The Top Easy Access Savings Discussion Area

I-LOV-MONEY

dgpur said:

Personally I would go for the M Plus current account from Virgin Money. 2.02% on up to £1000, and no need to transfer any direct debits to it. It has an attached M Plus Saver account that has been pretty good at keeping up with providing good rates after base rate changes. Currently it’s at 2.02% up to £25,000 (1.51% above that).

I did have a look at Virgin, but got confused with M Plus Current,  M Plus Saver both seemingly offering 2.02%, but you could only put £1000 in one?   Are the two identical in other respects?

nottsphil

dgpur said:

I-LOV-MONEY said:

Hi folks.  I have simple needs, because I like money, I want a lot of it !!

Basically, I have several thousand pounds in a Marcus account.   I know that it is not offering the best rate.  My problem is I don't have time to keep switching accounts from one provider to another.  I would like an account that is easy to open and easy to withdraw money (preferably without notice). 

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

 It doesn’t hurt that transfers to and from my nominated bank account (Nationwide) are instantaneous. I’ve come to value that more than slightly better rates elsewhere at times. I see that this might appeal to you to. App is easy as pi too use also.

Does their Flex Direct account allow £85,000 transfers out in one day? I'm now regretting nominating Bank of Scotland as their maximum daily total of faster payments out of all of your current accounts is just £25,000.

cricidmuslibale

I-LOV-MONEY said:

dgpur said:

Personally I would go for the M Plus current account from Virgin Money. 2.02% on up to £1000, and no need to transfer any direct debits to it. It has an attached M Plus Saver account that has been pretty good at keeping up with providing good rates after base rate changes. Currently it’s at 2.02% up to £25,000 (1.51% above that).

I did have a look at Virgin, but got confused with M Plus Current,  M Plus Saver both seemingly offering 2.02%, but you could only put £1000 in one?   Are the two identical in other respects?

For the very first time, at the start of this week, the interest rate on the M Plus Saver was raised to be exactly the same as that offered by the M Plus Current Account i.e. 2.00% gross (2.02% AER) for both accounts. However interest on the Saver is paid quarterly (every 3 months, end of March, June, Sept and Dec) whereas interest on the Current Account is paid monthly. Also you can put much more than £1000 in the Current Account if you wish to but only the 1st £1000 in there will earn the 2.00% gross interest with anything above £1000 earning nothing at all! Whereas you can put up to £25000 in the Saver and still earn 2.00% gross interest with any amounts above £25000 earning 1.50% gross interest on top of the 2.00% on the first £25000, if you see what I mean.

Oh and crucially, to get an M Plus Saver you first have to successfully apply for an M Plus Current Account; the Saver is opened automatically alongside the Current Account, linked to the Current Account and will have a pretty similar account number.

ForumUser7

nottsphil said:

dgpur said:

I-LOV-MONEY said:

Hi folks.  I have simple needs, because I like money, I want a lot of it !!

Basically, I have several thousand pounds in a Marcus account.   I know that it is not offering the best rate.  My problem is I don't have time to keep switching accounts from one provider to another.  I would like an account that is easy to open and easy to withdraw money (preferably without notice). 

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

 It doesn’t hurt that transfers to and from my nominated bank account (Nationwide) are instantaneous. I’ve come to value that more than slightly better rates elsewhere at times. I see that this might appeal to you to. App is easy as pi too use also.

Does their Flex Direct account allow £85,000 transfers out in one day? I'm now regretting nominating Bank of Scotland as their maximum daily total of faster payments out of all of your current accounts is just £25,000.

I'm unsure, but if you wanted to make that £85,000 as a singular payment it would have to be via CHAPS.

Payments over £10,000

To send over £10,000 in one payment, you’ll need to use the CHAPS service.

CHAPS payments: 

• have a £20 transaction fee
• can only be processed Monday to Friday (excluding bank holidays)
• cannot be cancelled once requested
• can be requested through the Internet Bank or at a Nationwide branch.

I feel like if you try and move £85,000 in a day via multiple large faster payments, even if allowed, the first few times it'll probably trigger a payment hold and they may want to verify the payment

tg99

nottsphil said:

dgpur said:

I-LOV-MONEY said:

Hi folks.  I have simple needs, because I like money, I want a lot of it !!

Basically, I have several thousand pounds in a Marcus account.   I know that it is not offering the best rate.  My problem is I don't have time to keep switching accounts from one provider to another.  I would like an account that is easy to open and easy to withdraw money (preferably without notice). 

I remember the 'old days' where you found an account, put your money in and then only went back to it when you needed to make a withdrawal.   However, I expect then the interest rates weren't so volatile, and there weren't so many providers offering accounts.with so many conditions.

So what does the team think (!), am I asking for the moon ?

 It doesn’t hurt that transfers to and from my nominated bank account (Nationwide) are instantaneous. I’ve come to value that more than slightly better rates elsewhere at times. I see that this might appeal to you to. App is easy as pi too use also.

Does their Flex Direct account allow £85,000 transfers out in one day? I'm now regretting nominating Bank of Scotland as their maximum daily total of faster payments out of all of your current accounts is just £25,000.

The max limit is £10k per transfer out but you can do unlimited number of transfers in a day.

movingon

cricidmuslibale said:

For the very first time, at the start of this week, the interest rate on the M Plus Saver was raised to be exactly the same as that offered by the M Plus Current Account i.e. 2.00% gross (2.02% AER) for both accounts. However interest on the Saver is paid quarterly (every 3 months, end of March, June, Sept and Dec) whereas interest on the Current Account is paid monthly. Also you can put much more than £1000 in the Current Account if you wish to but only the 1st £1000 in there will earn the 2.00% gross interest with anything above £1000 earning nothing at all! Whereas you can put up to £25000 in the Saver and still earn 2.00% gross interest with any amounts above £25000 earning 1.50% gross interest on top of the 2.00% on the first £25000, if you see what I mean.

Oh and crucially, to get an M Plus Saver you first have to successfully apply for an M Plus Current Account; the Saver is opened automatically alongside the Current Account, linked to the Current Account and will have a pretty similar account number

And the Associated Virgin Easy Access Cash ISA Exclusive Issue 2 is now 2.25%

SeriousHoax

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

Sensory

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

What does the email say?

t1redmonkey

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

You can deposit money with them as soon as the account is opened, don't need to wait for anything in the post.

alternate

SeriousHoax said:

Opened Al-Rayan account on Tuesday 4th October and all I've had is email does anyone think I should phone them up.

I had to ask someone myself.  You will get a letter in the mail but if you want to set up a login straight away download the app and put your account number in (from the email).