Virgin Money M Plus Bank Account (2024)

25 October 2022 at 9:24PM

Hello again

I have now managed to find the email so I can now contact Virgin Money to find out when I will be paid my extra interest. For info the email was dated 16th February 2022.

cricidmuslibale Posts: 599

25 October 2022 at 11:27PM

cricidmuslibale Posts: 599

25 October 2022 at 11:57PM edited 26 October 2022 at 12:01AM

Incidentally Virgin Money may have to make a decision fairly soon on whether to increase the monthly interest rate on the M plus current account, which has remained at 2.00% gross (2.02% AER) for up to £1000 in the account only, since as long ago as May 2020! Back then it was of course very attractive indeed in an overall climate of much lower interest rates than 2% (especially as multiple M plus accounts could be opened until 18 Feb this year).

Now however new applications are limited to one M plus account only and the interest rate is now a long behind that of Nationwide’s Flex Direct current account’s interest rate of 5.00% AER (paid monthly, as long as at least £1000 per month is deposited) on up to £1500 for one year only and for the 1st sole and 1st joint Flex Direct account per customer only, admittedly.

Also bearing in mind that increasing interest rates in general are starting to leave Virgin’s M plus account some way behind interest rate wise, the question is are Virgin Money soon going to boldly go for a significantly increased interest rate on the 1st £1k in this current account or not!?

subjecttocontract Posts: 1,702

26 October 2022 at 2:20PM

26 October 2022 at 2:25PM edited 26 October 2022 at 2:27PM

subjecttocontract said:

I find it difficult to get very excited about the £20pa you get from Virgin for this account.

You may not but this means I can eat for two weeks courtesy of Virgin Money.

subjecttocontract Posts: 1,702

26 October 2022 at 2:38PM

There are lots of different ways of generating more than £20 if you are starting with £1000 in your pocket.

26 October 2022 at 2:57PM edited 26 October 2022 at 2:58PM

subjecttocontract said:

I find it difficult to get very excited about the £20pa you get from Virgin for this account.

It was literally the best instant access savings account for years, especially when you could still get limitless numbers of this account. It’s all different now of course. You can still use the accounts as donors for switching and make hundreds from them.

cricidmuslibale Posts: 599

26 October 2022 at 4:21PM

Daliah said:

subjecttocontract said:

I find it difficult to get very excited about the £20pa you get from Virgin for this account.

It was literally the best instant access savings account for years, especially when you could still get limitless numbers of this account. It’s all different now of course. You can still use the accounts as donors for switching and make hundreds from them.

I have considered very carefully the idea of using some of my (relatively few compared to some) M plus current accounts as donors for switching but have eventually decided against doing so for two reasons:

1) Because if Virgin Money do decide fairly soon to increase the interest rate on the 1st £1000 in the accounts by 1% or more, it will be sensible again for me to deposit money in them on a regular basis.

2) Because in the medium term it is quite likely that inflation will stop rising and pretty soon afterwards start to come down to rest at somewhere between 3% and 5%. Thus interest rates as a whole are likely to rise for no more than a few more months, then stabilise for a short time only before falling back quite significantly to perhaps below where they currently are. That being the case, even if Virgin Money do not change the M plus account’s interest rate, every one of these accounts that I’m fortunate to have could become very useful in a low interest rate climate just as they always were until fairly recently.

26 October 2022 at 7:30PM edited 26 October 2022 at 7:32PM

cricidmuslibale said:

Daliah said:

subjecttocontract said:

I find it difficult to get very excited about the £20pa you get from Virgin for this account.

It was literally the best instant access savings account for years, especially when you could still get limitless numbers of this account. It’s all different now of course. You can still use the accounts as donors for switching and make hundreds from them.

I have considered very carefully the idea of using some of my (relatively few compared to some) M plus current accounts as donors for switching but have eventually decided against doing so for two reasons:

1) Because if Virgin Money do decide fairly soon to increase the interest rate on the 1st £1000 in the accounts by 1% or more, it will be sensible again for me to deposit money in them on a regular basis.

2) Because in the medium term it is quite likely that inflation will stop rising and pretty soon afterwards start to come down to rest at somewhere between 3% and 5%. Thus interest rates as a whole are likely to rise for no more than a few more months, then stabilise for a short time only before falling back quite significantly to perhaps below where they currently are. That being the case, even if Virgin Money do not change the M plus account’s interest rate, every one of these accounts that I’m fortunate to have could become very useful in a low interest rate climate just as they always were until fairly recently.

It is of course your choice what you are doing with your VM accounts; I am not gambling on perhaps getting £30 or £40 or even £50 at some point in the rather distant future when I can get £100+ in the next 4-6 weeks from switch bonuses. So far, I am £250 up, and I expect to pocket at least another £180 in the next 6 months. Having said this, I don't expect to be able to use all my VM accounts for switching any time soon as I have done so many switches already over the years and am not eligible for most offers now. But I won't be closing any of my remaining, dormant, VM account unless VM force me to / close them for me, and I'll use as many as I can for new switch offers as soon as I can.

Apologies to the OP, who is not helped by this diversion.

cricidmuslibale Posts: 599

26 October 2022 at 10:53PM edited 26 October 2022 at 10:56PM

Daliah said:

cricidmuslibale said:

Daliah said:

subjecttocontract said:

I find it difficult to get very excited about the £20pa you get from Virgin for this account.

It was literally the best instant access savings account for years, especially when you could still get limitless numbers of this account. It’s all different now of course. You can still use the accounts as donors for switching and make hundreds from them.

I have considered very carefully the idea of using some of my (relatively few compared to some) M plus current accounts as donors for switching but have eventually decided against doing so for two reasons:

1) Because if Virgin Money do decide fairly soon to increase the interest rate on the 1st £1000 in the accounts by 1% or more, it will be sensible again for me to deposit money in them on a regular basis.

2) Because in the medium term it is quite likely that inflation will stop rising and pretty soon afterwards start to come down to rest at somewhere between 3% and 5%. Thus interest rates as a whole are likely to rise for no more than a few more months, then stabilise for a short time only before falling back quite significantly to perhaps below where they currently are. That being the case, even if Virgin Money do not change the M plus account’s interest rate, every one of these accounts that I’m fortunate to have could become very useful in a low interest rate climate just as they always were until fairly recently.

It is of course your choice what you are doing with your VM accounts; I am not gambling on perhaps getting £30 or £40 or even £50 at some point in the rather distant future when I can get £100+ in the next 4-6 weeks from switch bonuses. So far, I am £250 up, and I expect to pocket at least another £180 in the next 6 months. Having said this, I don't expect to be able to use all my VM accounts for switching any time soon as I have done so many switches already over the years and am not eligible for most offers now. But I won't be closing any of my remaining, dormant, VM account unless VM force me to / close them for me, and I'll use as many as I can for new switch offers as soon as I can.

Apologies to the OP, who is not helped by this diversion.

I see where you’re coming from of course but I do hope you have enough remaining VM current accounts to use as valuable savings accounts as before if we all return to the very low interest rate environment of 2020-2021!

Personally speaking, I’d much rather open basic non-interest paying current accounts to use as donor accounts for switching than sacrifice even a single one of my relatively few interest-paying current accounts, which I value quite a lot tbh!

I too apologise sincerely to Molly4 for diverting from the original purpose of her thread!