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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

schiff

gwapenut said:

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.

£20

eskbanker

schiff said:

I'm amused at the YB/Virgin hype about the new current account. They present it as something exciting and innovative....

Has there ever been a product launched under any of the Virgin brands that hasn't involved excessive and usually unjustified hype, often involving embarrassingly corny publicity stunts from the man himself?

gwapenut

schiff said:

gwapenut said:

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.

£20

It's only £20 extra if you assume every other UK savings account pays 0%.