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Virgin esaver interest down again!
nilrem_2
Posts: 2,188 Forumite
Just had email that my Virgin easy access esaver account interest is being reduced from 1.21% to 1.01%.
Only last week I read that rates had reached their lowest now and the only way was up!
I am suspicious that Virgin have reduced the rate so that when rates do rise generally they can change it back and claim they have given us a nice rate increase!
Only last week I read that rates had reached their lowest now and the only way was up!
I am suspicious that Virgin have reduced the rate so that when rates do rise generally they can change it back and claim they have given us a nice rate increase!
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Got my message today, looking around there is not much out there that has not got a bonus that ends after 12 months so I am about to spend it. I am to old to go the stocks and shares route.
With everything thats happening in the world Greece etc can anyone really believe that interest rates are going to move up in the next 2/3 years.0 -
TSB have just increased the rate on their monthly saver to 5% AER.
TSB, Lloyds, Santander, Bank of Scotland, Tesco are all offering 3% or more on their current accounts, variable, but of indeterminate duration, with TSB still specifically advertising that their rate does NOT end after a year.
The link is in bold near the top of the page.Eco Miser
Saving money for well over half a century0 -
home_alone wrote: »Got my message today, looking around there is not much out there that has not got a bonus that ends after 12 months so I am about to spend it. I am to old to go the stocks and shares route.
Without appearing to be rude, can you say how old you are?Remember the saying: if it looks too good to be true it almost certainly is.0 -
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Not had the email yet but when does the reduction take effect.0
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On Monday I'm investing £5,000 at 1.5% a month. A P2P investment that is not currently generally available because it's a pre-release product.Just had email that my Virgin easy access esaver account interest is being reduced from 1.21% to 1.01%.
Earlier this year I invested around £20,000 at around 10% tax free, in some VCTs.
A couple of weeks ago I invested £5,500 at 14% for five months fixed term, around 15% AER. P2P via Ablrate.
Savings accounts have their points, notably where absolute protection from loss is needed, but they aren't really the place to go if you want to actually make money. You could roughly double your effective interest rate by putting only 10% of your money into one or more of these options.0 -
A youngster, then.home_alone wrote: »Just turned 72
Not sure it's been mentioned to you yet but do you know that you can put £2880 net into a pension each year and get tax relief on it, taking the money out again a few weeks later? This is permitted until age 75. It's an easy tax gain using places like virgin.
P2P or VCT might be of interest for some of the money, given how relatively safe they can be compared to say share investing.0
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