The Top Easy Access Savings Discussion Area

jaypers

BigBlueSky said:

I see the website has now been updated to show this:

https://uk.virginmoney.com/current-accounts/m-plus-saver/

M Plus Saver

1.56%

AER (1.55% gross per annum variable) on savings balances up to £25,000 and 0.75% on any balances above £25,000.

Interest paid quarterly.

Managed to finally login and interest rate has been updated to 1.55% AER. Not going to try moving any money back in until things stable as it seems very slow. 

Daliah

I get this right now when trying to log into online banking. Bit of a joke as this has now gone on for almost 12 hours. May be they are under a cyber attack.

SJMALBA

I managed to get in, and confirm 1.55%; however, it clearly isn't working properly e.g. I only currently have options to move money between the VM accounts; no other payees showing...

Molehusband

Olinda99 said:

jaypers said:

andyhicks88 said:

It's being announced after the bank holiday apparently.

If it happens and if I can ever login again, will top up to the £25k. 

just to confirm - we're talking about virgin money, not virgin whines ?

Oh dear, there was me thinking we were actually talking about the Virgin Mary. Jesus wept 🤔!

franconormand79

Very pleased the VM plus saver rate has gone up to 1.55%. I’m not keen on the Chase app option. I put the max 25k in when it rose to 1% back in March and have left it in since. Was considering Ford Money at 1.3% but will now keep it in. Will be interesting to see if this move starts a mini rate war or are they betting that the BoE will raise rates again very soon? 

RG2015

franconormand79 said:

Very pleased the VM plus saver rate has gone up to 1.55%. I’m not keen on the Chase app option. I put the max 25k in when it rose to 1% back in March and have left it in since. Was considering Ford Money at 1.3% but will now keep it in. Will be interesting to see if this move starts a mini rate war or are they betting that the BoE will raise rates again very soon? 

Guaranteed.

andyhicks88

If you had over 25k in there does that mean that the rate for the whole balance drops to 0.75% or do you still get the 1.56% on the first 25k?

Daliah

andyhicks88 said:

If you had over 25k in there does that mean that the rate for the whole balance drops to 0.75% or do you still get the 1.56% on the first 25k?

You get 1.55% on the £25k, and 0.75% on everything above £25k.

Unless you are one of the lucky ones who has multiple VM savings accounts from when these could still be had, in which case you can spread your money across multiple £25k pots, each of them earning 1.55%.

RG2015

andyhicks88 said:

If you had over 25k in there does that mean that the rate for the whole balance drops to 0.75% or do you still get the 1.56% on the first 25k?

You will get 1.55% on £25k and 0.75% on anything above £25k.

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

The 0.75% may compound to give a bit more but there are obviously better options elsewhere. 

Daliah

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.