Virgin has unveiled its new look 'one account' which promises to make managing finances easier. ...
Virgin has unveiled its new look 'one account' which promises to make managing finances easier.
The online account offers customers a single online financial base where all of their finances, be it mortgage, loan, savings or current account, for instance, can be managed.
Customers can view their finances as an overall balance or separately. This isn't considered as simple account aggregation though, as each facet of a user's finances is meant to interact and work together.
Initially, customers can take out one big loan to repay their mortgage or buy a new home.
Outstanding loans or credit cards can be transferred to the account where a mortgage style interest rate is applied.
Income and savings are paid into the account but interest on borrowings is calculated daily so money coming in reduces borrowings and in turn reduces interest payments. In effect, customers are saving on interest payments rather than earning interest, thereby avoiding tax payments. Virgin claims this scenario is more profitable for the user.
The account operates as a current account, so there is instant access to savings. Virgin also says the account provides tools to help users make informed decisions on using their finances more effectively, such as setting up a savings plan to repay a credit card bill over a period or saving for a car.
For more information or a demonstration use www.virginone.com or call 08456 000001
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement