Virgin Money Discussion & Feedback

Well thought through, if I may say.

1 Like

I tend to spend far more time thinking about things like this than I should :joy::joy:

1 Like

Yes, for the reasons you’ve given it does sound like old-fashioned banking is more appropriate for you. You should have opted for Child & Co. the third oldest bank in the world.

Is all that visible in the app?

I’ve looked at Virgin Money a few times in the past (but before the new app) and one of the things I didn’t like was their in-branch, phone, and online presence seemed disjointed. For example, to open a savings account you had to decide on either one which is managed through branch + phone or one which is managed entirely online. It couldn’t be all three together.

Is that conditional on actually using the account: min money going in/out per month or can you just dump £1k in there and treat it like a savings account?

Im unsure, i would assume that as a new customer it will all be within the app. It appears that legacy Customers from B, Clydesdale, Yorkshire, and old virgin money are still being migrated which confuses things, so different logins for old savings accounts and credit cards etc. Must be pretty hard to combine 4 systems and I can understand why it would take time but it’s certainly confusing. On the website when I go to log in it does ask which type of current account I have a

With regards to the interest rate, there is no criteria mentioned on the website, but it only pays interest on 1k. When you sign up a savings account is opened as well which is where the pots live which has its own sort code and account number. That pays 1% at the moment but is going down to 0.5% on the 30t June. No criteria stated for that either.

1 Like

The set up is a bit of a mess at the moment!
If you open up a Virgin Money current account, you get a Virgin Money Linked savings account with 1%.
However, if you open up a Virgin Money Savings account itself, you get a seperate log in which you can’t see if you log into the ‘Clydesdale/Yorkshire’ platform!

They are also really slow at updating transactions. I remember one time my available balance was showing as having £40 in there. I moved the £40 into a savings account only for my account to be £10 overdrawn a few days later.

Turned out a transaction that was pending was showing -£10 but didn’t actually update the available balance for some reason!!

2 Likes

:joy::joy::joy:

(Not intending to pick on @JIMMWX or @lpoolrob specifically, those were just the two most recent examples of this sentiment I’ve seen.)

Yeah it is a bit shambolic but I guess that comes with the territory of migrating loads of legacy systems across to one. I had a look at some of their financial results, looks like they’re still in the process of migrating with an aim to have it finished by 2021.

Guess they want to take it slow and not do a tsb

Currently have a Classic Plus account to get some interest on my salary. Its 1.5pc whereas VM is 2.012pc? Max balance 1.5k and 1k respectively, so presume you could eek more out of TSB or did I not deserve that B in GCSE Maths

I have a Two Take ISA edition with VM and a regular saver but its on a totally different system I beleive

Yes, annoyingly is is! I wanted the ability to view my Virgin Money savings alongside the current account and linked savings account but unfortunately this wasn’t the case - and seemed like it was going to take them a long time to sort out as well.

On paper, I think the current account is a very good product and they sell it really well but in practice, it’s quite the opposite. A very buggy experience on the whole.

1 Like

The text alerts are the closest to Monzo/Starling in that you get a text for every transaction in and out (if you set it up)
It would be good for these to come from the actual app itself!!

On a plus side, the overdraft interest rate is very competitive atm too ; I currently get 19.9% whereas my Monzo account was changed to 39.9%

1 Like

Hopefully they can build upon that and get instant notifications. I was reading there investor literature and yearly reports, it seems like they have a lot of ambition so hopefully they can pull it off.

I get the feeling that everything is still ramping up just now. Lots of systems to integrate, lots of products to launch. I keep seeing mention of rewards for current account and credit card customers with other virgin group companies. Will be interesting to see where they go with that. Will probably end up being Virgin Atlantic miles (if the airline still exists in a few months time)

The one that stuck out to me was that they want to be in the top 3 for customer satisfaction in the ranking that the regulator makes by 2022!! At the moment Clydesdale is 12th and Yorkshire is 9th so they have a long way to go but I guess having an ambitious target shows that they’re at least thinking about It.

Something of interest I noticed as well, the latest interim report mentioned “full launch of virgin money current account” in h2 2020, along with a business current account. So the product at the moment may not be the final thing. Will be interesting to see what they pull out of their hat and hopefully existing customers get access to any new offers or rewards.

Done a bit more digging.

There is talk of a virgin money relaunch and rebranding campaign “as well as other customer proposition launches” that were planned for h2 2020 being delayed due to Covid… I’m really curious what this entails.

2 Likes

This would definitely make sense as across all their platforms, Virgin Money seems to have two different logos! The one pre-acquisition and the post-acquisition one which they use for the current account

1 Like

I dont think its worth me opening a current account with them until its all integrated, will just stick with classic plus as my second account. Still going to use VM for the regular saver I just opened though.

Oh that’s interesting!
I know they don’t offer loans at the moment so I wonder if that’s next on the agenda.
It will be good to see everything fall under the one VM banner rather than the VM Clydesdale/Yorkshire and then the previous VM elsewhere!

1 Like

Card arrived yesterday which was pretty quick. Didn’t come with much, just a little leaflet which the card was in. It looked quite nice but not same level as starling or Monzo. Card looks pretty cool.

Pin came on a separate letter. This is a little disappointing and is something they should catch up on as I know Monzo, starling, and even AMEX let you set the pin in the app. Unsure if any high street banks allow it.

My card and all the literature state In the small
Print virgin money is a trading name of Clydesdale bank PLC so obviously all a little old as the group was renamed virgin money U.K. plc on 31st October 2019. Also stated contactless limit is £30.

First bit of confusion, went to my local virgin money branch to pay in some cash and change my pin. Turns out that the “new” virgin money current accounts can’t be serviced in virgin money branches yet and they advised me to go to the Yorkshire bank branch (fortunately nearby) where I was able to pay in cash with no issues.

It would have been nice if my welcome letter or even the website (I checked the opening hours there) stated that “new” virgin money current accounts can’t be serviced in virgin money branches yet.

That font is awful; the M looks like AirBnB was involved in a nasty road traffic accident.

Same goes for the Clydesdale Bank or B app too :stuck_out_tongue:

1 Like

Interesting, just tried Yorkshire bank and it’s asking for a customer number which is something I don’t seem to have a record of :thinking:. I just log in to internet banking using my email address. Can’t see customer number anywhere.

When I tried to log in using personal information it asked for telephone banking pin, again something I have no record of :man_shrugging: