The Top Easy Access Savings Discussion Area

tg99

Also got the Kent email today for the reduction to 1.0% so think that now leaves just my various issues of Virgin Double Take that are ‘untouched’ so far (between 1.4-1.5% depending on the issue). Can’t imagine it will be for long though!

tg99

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Connie

tg99 said:

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Tempting fate, indeed!

ICICI are dropping their interest rate again.

New HiSAVE Notice Savings Account interest rates

Effective from	Notice Period	AER*       |    Gross**
1st September 2020	95 Days	1.10%     |      1.09%
15th July 2020	45 Days	1.00%     |      1.00%

I-LOV-MONEY

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

lhsecons

The savings account is opened automatically, but you don’t have to put any money at all into it. I certainly haven’t.

dcs34

I-LOV-MONEY said:

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

It only launched in May at 2% so they have not reduced the rate yet, you'd think they wouldn't have launched it at that level if they were planning on dropping it too soon - lots of expense on admin otherwise!

Yes the rate is variable, two months notice required if it's cut.

You can put £0 in the savings account and still earn the 2% (albeit, that's what the T&Cs imply, wait until June 1st when the first lot of interest is paid out!).

tg99

Connie said:

tg99 said:

Actually, going through all my accounts, there are actually a few others that I have not had any notification of rate cuts for that - other than Virgin Double Take - would now be my highest paying ones at between 1.2-1.35% (ICICI Hisave, Coventry, Shawbrook, Aldermore .....all of which are issues no longer on sale). Am probably tempting fate though!

Tempting fate, indeed!

ICICI are dropping their interest rate again.

New HiSAVE Notice Savings Account interest rates

Effective from	Notice Period	AER*       |    Gross**
1st September 2020	95 Days	1.10%     |      1.09%
15th July 2020	45 Days	1.00%     |      1.00%

I’ve got the easy access bonus saver account which still pays 1.25% I think but guessing the above signals that a cut will soon be coming!

I-LOV-MONEY

dcs34 said:
You can put £0 in the savings account and still earn the 2% (albeit, that's what the T&Cs imply, wait until June 1st when the first lot of interest is paid out!).

I may give them a ring tomorrow.

murphydavid

I-LOV-MONEY said:

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

That's 2% on £1000 = £1.66 a month Max. So if you spend more than 9 minutes on setting it up at the UK average hourly working rate you already lost the first months interest.

bristolleedsfan

murphydavid said:

I-LOV-MONEY said:

Hi.  Looking at the Virgin website, I can't find the Double Take account.  There is the  Virgin Money Current  Account paying 2% gross, but you need to have a Savings account (1%) as well.   Do you need to keep a minimum balance in the Savings account, or could you just leave it with say £1 ?

I can't see if the rate is variable - I presume it is.  If so, have they reduced it recently, or are they about to do so?

That's 2% on £1000 = £1.66 a month Max. So if you spend more than 9 minutes on setting it up at the UK average hourly working rate you already lost the first months interest.

Less what can be got elsewhere without having to go through what ever procedure Virgin Money insist on to open current account which I am guessing includes some form of ID/Credit Check, they must be pleased so many people are opening VM current account for so little incentive to do so ;....