best thing to do with my money

lesta1980

Hi, currently got £35k in a virgin money savings account taking the monthly interest. Just had an email saying in Feb they are cutting the rate slightly. With the current climate and the general way banks have been this have annoyed me some what so want to move it but really want to get the most possible returns.
I've been managing to also save between £3k-£5k but that might not last for ever, nothing to say it won't but can't see into the future.

Any advice would be greatly appreciated

lesta1980

i forgot to say, I would like access to it if needed but not all the time, just of the right house comes up etc (that's what Im saving for)

ColdIron

The rates for Virgin's easy access accounts were never going to last that long in the current environment, the rate is variable after all, and I think they did well to last as long as they did. Don't forget the E-Saver is also a no bonus account so you don't need to scrabble around each year to find another home for your cash

You could use a fixed term account but you wouldn't be able to access your money quickly and most don't allow you to make additional deposits

At 2.4% you'll struggle to find another equivalent easy access, no bonus to match it. Unless you are prepared to use a different type of account or more than one account I'd be inclined to stick with Virgin

2010

I too would stick for the time being and hope something eventually comes along that`s better.
At least with the easy access you can move fast if that time ever comes.
Might also be worth leaving the Virgin 2.4% open with a couple of quid left in.
If you`re a new customer you can only get 2% with them.

jackyann

I have an account with Coventry that gives me 3.25%, no notice, but only allows limited withdrawals (4 a year). There are some other that are similar. This seemed to me to be a good deal if you want the money accessible, but don't have specific plans.

ColdIron

But like many products it is no longer available for new accounts, I think the best Coventry offer now is 2.25% and has a one year bonus

If you know of an equivalent product to Virgin at a better rate, please do tell