Virgin Money Current Account

cricidmuslibale

@RG2015 Yes, you make very good points in both paragraphs! Of course in time VM may make substantial improvements to the app (which I currently don't use precisely because of its current limitations) and it is possible (at the moment at least) to obtain the 2% on more than £1000 by having more than one current account which is a very good idea for some of us in this very low interest rate environment! For these reasons and the ones I gave above I do fear that, sadly, VM will substantially reduce the 2% interest rate in due course but hopefully not for many months yet!

cricidmuslibale

BigBlueSky said:

I assume there is no requirement to use the 'linked' savings account paying only 0.5% ?

You need to put £1000 in it temporarily to fulfill the criteria of the switch if you want the wine etc. but otherwise no there isn't.

BigBlueSky

cricidmuslibale said:

BigBlueSky said:

I assume there is no requirement to use the 'linked' savings account paying only 0.5% ?

You need to put £1000 in it temporarily to fulfill the criteria of the switch if you want the wine etc. but otherwise no there isn't.

Thanks - Got my wine so will move that elsewhere.

veryintrigued

For those of you unfamiliar with this product your monthly interest will already be there.

(As will any for any Yorkshire Bank accounts you have).

typistretired

Thank you for the reminder

wiseonesomeofthetime

Have swept mine out today. Only pennies really, however, they will all add up . . . . some day

cricidmuslibale

wiseonesomeofthetime said:

Have swept mine out today. Only pennies really, however, they will all add up . . . . some day

I only wish I'd found out about the VM current account (and the possibility to have more than 1 of them) 6 months before I actually did in December last year. Assuming the 2% monthly interest lasts at least until June this year, it would have then been possible to have earnt c. £20 per account in interest over the course of the year which is not to be sniffed at at all and certainly way better than any 1 year fixed rate accounts are currently paying!

wiseonesomeofthetime

I joined this month and opened three.

Not interested in the switch offer, so only really a cash grab for what I can get.

cricidmuslibale

wiseonesomeofthetime said:

I joined this month and opened three.

Not interested in the switch offer, so only really a cash grab for what I can get.

I'm similarly not interested in the switch offer (although I might have been if I'd had a suitable current account available elsewhere) and I now have the same no. of these accounts as you, having gratefully opened one per month so far. I would ideally like to try and open one or two more but I'm not sure that VM would allow me to do so given that my income from earnings has reduced substantially due to COVID (and, being a freelancer, not qualifying for government support schemes) so that I'd be funding any future accounts almost entirely with savings rather than earnings. Do you think this would be frowned upon, if I may ask please?  

RG2015

Not sure VM would be concerned that funding was from savings rather than income. After all it is just a one off £1,000 for each account. A greater concern would be that they limited the number of accounts. It still surprises me that they allow more than one per customer.