Regular Saver Thread **New and Restarted**

veryintrigued

bristolleedsfan wrote: »

Has anyone received Chorley BS regular saver maturity funds by cheque today please ?

Not yet....it's only the first.

quirkydeptless

Hydro1 wrote: »

Virgin say the new Regular Saver will attract £43.75 interest after 14 monthly deposits of £250. Where am I going wrong when I calculate that money would be better off earning 1.45% in a Marcus account for 14 months?

See 'Don't believe the bad press' here https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Placitasgirl

I was at the VM Lounge today where staff told me they were having a hectic day as customers were coming in to update their passbooks with interest paid 31/10 or to open a RS Issue 19 (In Branch only) as they are being withdrawn today, although customers with pre-arranged interviews over the weekend will still be able to open one.

I've just opened an E-Saver Issue 13 online, no issues at all as an existing customer and it's funded with my first £250.00

schiff

My main current account that I need for pretty much everything pays 1.2% net of tax; I've got a 120-day notice account paying 1.44% net.
The new Virgin RS pays 1.6% net of tax.

Faced with those figures the effort, admittedly not a lot, in running the new RS is not worth it.

To me anyway.

colsten

bristolleedsfan wrote: »

Has anyone received Chorley BS regular saver maturity funds by cheque today please ?

I have called them this morning and was told they will be starting to action the maturity requests today. As of right now, my account still shows online, with the full balance (interest has been added since this morning, with effective date yesterday), and now 0.6% AER. The account has also been renamed into Chorleian Share. The cheques should be arriving in due course.....All very quaint......

Hydro1 wrote: »

Virgin say the new Regular Saver will attract £43.75 interest after 14 monthly deposits of £250. Where am I going wrong when I calculate that money would be better off earning 1.45% in a Marcus account for 14 months?

I don't know where you are going wrong as it seems obvious that if money earns 2% AER rather than 1.45% AER, the 2% AER would give a better return. Do the maths.

surreysaver

Hydro1 wrote: »

Virgin say the new Regular Saver will attract £43.75 interest after 14 monthly deposits of £250. Where am I going wrong when I calculate that money would be better off earning 1.45% in a Marcus account for 14 months?

The same amount in Marcus would earn £31.71, which is less than £43.45. How are you doing your calculation?

Erik_V_EyeKing

I've just opened one of these & it now states the rate is 1.40%.

Am I missing something (other than 0.6%)?

colsten

Erik_V_EyeKing wrote: »

I've just opened one of these & it now states the rate is 1.40%.

Am I missing something (other than 0.6%)?

What account is this?

badger09

There is a message on the Virgin Regular ESaver 13 to the effect that interest shows as 0.1% until initial deposit clears.

No idea where 1.4% comes from

where_are_we

The downward savings interest rate spiral continues. However if you have exhausted all the other higher interest accounts, at 2% VRS13 is still worth opening. Plus points are the rate is fixed for almost 14 months, you can make a withdrawal without penalty, you can get in 14 payments before maturity on 20/12/2020, and you can view the account online unlike the store accounts. If you already have a Virgin money online account then opening the account is a breeze compared to making an appointment, travelling into town and going instore. If a new RS appears every 2 months, then you can create a "savings ladder" where you open a new one every 2 months.