Virgin Money Discussion & Feedback

Why? If you haven’t signed an NDA then it’s totally down to you. Fair enough if you don’t want to, but do it because you want to, rather than you feel obliged by a sense of duty to a corporation that, by definition, doesn’t care.

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They’re now offering 1.71% interest rates.

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At this point, I’m tempted to move my money from Chase…

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What’s the hesitation?

Better rate and more reliable. That’s two ticks.

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Is that in savings or current account?

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Savings account that’s linked to their current account - Service Temporarily Unavailable | Virgin Money UK

Balances up to £25k for savings

The current account offers 2.02% interest but only up to £1k

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Very good. I think I have an account that I never use but will look…

Prefer monthly payments but better than nothing.

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Just opened an account. Was a very easy setup. Going to move my savings over. Worth noting that interest is paid quarterly not monthly like some easy access accounts.

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Do Virgin Mobile app still shows incoming bacs transactions day before? Or they scrapped this feature after rebranding Clydesdale B account?

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Just opened an account.
I found it interesting that at no point have they asked for any form of ID.
I have a current and saver account open and active now, without any ID scan or video or anything.

That’s pretty good, I had to wait weeks for mine to be opened. Maybe they’ve fixed their processes.

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I’d sign up, but when I tried B they rejected me so I worry they don’t like something about me

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Time to maybe move from chase

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Do we think this whole Buy Now Pay Later thing will be something all banks will eventually try to get into? We obviously have Monzo, then NatWest a few months ago, and Virgin Money Slyce launching soon.

(And im sorry, but Slyce is just not a good name. I think even Slice would be better. Im sure they tested a whole range of better names than this so i wonder why this ended up being chosen…)

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I think other banks will get into it, but how is it profitable? it’s not like Klarna where they charge the retailer a fee to use them? as far as they’re aware, it’s just a regular debit account is it not?

Maybe on the flip side, people may move their banking to them, which in turn will increase income that way.

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It’s spelled differently therefore it’s hip and cool

Some exec somewhere, probably

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A bank doing bnpl has advantages over someone like klarna, they can probably judge affordability better if the person used it as their main account, they can send reminders based on account balance, pay day, forecasted outgoings at the right time to remind people they need to save, they can even take into account the person’s lack usage of budgeting tools such as pots to be a responsible lender.

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I take your overall point, but I really wouldn’t consider my “lack of use of budgeting tools such as pots” to mean I wasn’t saving properly!

Pots are not a market-leading interest rate, and I keep my savings elsewhere - which is actually a responsible way to maximise my return. This is a common approach, so if a bank started penalising customers in credit analysis for not keeping everything all “under one roof”, they would mis-categorise a lot of creditworthy people.

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I also don’t use any of the features and I’m sure enough don’t, but I think it can be used to evaluate as a plus not a minus, maybe someone who they wouldn’t lend to just based on their in coming and outgoing.

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