Virgin to charge ALL new customers £60 a year for current accounts: Branson accused of cashing in on

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Virgin to charge ALL new customers £60 a year for current accounts: Branson accused of cashing in on

This is a duplicate of the Blog Entry made on 2nd January 2012 18:34.

Sir Richard Branson’s Virgin Money bank is planning compulsory charges of about £60 a year for new current accounts, following the tycoon’s...

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Re: Virgin to charge ALL new customers £60 a year for current accounts: Branson accused of cashing i

Northumberland Street branch in Newcastle is the first of the 75 Northern Rock outlets to be rebranded as Virgin Money

Sir Richard Branson will visit the first newly branded Virgin Money bank on Monday after the firm took ownership of Northern Rock. The entrepreneur will be toasting his latest acquisition with staff at a landmark branch in Newcastle's Northumberland Street - the heartland of the old Northern Rock. He will join Virgin Money chief executive Jayne-Anne Gadhia to meet employees and greet customers of the UK's latest high street bank. The tycoon vowed to challenge the banking industry's "big five" after agreeing the £747m deal for Northern Rock, which boasts one million customers.

His chief executive announced a range of saving deals last week which aimed to be "simple, fair and transparent". The Northumberland Street branch is the first of the 75 Northern Rock branches to be rebranded. The process is expected to take around nine months to complete nationally....Read more here--: Virgin's Richard Branson visits rebranded Northern Rock branch

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Re: Virgin to charge ALL new customers £60 a year for current accounts: Branson accused of cashing i

Richard Branson hikes cost of credit for Virgin Money card customers

Sir Richard Branson’s Virgin Money, which recently bought Northern Rock, has increased interest rates on its credit cards by almost 50pc in the latest blow to consumers already hit by rising mortgage rates.

The banking group has issued a “take it or leave it” ultimatum, telling customers to accept the rises or pay off their balances. Rates on purchases using Virgin credit cards, provided by MBNA, have soared from 16.8pc to 24.9pc. The average credit card charges 18.9pc. Virgin has also increased rates on balance transfers, from 18.9pc to 27.9pc. The move has been criticised by Virgin Money’s customers and comes just days after mortgage lenders, such as Halifax, raised their standard variable rates, pushing up monthly payments for tens of thousands of home owners.t also comes after Sir Richard vowed to bring “fresh ideas and an injection of new competition” into banking following completion of the Northern Rock deal. Virgin Group’s founder also vowed to “improve service and provide value” for customers....Read more here---: Richard Branson hikes cost of credit for Virgin Money card customers

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