Virgin Money bank switch: MASSIVE 10% interest plus £35
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- Опубликовано: 11 июн 2024
- This is Virgin Banks first switching deal in 19 months, and true to form, they like to offer you something that little bit different! Here's all you need to know about the deal.
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00:00 Virgin Money launch first bank switch deal in 19 months
00:39 What is the deal on offer?
02:11 When would I start earning interest?
02:43 Is it open to existing customers?
03:24 What you have to do to open the account
05:58 When does the offer run from?
06:20 Use Snoop to boost this deal
07:14 Is the offer actually worth it?
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Very poor switch but thanks for the heads up
TBH this is the worst switching offer I have ever seen !
Why are Virgin money doing this when they are being taken over by Nationwide, is it to increase their funds/customers
The deal won't even complete until 2028 - long way to go
@@FrankWestOffTheRecord The deal is set to complete at the end of this year (2024). However, the full integration of the financial institutions/banks will take several years (no end date of when this shall occur has been stated by either parties).
Perhaps, to prevent customers from leaving/switching away. After all, Virgin Money customers will become Nationwide customers. When Tesco announced closing its current accounts (although it was some time away), immediately people started to switch away. Tesco was inundated with such requests that they had to make a PSA regarding significant delays in the switching process.
Wow 10% on £1,000. What next 20% on £100?
Yes, it is not that enticing when you put it like that!
However, considering most folk in the UK don’t have that much in savings - it might be suitable for some and could encourage them to save. Just providing another perspective.
Knew there would be a catch
There's always a catch 😂
Hey Andy, could I ask a question for a live stream in the future.
I hit the bonus bank switch offers hard over lockdown. This means I often can’t access the bonus cash as a lot say ‘only if you haven’t switched since before 2020’
Anyway, since I have got married and have a joint account. If I opened a ‘dummy account’, could I use this as a ‘new’ bank account that can receive all these bonus offers?
Do the direct debits need to have payed out money from the prior bank, before you switch? Or can I set up 2 direct debits and switch straight away? Thanks!
The direct debits don’t need to continue to go out for the whole year do they?
I've only got a virgin isa, does that mean I can get this offer?
I have a M saver account with Virgin ( not current account ) Can I still qualify for this offer.
Is this ethical? Do they invest in arms/tobacco/alcohol
Hey Andy, thanks for the update, I have two virgin money credit cards... But no current account, would I be eligible for this offer?
Yes you would.
Thanks!
I tried this one over a couple of days on the app, but I always get an error when trying to switch. Think I'll pack it in on this one.
Me too! I left it in the end and I've now switched my Virgin current account for TSB bank switch 😂
What's the meaning of up to £1,000.00?
Santander had a one-off £185 and Natwest £200; I don't think VM has good to offer.
Is virgin money a safe bank
Not worth it tbh.
I need to find more direct debits for dummy accounts
That don’t make me lose my money I like the plum and money box direct debits. Any others that are just money transfers essentially then just pin them Back to ur bank ready for next months direct debits.
Does that count though? Direct debits to savings like money box and plum, cause I thought it would have to be a phone bill of electrics etc
You can set up 50 p direct debits... you can cancel any time. Set up quickly as well. Google small direct debits...
I’ve gone for this, long story short my bank switching options have dried up, the last 18 months I’ve done almost all the banks. Barclays and Coop only remain for me now. I’ve got the Santander switch in progress.
So if you’ve done everything then you have nothing to lose taking this offer
how much did you gain total over the 18 months?
awesome, nice little easy 100quid, plus any extra bits from bouncing the interest to another savings account. Already got a dummy account with 2 charity direct debits on.
Avoid Virgin Money. Complete scammers, poor customer service. Stay well clear.
🤣🤣🤣🤣
10% up to 1000, thats a joke of an offer.
1st!!!
Thanks
2nd
11th ish.
Waste of time