Current accounts paying interest. Are they worth it?

crumpet_man

I didn't know about the virgin money account until I saw it mentioned here.  15 minutes later and all setup and funded.  I reckon that's worth it for £8 extra.
Always handy to have access to cash from an ATM in case of emergency too.

colsten

robatwork said:

Ah the 3% on Santander 20k was something worthwhile. 

It definitely was, especially whilst you still could have any number of 123s. It's not unheard of that people had 4 or even 5 123s, only stopped by not wanting to go over the £85K FSCS guarantee. Those were the days.

goldieandblackie

Tesco Bank are paying 1% on current accounts up to £3000 balance and you must have 2 direct debts going out and min £750 p/m deposit p/m.

typistretired

I have a Yorkshire Bank Account so as the Virgin Money Current Account is added to list of accounts on their website and Yorkshire Bank are reducing their interest rate in July it was a no brainer really to open the Virgin Currant Account and I will use the Virgin Money instant saver to sweep interest into.

schiff

These accounts with limits that pay small amounts of monthly interest - do people withdraw every time or not bother, let it accumulate at 0%? TSB will be £1.87, YBS/Virgin £1.67, Lloyds £5.

RG2015

schiff said:

These accounts with limits that pay small amounts of monthly interest - do people withdraw every time or not bother, let it accumulate at 0%? TSB will be £1.87, YBS/Virgin £1.67, Lloyds £5.

TSB requires a £500 deposit each month so it will be £500 in and £501.87 out. I did transfer in and out each month when it was 5% and 3% but now it is only 1.5% I am reconsidering the whole thing.

That said, I still need to fund the TSB RS so I guess I will continue with £500 in, £250 to the RS and £251.87 to Marcus (via NatWest linked account) 

badger09

goldieandblackie said:

Tesco Bank are paying 1% on current accounts up to £3000 balance and you must have 2 direct debts going out and min £750 p/m deposit p/m.

Not necessarily. Those T&Cs don't apply to older accounts. (CBA looking for relevant dates)

Cisco001

Poor_Leno said:

Every penny of spare money I have is in interest paying accounts not lower than 1.25%.  (Well, I do have a little amount in an NS&I direct saver @ 1% but not its not much).  If I happened to have a spare £1000 not earning anything, I'd definitely open up the virgin account for 2%.  Having given it brief thought it wouldn't be worth my while to even switch out £1,000 from my marcus account into the Virgin one.  I'd be gaining about 50p or something over the month.  I'd rather do a couple of quick surveys on Qmee I think.  But for anyone with a grand sat anywhere earning naff all, its definitely worth it

I opened virgin money account yesterday.
Interest rate is one reason. 
Another reason is no fee for foreign currency and cash withdraw oversea.
This would be good for holiday in future.

SuperHans1

I've exhausted the list of current accounts that I have in my name and am now starting to consider joint accounts. Do all joint accounts require separate online login details? I love the convenience of managing many accounts from my phone and logging in with a fingerprint. How do people manage their joint accounts? Are there any joint accounts that you can have alongside a sole account?

colsten

SuperHans1 said:

I've exhausted the list of current accounts that I have in my name and am now starting to consider joint accounts. Do all joint accounts require separate online login details? I love the convenience of managing many accounts from my phone and logging in with a fingerprint. How do people manage their joint accounts? Are there any joint accounts that you can have alongside a sole account?

You can see the account through your login, as can the joint account holder through their's. You can have a joint account alongside one (or more, where offered) sole account with all providers. All providers obviously have their own T&Cs, and presumably you have looked into the pros and cons of joint accounts already.