Virgin Money Fixed Rate Savings

[steelman99]

Recived an e-mail from VM regarding changes to T&C on their accounts - Unfortunatly they dont send a summary document listing the changes , just a new t&C document , and a link to the present

In the e-mail is says

" You’ll find more info about these changes and when they start below. There’s nothing you need to do, but it’s good to be in the know. Hopefully you’re ok with the changes, but if not - you can close any account(s) affected without charge. Just get in touch before the changes kick in. If you have a fixed rate or notice account, you might not be able to close it straight away"

With interest rates for fixed rate products going up recently, I asked the question that if im not happy with the changes , does this mean I can closed a fixed rate product before the changes take effect in November or not? Still waiting for an answer on that one

Present thoughts are to sit tight to begining of Nov and if interest rates go quite a bit higher, decide im not happy with the change of T&C and use it as chance to move to a higher interest rate

[mc2fool]

Recived an e-mail from VM regarding changes to T&C on their accounts - Unfortunatly they dont send a summary document listing the changes , just a new t&C document , and a link to the present

In the e-mail is says

" You’ll find more info about these changes and when they start below. There’s nothing you need to do, but it’s good to be in the know. Hopefully you’re ok with the changes, but if not - you can close any account(s) affected without charge. Just get in touch before the changes kick in. If you have a fixed rate or notice account, you might not be able to close it straight away"

I've just received said email and, true, they don't send a summary document listing the changes but the email does, as the paragraph above says, list "these changes and when they start below" in the email, in a table titled "The changes we're making, and which accounts they affect".

[terminal7]

I note that the 'changes' affect all their accounts except ISAs.

I thought I was being smart by transferring an expiring ISA account monies to VM back in May to a 2 year fixed ISA at 2.4%. Not looking so smart now.

T7

maybe should look at the penalties for breaking the contract?

[mc2fool]

I note that the 'changes' affect all their accounts except ISAs.

I thought I was being smart by transferring an expiring ISA account monies to VM back in May to a 2 year fixed ISA at 2.4%. Not looking so smart now.

T7

maybe should look at the penalties for breaking the contract?

Actually the only change that is All accounts except ISAs is the Cryptocurrency payments change -- and why they'd no longer accept cryptocurrency payments except into ISAs is, well, curious!.

Some changes are All accounts except Term Deposit accounts, which I guess would include your 2 year fixed ISA, but not having the introduction of Confirmation of Payee and the end of Announcements in newspapers I wouldn't have thought would been a big deal.

Maybe the New Post Office Cash Deposit Limits (All accounts), at a max of £2k per day and £10K a year, might be for some...