Virgin Money Regular Saver Thread

polymaff

schiff said:

The interest rate is fixed - in 2021 that could be amongst the best for savings

schiff said again:

I'm looking at this from a different angle ...  the fact that the rate is fixed.

OK, OK - We've got it ... 

schiff

polymaff said:

schiff said:

The interest rate is fixed - in 2021 that could be amongst the best for savings

schiff said again:

I'm looking at this fro m a different angle ...  the fact that the rate is fixed.

OK, OK - We've got it ... 

If I had a pound for every time I've repeated myself I would be very rich!
If I had a pound.......................

Archi_Bald

schiff said:

I'm looking at this from a different angle. One of the beauties (if I may call it that) of the Virgin 17, is the fact that the rate is fixed. Most if not all of the current accounts are variable. I've got £12K coming from regular savers maturing next month and £16K in September. I've not fully researched this yet but some of them (Yorkshire BS, Nottingham BS) don't have a replacement. The destination for me is currently Marcus but how long will their 1.05% last? What will it be in December, April next year? I'm not much interested in the funny banks and I'm put off the Post Office with the stories I read. I don't want complication.
I think regular savers, particularly the fixed rate versions, are the way to go for surplus, hanging around money. The collapse in interest rates has been understandable but astonishing in its severity. 12/18 months ago I decided not to bother with regular savers paying less than 2.5%. Quickly changed my tune when rates started being cut and I opened a handful of 2% Fixed. Then another change of tune with Virgil's last and Principality at 1.5%. And I'm going for Virgin 17. We need to make hay!

Why 1.05% Marcus when you can get 1.15% in NS&I Income Bonds?

schiff

Personal choice, I don't fancy them and certainly not for 0.1% - a pound a year on £1000. And I like everything about Marcus - so far anyway.

surreysaver

badger09 said:

SFindlay said:

Even more bad news, online issue 17 released today but only paying 1%!! 

Thanks for that.

That's an offer I can refuse.

Unless its worth opening and paying in the minimum allowed just in case 1% becomes a good rate in the next few months! 

surreysaver

schiff said:

That was my first reaction but it has some things going for it. The interest rate is fixed - in 2021 that could be amongst the best for savings. You don't need to pay in the full £250 every month and you can make penalty free withdrawals. I think I may start it off, deposit the first £250 then sit back and see how things go with interest rates over the next few months.

Yes. As it allows penalty free withdrawals may still open one. Pay in the £250 on the last working day of the month rather than the first! 

polymaff

surreysaver said:

Yes. As it allows penalty free withdrawals may still open one. Pay in the £250 on the last working day of the month rather than the first! 

£1 secures the account. As regards any extra you deposit and leave in the Virgin account whilst other better accounts are available, is just a judgement as to whether you reckon that the rate of return on those subsequent deposit(s) will, over the life of the Virgin account, earn more or less.

My crystal ball is on the blink - but the £1 gambit seems a good start.

surreysaver

polymaff said:

surreysaver said:

Yes. As it allows penalty free withdrawals may still open one. Pay in the £250 on the last working day of the month rather than the first! 

£1 secures the account. As regards any extra you deposit and leave in the Virgin account whilst other better accounts are available, is just a judgement as to whether you reckon that the rate of return on those subsequent deposit(s) will, over the life of the Virgin account, earn more or less.

My crystal ball is on the blink - but the £1 gambit seems a good start.

I'll put the £250pm in.  I've filled up all my other options that pay more, anyway (except my VM ISA, which also pays 1% but tax-free.  I'm hoping I won't go over the PSA this year, but I think I probably will. And the ISA is variable, so always the risk the rate on that will go down again anyway).

polymaff

A cool £1m in NS&I Income Bonds?

I genuflect to you ...

surreysaver

polymaff said:

A cool £1m in NS&I Income Bonds?

I genuflect to you ...

Well, no... Alright, but for the sake of a couple of quid I'll take the risk of their interest rate going down!