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MSE News: Virgin Money launches new current account – is it any good?
Former_MSE_Helen
Posts: 2,382 Forumite
Virgin Money is rolling out its new current account, which offers 1% AER interest on balances of up to £100,000...
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Virgin Money launches new current account – is it any good?
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Virgin Money launches new current account – is it any good?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Why did they even bother entering the market if they are not even going to compete with what is out there?All that glitters is not gold.0
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It's good for the deposit money tied up in a chain.
I wish the lawyers would organise a guaranteed scheme so they are willing to hold client money, instead of calling last minute demanding you transfer the money pronto.
On the other hand, it's a HMRC trap. If you have £100k sitting around as spending money, you probably have more assets sloshing around the world somewhere. The list of account holders is a target rich environment.0 -
Can you explain a bit further?It's good for the deposit money tied up in a chain.
I wish the lawyers would organise a guaranteed scheme so they are willing to hold client money, instead of calling last minute demanding you transfer the money pronto.
On the other hand, it's a HMRC trap. If you have £100k sitting around as spending money, you probably have more assets sloshing around the world somewhere. The list of account holders is a target rich environment.
Why would you have (house deposit) money in a 1% account that's secure up to £85K when you can have money in an account that pays more than 1% and has unlimited guarantee?
What's that HMRC trap-thing about? How does it follow that if I have £100K in UK cash that I have more assets outside the UK? And even if I did, where's the problem? And how does it relate to Virgin's basic account?0 -
On the other hand, it's a HMRC trap. If you have £100k sitting around as spending money, you probably have more assets sloshing around the world somewhere. The list of account holders is a target rich environment.
Or you're quite simply lazy and can't be bothered to open lots of accounts to get the best interest.
Or you like to have all your money in one place so you can access it.
Or people can have the account and not put £100k in it. You could ask why, as there are better accounts, but then again people open standard accounts with Barclays, Natwest, and Halifax etc, so people do it.0 -
They've answered their own question in the article - low interest rate and not really attractive in other ways (you even have to visit a branch to open one!).
Looks like a pointless account to me - but this is only Virgin's Essential Current Account.
Why not wait, MSE Towers, until Virgin launch their full current account range - hinted at on their webpage as"Other current accounts: We are working on a range of other current accounts"
This first one, which isn't even new, isn't worth reporting.0 -
That accounts been available for months.Im an ex employee RBS GroupHowever Any Opinion Given On MSE Is Strictly My Own0
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There's a lot of Marketing going on.0
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having been with virgin/northern rock for my savings since before its troubles i was hoping that their proposed current account might be attractive to switch for my current account.
but however in the last few months they seem to have gone downhill. their isa rates have plummeted. they always used to keep their rates on par with the best cash isa.
it was great as i never needed to switch elsewhere.
then in December they told me it was going down to 1.35% and suggested i put it in a fixed rate isa for a better rate.
i would have done that if they would allow regular payments into that sort of product but try and find a fixed rate isa that allows you to do that in the market place. there's only a couple.
so i said goodbye to virgin. they started off so good. but that didnt last0 -
Archi_Bald wrote: »Why would you have (house deposit) money in a 1% account that's secure up to £85K when you can have money in an account that pays more than 1% and has unlimited guarantee?
Unless I've missed something I don't think any account has an unlimited guarantee - I have some of my house sale proceeds in the NS&I Direct Saver at 1.1% but even that only protects up to £2 million (sadly all of mine is very safe with that limit
). 0 -
If it had a £100 joining gift I would switch to them0
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