Virgin Current account launch...?

colsten

I suppose you could argue there is a much greater need / greater market for basic accounts than for other current accounts since the choice is pretty limited. I'd be very surprised if Virgin Money had not made their decision based on a lot of market research and a very sound business case. I could be wrong though.

anoncol

What a crap account, i'll pass.

colsten

anoncol wrote: »

What a crap account, i'll pass.

I suppose you weren't looking for a basic account - because if you were, you would probably love it. Which other basic account pays 1% interest? I still think it is probably the best basic account in the country.

dr_adidas01

colsten wrote: »

I suppose you weren't looking for a basic account - because if you were, you would probably love it. Which other basic account pays 1% interest? I still think it is probably the best basic account in the country.

I'm not sure I'd call it the best feature wise as looking at all the information you can do !!!!!! all with online banking, you have to go into a store to setup everything from doing a faster payment to setting up a standing order.

For the 1% interest yes it beats all other basic accounts on the market.

System

Is it basic in terms of it has no frills or that it accepts people with defaults etc?

It looks to me like it is the former and not a true basic account but a current account.

callum9999

colsten wrote: »

I suppose you weren't looking for a basic account - because if you were, you would probably love it. Which other basic account pays 1% interest? I still think it is probably the best basic account in the country.

Why? For 1% interest?

If you had such a poor credit rating that you couldn't even open a proper current account, are you likely to have much at all in the way of savings to make a 1% interest rate particularly appealing? Especially as you could open a savings account with a higher rate anyway.

dr_adidas01

callum9999 wrote: »

Why? For 1% interest?

If you had such a poor credit rating that you couldn't even open a proper current account, are you likely to have much at all in the way of savings to make a 1% interest rate particularly appealing? Especially as you could open a savings account with a higher rate anyway.

So because someone has a poor credit rating based on your judgment they aren't likely to have much in savings? I think that's very judgmental of you.

I'm sure there are many Middle class people who don't have much in savings either, so should we should judge them for it too?

Its the only basic account on the market at present that offers any sort of interest on any amount of money that is in the account. So just because its not suitable for you doesn't mean its not suitable for someone else!!!

colsten

callum9999 wrote: »

Why? For 1% interest?

If you had such a poor credit rating that you couldn't even open a proper current account, are you likely to have much at all in the way of savings to make a 1% interest rate particularly appealing? Especially as you could open a savings account with a higher rate anyway.

By your logic, several tens of million people should have been keeping their regular spending money in savings accounts rather in zero % current accounts. Very odd.

Very odd, too, that you seem to think that interest on day-to-day spending should be the preserve of people with a good credit record.

callum9999

dr_adidas01 wrote: »

So because someone has a poor credit rating based on your judgment they aren't likely to have much in savings? I think that's very judgmental of you.

I'm sure there are many Middle class people who don't have much in savings either, so should we should judge them for it too?

Its the only basic account on the market at present that offers any sort of interest on any amount of money that is in the account. So just because its not suitable for you doesn't mean its not suitable for someone else!!!

It's called common sense.

It's not remotely suitable for me and I never expressed the opinion that I thought it should be. I expressed the opinion that the typical basic account holder will have very little savings. Not all of them, but most of them. Why else would banks refuse to give them a facility that they otherwise hand out like confetti?

colsten wrote: »

By your logic, several tens of million people should have been keeping their regular spending money in savings accounts rather in zero % current accounts. Very odd.

Very odd, too, that you seem to think that interest on day-to-day spending should be the preserve of people with a good credit record.

If their "regular spending money" is significant then yes, they should keep it in savings accounts instead of a 0% current account - it's exactly what I do. Why on Earth is that an odd thing to do?

When did I say people with poor credit ratings shouldn't be allowed to get interest? You're talking complete and utter rubbish.

colsten

callum9999 wrote: »

You're talking complete and utter rubbish.

Speak for yourself.