Reply to: 2nd best business savings account

[eastway]

And it might not last, based on their (pretty incompetent ) description of the increase. Something like, "we're writing to tell you that your rate is going up, but it might go back down again very soon".

The email C&C sent me said it was going up, only to go down in November, which did make me laugh

Managed to get the Virgin Money one set up relatively easily, although they did send me the form for authorised signatories which was required to link the online account, so like the above poster was unable to see my balance for a good few weeks!

[jamesbrown]

My Cambridge & Counties rate has gone up to 2% which is nice - but I can't see that for new customers.

And it might not last, based on their (pretty incompetent ) description of the increase. Something like, "we're writing to tell you that your rate is going up, but it might go back down again very soon".

[mudskipper]

Amazingly, Aldermore have bumped their rate up from 0.85% to 1% from 31st August

My Cambridge & Counties rate has gone up to 2% which is nice - but I can't see that for new customers.

[pscont]

It is. You are right.

Do you use Freeagent?

And no, there is no hooky way of extracting without paying tax before you ask.

You are right to fook right off.

[PerfectStorm]

Amazingly, Aldermore have bumped their rate up from 0.85% to 1% from 31st August

[LondonManc]

I had to ask my butler what Google was. He says he's going to ask his servant when he's finished peeling the grapes.

Wouldn't that be a shortcut?

[northernladuk]

Stupid question maybe, but how do you account for the earned interest? Say you earn 1% on £100 000, i.e. £1000 per year, how do you record this in your LTD's accounts? These is also taxabe (19%) income for the LTD, isn't it?

It is. You are right.

Do you use Freeagent?

And no, there is no hooky way of extracting without paying tax before you ask.

[pscont]

Stupid question maybe, but how do you account for the earned interest? Say you earn 1% on £100 000, i.e. £1000 per year, how do you record this in your LTD's accounts? These is also taxabe (19%) income for the LTD, isn't it?

[Spoiler]

FWIW, I didn't have these problems. Yes, you do need to link your savings account number to your online login (admittedly, a bit clunky), but I did that by sending them a message via the portal, and they linked it within a couple of days. No other issues for me w/r to proof of address etc. That said, I see they've dropped the rate to 1.01% now for new applicants.

Good to hear others have had a better experience. I forgot my favourite bit about the whole process - they also sent me an email requesting proof of address, and said I should use the "enclosed prepaid envelope".

[jamesbrown]

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

FWIW, I didn't have these problems. Yes, you do need to link your savings account number to your online login (admittedly, a bit clunky), but I did that by sending them a message via the portal, and they linked it within a couple of days. No other issues for me w/r to proof of address etc. That said, I see they've dropped the rate to 1.01% now for new applicants.

[jmann]

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

I found it quite easy except for the online account linking process which is a pain. I managed to open one of their easy access saving account when they were offering 1.2%. It's not a huge difference but better than nothing. Aldermore is now offering 1% with their easy access saving account.

[Spoiler]

Mornin'

Heads-up that Virgin Money have a decent offering ATM (relatively speaking), 1.2% for instant access.

/ public service announcement

Having applied for a Virgin savings account, I've found the process to open this "online" account very much an offline experience.

The online application was straight forward, including the process to create an online account.
But ... you can't view/manage the account using the portal at this point.
You have to wait to receive a form from them in the post, and send it back - this links your savings account to your online portal account.
So (ahem) idiots who have already transferred money to the account can't access their cash util this has been completed

And ... I also need to supply proof of correspondence address (as it's different to the registered address at CH) and post it to them/take it into branch.
That proof can't be a printed copy (i.e. printing an online bank statement), it has to be original.
So, I've got a trip into town to visit my Ltd's bank, get them to provide a statement (probably they'll print the same pdf that I would), then take it round to the Virgin branch.

As a consumer of fintech services, I've found Virgin's processes seem somewhat outdated.
Anyone else had a more streamlined signup experience at other savings account providers ??

[Old Greg]

Yes, in fact they started to look like £1 coins.

Now I've got piles of money.

Hope the inflation isn't too painful.

[WTFH]

Did you haemorrhoids ever improve?

Yes, in fact they started to look like £1 coins.

Now I've got piles of money.

[kaiser78]

Did you actually look at your link? It gives a grand total of two instant access savings account. One of which I already have. The other of which can only be operated by post or branch.

I find it odd that people who are skilled with Google are unable to read forum posts or web pages

Can anyone else help? I find it hard to believe that there isnt a similar account to Aldermore available, but that is what it is looking like....

Do you need instant access to a second account if you have £75k in Aldermore already (unless it goes under of course...) ?