500 deposit

Dandytf

Terry_Towelling wrote: »

If you put it in a 5 year fix you won't be able to get at it for 5 years or add anything extra to it, so you will just get 2.05% on £500 compounding a little each month.

It might be a better idea (if you like the idea of using a Virgin account) to pick a Virgin regular saver (Issue 11 is on at the moment - issue 12 probably next month). These are easy access and you can add each month up to £250, so it fits with what you want to put in. You'll also get 2.25% on a steadily increasing balance. So put £250 in tomorrow, another £250 on 1st July and then £50 monthly from August onwards for no more than 14 months in total. That may be your best bet if current accounts are out.

After the 14 month period (if you want to run the account for that long) you can start a new Virgin RS account and recycle the old regular saver so that your monthly pay-in can be slightly higher. You can do this for 5 years for a much better return than simply leaving £500 in a 5 year fix.

Also, you don't have to put money in a Virgin RS every month and you can take money out whenever you like - you just can't exceed £250 pay-in in any one month.

Thanks very smart advice, appreciated.
As I'm due to leave for office , could you advise if this RS v11 or12 account is linked to a current account or can I open this as a standalone savings account.
I'll find time to review once I'm home this evening.
Certainly makes sense is what your advising.
Think I'll begin with 250 deposit on account opening.

Terry_Towelling

Dandytf wrote: »

Thanks very smart advice, appreciated.
As I'm due to leave for office , could you advise if this RS v11 or12 account is linked to a current account or can I open this as a standalone savings account.
I'll find time to review once I'm home this evening.
Certainly makes sense is what your advising.
Think I'll begin with 250 deposit on account opening.

Issue 11 is the current RS account. They are stand-alone savings accounts but you do have to supply a 'nominated' account (presumably for ID and anti-money-laundering purposes) when you open it. This will presumably be your main current account with whoever you bank with.

Like I say, get £250 in before end of June and put £250 in on 1st July, so that you have £500 in almost one lump earning 2.25%pa. £50 per calendar month thereafter. Because Issue 11 has been open for a month already, you may only have enough months left to put in 13 payments before it matures on 20/06/2019. And remember, you don't have to put in every month and you can take out when you like and you can close it penalty-free if you wish.

Good luck

bhjm

Terry_Towelling wrote: »

Issue 11 is the current RS account. They are stand-alone savings accounts but you do have to supply a 'nominated' account (presumably for ID and anti-money-laundering purposes) when you open it. This will presumably be your main current account with whoever you bank with.

Like I say, get £250 in before end of June and put £250 in on 1st July, so that you have £500 in almost one lump earning 2.25%pa. £50 per calendar month thereafter. Because Issue 11 has been open for a month already, you may only have enough months left to put in 13 payments before it matures on 20/06/2019. And remember, you don't have to put in every month and you can take out when you like and you can close it penalty-free if you wish.

Good luck

open a help to buy with i believe halifax bank. 250£ to save a month. and 2.25% easy access - you could get a bonus - but you could use this as a simple "regular saving account as well"

Dandytf

Thanks mser's

That took much more effort than I had initially thought.
Opened VM e-savings V11.
Tried to make payment from rbs iphone app and found an error as the message advised this type off account couldn't accept payments (the VM acc)
Since called rbs put on hold then the call disconnected.
I've since logged on tho virgin money site via I pad pro to confirm faster payments can be setup.
Thankfully I re tried making the initial 250.00 deposit via rbs app which this time worked!
Amazing though payment wont go through until 2nd July.
Think what I'll do next is setup SO from 2nd August 50 per month.
As I have some home maintenance repair work from Monday -I wont be depositing another 250 for some time.
That my savings setup for some time opened mid 2018
1. Help to save account -50 per month
2. VF e-RS-50 per month
Quite excellent progress for myself who hasn't properly saved until lately.

YorkshireBoy

bhjm wrote: »

open a help to buy with i believe halifax bank. 250£ to save a month. and 2.25% easy access - you could get a bonus - but you could use this as a simple "regular saving account as well"

OP would have to lie on the application form and say they're not a first time buyer. Never a good idea!

Dandytf

YorkshireBoy wrote: »

OP would have to lie on the application form and say they're not a first time buyer. Never a good idea!

Considering I've since moved from 1st property to my current property -the guilt would be too much !!!9962;!!!65039;

Dandytf

Unfortunately mse forums don't accept my Church e moji

Dandytf

Why does it show interest rate Interest rate 0.10% Gross 1?

Maybe this -is the contractual rate of interest payable where interest is exempt from income tax. The interest rate shown is based on cleared balances only. If you have any uncleared funds this rate may change.

Terry_Towelling

On a final note, we all need to be careful when we encounter problems opening accounts and the like. If you end up having to make an expensive phone call because things don't work properly, the call charge can wipe out the equivalent of several month's interest on a small deposit.

This happened to me with Oaknorth Bank. I emailed them with a query. They phoned me and left a message asking me to call them. Stupidly, I did. By the time the issue was sorted, the call costs had effectively reduced my AER from 1.82% to 1.69%. I asked them to give me my call costs back because it was they who asked me to call them. They refused. So beware - and I will now avoid Oaknorth unless they have a really spectacular rate on offer.

Terry_Towelling

Dandytf wrote: »

Why does it show interest rate Interest rate 0.10% Gross 1?

Maybe this -is the contractual rate of interest payable where interest is exempt from income tax. The interest rate shown is based on cleared balances only. If you have any uncleared funds this rate may change.

Don't worry, all their accounts show that whilst they are still in the process of opening. It will show 2.25% or (2.23% if you've gone for monthly interest) in a day or so. That caught me out when I first banked with them.