 51,731 Thanks
    G_M
    You have an online account.

    Virgin make it very easy (far easier than many banks!) to switch the account to a new higher-paying account they release.

    Open new account online, transfer funds, close old account all in one go. No paperwork, no hassle.

    As a POA you have a duty to keep up to date with what's happening to the money, not check every two years.....
    • Eye2013
    • By Eye2013 11th Feb 18, 9:18 PM
    • 62 Posts
    • 10 Thanks
    Eye2013
    There's a few ignorant comments on this thread I have to say.

    My main gripe is that I set this account up as an 'invest and forget' into a market competitive rate. Virgin have only reduced the rate to make profit from other people who don't notice the rate or are too lazy to switch. Other banks do this too but that's no excuse.

    I have never used online access for this account - not needed to, although I think the original application was online I then had to visit the branch to set it up (with a bank teller that didn't seem to understand Power of Attorney). It is the bank who are now advising I have to revisit with a passbook even though they've never sent me one (I will take the latest statement instead). I am also annoyed about having to make a special journey to transfer the money just because they've altered the rate.

    The good news is I'm going to switch to NS&I Bonds which should yield an extra 1.5k or so per annum on the six figure sum invested,
    • Eye2013
    • By Eye2013 11th Feb 18, 9:44 PM
    • 62 Posts
    • 10 Thanks
    Eye2013
    ps And I do check the accounts regularly, that is why I'm actioning it now as the rate has just changed.
    • YorkshireBoy
    • By YorkshireBoy 11th Feb 18, 9:53 PM
    • 30,122 Posts
    • 17,978 Thanks
    YorkshireBoy
    ps And I do check the accounts regularly, that is why I'm actioning it now as the rate has just changed.
    Originally posted by Eye2013
    Which issue do you have? Reason I ask is that my Issue 4 (opened at the same time as yours at 2 years ago) fell to 0.5% last year (from 1.01% IIRC, but had been 1.41% at launch). I was notified in late Autumn IIRC and emptied the account in very early December...over 2 months ago.

    So when did your rate drop?
    • Eye2013
    • By Eye2013 11th Feb 18, 9:59 PM
    • 62 Posts
    • 10 Thanks
    Eye2013
    Dropped this month - I'm not sure off hand which issue it is.
    It sounds like they pull this one rgulalry on their customers then.
    • bowlhead99
    • By bowlhead99 11th Feb 18, 10:26 PM
    • 7,689 Posts
    • 14,061 Thanks
    bowlhead99
    There's a few ignorant comments on this thread I have to say.
    Originally posted by Eye2013
    Most of them are well- meaning and only trying to help you understand how modern banking works so you are well prepared for whatever you do with your money next.

    My main gripe is that I set this account up as an 'invest and forget' into a market competitive rate.
    That is not something to gripe or complain about their behaviour. It is your own behaviour that had caused you to be still using their account today and disappointed with it: i.e., choosing to use a 'variable rate' account when you intended to 'set it and forget it' and walk off and not keep up with what other accounts are more suitable in the market from time to time as the variable rate varies itself..

    Virgin have only reduced the rate to make profit from other people who don't notice the rate or are too lazy to switch.
    They have reduced the rates as the prevailing market interest rates for those type of accounts have declined from where they were back in 2015, and if you are serious about wanting to maximise your returns with them you will sign up to their newer products.
    Other banks do this too but that's no excuse.
    Sounds like the fact that other banks have done it may indicate that they are doing something similar to what their peers on the market are doing, and as such are not particularly 'bad guys'. So, it is something of an excuse. At the very least it's an explanation why the variable rate changed - because other banks' variable rates changed too!
    I have never used online access for this account - not needed to, although I think the original application was online I then had to visit the branch to set it up (with a bank teller that didn't seem to understand Power of Attorney).
    Sounds about right for an account with "e-saver" in the name, to be opened electronically; but if your situation is complex (eg PoA for someone else) then it stands to reason you might have to go into a branch to sort out ID and signatory stuff.

    I am also annoyed about having to make a special journey to transfer the money just because they've altered the rate.
    You aren't required to make a special journey to transfer the money, because you don't need to transfer the money - you could just keep the money in the account and accept that the rate is variable and might go down from time to time, as you always knew at the time you opened it.

    The good news is I'm going to switch to NS&I Bonds which should yield an extra 1.5k or so per annum on the six figure sum invested,
    Assuming you're talking about their 'monthly income' bonds they pay 1% (variable) which is better than the Virgin Defined Access account you have but less than Virgin's "Double-Take e-saver" which pays 1.26% (variable). So, make sure you're not falling into the trap of cutting off your nose to spite your face...
    • kkgree1
    • By kkgree1 12th Feb 18, 10:19 AM
    • 305 Posts
    • 156 Thanks
    kkgree1
    I can completely understand your frustration with Virgin bank. I set up a similar account for my mother-in-law who I hold POA for 2 years ago.

    The difference with Virgin Bank is that you cannot operate online accounts with POA, only by post. I also don't have a passbook but do receive statements and you can ask for withdrawal slips if needed.

    Compared to most banks this is very frustrating and I have complained to Virgin about this, as I operate 3 other bank accounts online with POA without any issue.
    Last edited by kkgree1; 12-02-2018 at 10:22 AM. Reason: Not complete
    • schiff
    • By schiff 13th Feb 18, 12:15 AM
    • 17,909 Posts
    • 9,281 Thanks
    schiff
    I can completely understand your frustration with Virgin bank. I set up a similar account for my mother-in-law who I hold POA for 2 years ago.

    The difference with Virgin Bank is that you cannot operate online accounts with POA, only by post. I also don't have a passbook but do receive statements and you can ask for withdrawal slips if needed.

    Compared to most banks this is very frustrating and I have complained to Virgin about this, as I operate 3 other bank accounts online with POA without any issue.
    Originally posted by kkgree1
    Wouldn't the simplest thing be, as you appear to have three other accounts, to close the Virgin account? Removes all your frustration etc at a stroke
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