Virgin Money Double Take E Saver

Jono987

Hi everyone,

I am now in a position where i can start to save some money each month. In the past i have been awful with money so i wanted an account with limited access.

I considered a bond, but i needed to put all the money in upfront, not monthly. I thus decided to open the titled account.

This account allows two withdrawals a year. Is there anything stopping me withdrawing a tenner twice in the first month and thus locking the account for a year, so any money i deposit each month i cant then take out and spend?

Does anyone have any experience with this account? Thank you!

cloud_dog

Wouldn't a regular saver account more fit your requirements, i.e. save £X each month for 12 months?

You cannot withdraw it until the end of the 12 months.

Rheumatoid

Jono987 wrote: »

Hi everyone,

I am now in a position where i can start to save some money each month. In the past i have been awful with money so i wanted an account with limited access.

I considered a bond, but i needed to put all the money in upfront, not monthly. I thus decided to open the titled account.

This account allows two withdrawals a year. Is there anything stopping me withdrawing a tenner twice in the first month and thus locking the account for a year, so any money i deposit each month i cant then take out and spend?

Does anyone have any experience with this account? Thank you!

You can still take it out I think. You just loose the higher rate of interest.

ColdIron

Jono987 wrote: »

This account allows two withdrawals a year. Is there anything stopping me withdrawing a tenner twice in the first month and thus locking the account for a year, so any money i deposit each month i cant then take out and spend?

It would seem that with this account you can achieve what you want. Some accounts penalise you if you make extra withdrawals but this seems pretty plain

• Two withdrawals can be made per calendar year. Once the second withdrawal has been made no further withdrawals can be made until the next calendar year.

There is another point worth bearing in mind but this might suit you as it works like a fixed term account for withdrawals and an ordinary saver for deposits

• Closing your account counts as a withdrawal and so you will not be able to close your account if you have already made two withdrawals in a calendar year.

PS Note that it's a calendar year and not an elapsed year. Even though we are in January it's perhaps a fact to tuck away

alanq

First make sure that you have sufficient accessible funds elsewhere to deal with emergencies. The terms are clear. You won't get much sympathy if you become ill / redundant / see a house you want to buy or whatever and you wish to plead urgent need.

Note however:
"Rates are variable. This means we may increase or decrease interest rates at any time. When we decrease interest rates we will tell you no more than 14 days before the rate reduces. You can close or transfer your account for 30 days from the date of the notice without being charged even if you have already made two withdrawals that calendar year."
https://uk.virginmoney.com/savings/find/summarybox/double_take_e_saver_issue_1

badger09

cloud_dog wrote: »

Wouldn't a regular saver account more fit your requirements, i.e. save £X each month for 12 months?

You cannot withdraw it until the end of the 12 months.

You can withdraw from many regular savers eg Nationwide, Virgin

Rheumatoid wrote: »

You can still take it out I think. You just loose the higher rate of interest.

No you think wrong - see ColdIron's response. Or better still, the account T&C;)

Jono987

Thanks all! I have an emergency fund built up, and also pay into a H2B Isa now. I just wanted somewhere to save for a while that i cant access - ill be working abroad in the coming months and earning a substantial amount more than i usually do. I want somewhere i can stick this extra money and forget about it.

The idea was to use up both withdrawals before i go away, that way the only hurdle i need to overcome is depositing it in! Then i know i cant touch it. It seems like this will be possible which is great.