The Top Easy Access Savings Discussion Area

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 ;....

I-LOV-MONEY

murphydavid said:

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.

Well I'm retired so I don't have a "working rate" !   What do you suggest otherwise?

schiff

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.

Except if you no longer have to work for a living 

schiff

I'm amused at the YB/Virgin hype about the new current account. They present it as something exciting and innovative, far beyond what we would normally do with it. Not touch the £1000 deposit and not use the rather pathetic 0.5% on the savings account. 

bristolleedsfan

I-LOV-MONEY said:

murphydavid said:

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.

Well I'm retired so I don't have a "working rate" !   What do you suggest otherwise?

Many of us who "Luv Money" have existing Instant Accounts that are still paying 1.16%, 1.25%, 1.35% which reduces benefit of going through VM Current  account opening process just to currently get  2% on £1000

gwapenut

schiff said:

Except if you no longer have to work for a living 

If I no longer have to work for a lving, I won't be spending any time faffing around opening current acounts for no more than an extra tenner a year in interest.

I-LOV-MONEY

I am currently getting 1.35% with Marcus, until my bonus drops off at the end of July.   If the Virgin account remains at 2% then that would be very good.

ColdIron

You won't, you'll be getting 1.20% when the underlying rate reduces to 1.05% on the 30th May