Is it worth switching to Virgin for their 2.02% current account?

JustAnotherSaver

I'm about to close my RBS account down now that i've been given the full switch money. I've done various switches so there isn't really much available to me as far as switching goes.

Just had a look if there's anything out there before i close the account (since HSBC seem to require me to go in branch to switch which isn't possible) and noticed that Virgin are doing 2.02% up to £1k. Old news to many, new news to me.

Since 2.02% is more than i'm getting elsewhere, on the face of it it's worth opening, especially when you don't need to do anything for it it seems. No minimum pay in i see. Unless i've missed it then there's also no messing about with direct debits either.

But with rates everywhere else dropping to 0.00000000001%, is it worth moving to Virgin ? I know nobody has a crystal ball but what's the general viewpoint here? That this rate is going to disappear soon as it's above and beyond what any/many are doing right now?

colsten

No need to switch, and they don't pay you if you switch. If I were you, I would keep my RBS account as a donor account for when - hopefully - the switch offers return.

How long Virgin will keep the 2% is anyone's guess. You are already late to the party, but better late than never!

BTW, depending on your appetite for risk, your RBS account might be worth some money in the short term: they have a £50 offer if you open an investment account with them. There's a thread on the Savings board about this offer.

margaretx9

Its only of course 2% on up to £1,000 - a loss leader to sell mortgages etc.

JustAnotherSaver

colsten said:

No need to switch, and they don't pay you if you switch. If I were you, I would keep my RBS account as a donor account for when - hopefully - the switch offers return.

How long Virgin will keep the 2% is anyone's guess. You are already late to the party, but better late than never!

BTW, depending on your appetite for risk, your RBS account might be worth some money in the short term: they have a £50 offer if you open an investment account with them. There's a thread on the Savings board about this offer.

Yeah i took a look at that when i asked a recent RBS question. In the end i decided against it, it wasn't for me.

Thanks for the input.

born_again

Or you could try the TSB with 1.5% on £1.5K, but that does require £500 a month funding.

wiseonesomeofthetime

Personally, I don't see it worth another credit check on your file for the sake of £20 (max) a year, especially if you may be seeking credit in the near future.

End of the day though, it is what you want personally and how bothered you can be to chase the pennies.

I chose not to bother with the Virgin current account, however, my financial position is likely to be very different to yours.

It's difficult times, trying to see any decent returns on our holdings.

JustAnotherSaver

Regards the TSB - i have them, 4 of them.

But to go through them...

Nationwide is off the menu, been there done that.

BOS isn't up to much. Halifax currently maxed out across 6. Lloyds has just enough to get me 24 cinema tickets per year.

Barclay's (2 of them) are ticking over getting the switch rewards.

Marcus has the bulk of it

I may have missed some others but i think that's it.

SpreadableToast

wiseonesomeofthetime said:

Personally, I don't see it worth another credit check on your file for the sake of £20 (max) a year, especially if you may be seeking credit in the near future.

End of the day though, it is what you want personally and how bothered you can be to chase the pennies.

I chose not to bother with the Virgin current account, however, my financial position is likely to be very different to yours.

It's difficult times, trying to see any decent returns on our holdings.

Nobody is going to give two spits about a credit check for a current account, especially not when it comes to credit checking for an actual credit account.

colsten

SpreadableToast said:

wiseonesomeofthetime said:

Personally, I don't see it worth another credit check on your file for the sake of £20 (max) a year, especially if you may be seeking credit in the near future.

End of the day though, it is what you want personally and how bothered you can be to chase the pennies.

I chose not to bother with the Virgin current account, however, my financial position is likely to be very different to yours.

It's difficult times, trying to see any decent returns on our holdings.

Nobody is going to give two spits about a credit check for a current account, especially not when it comes to credit checking for an actual credit account.

This is true if you only apply for one or two current accounts. If you apply for a dozen, though, you will feel the effect for the next 6-12 months as you are likely to then getting turned down for e.g. a credit card, or even for another current account.

gsmh

Given how much you'd actually earn in a year on £1000 I'd say don't bother. I opened a Virgin Money current account recently and it was like banking in Toytown. Both the mobile and online apps are a hugely gaudy experience which I knew I couldn't live with. I closed the account within a day. I had already gritted my teeth to apply for an account with 'Virgin' on it, but it was all too much. You can access the same account through the Clydesdale apps which are more professional, but for how long I don't know.

Yorkshire_Pud

colsten said:

SpreadableToast said:

wiseonesomeofthetime said:

Personally, I don't see it worth another credit check on your file for the sake of £20 (max) a year, especially if you may be seeking credit in the near future.

End of the day though, it is what you want personally and how bothered you can be to chase the pennies.

I chose not to bother with the Virgin current account, however, my financial position is likely to be very different to yours.

It's difficult times, trying to see any decent returns on our holdings.

Nobody is going to give two spits about a credit check for a current account, especially not when it comes to credit checking for an actual credit account.

This is true if you only apply for one or two current accounts. If you apply for a dozen, though, you will feel the effect for the next 6-12 months as you are likely to then getting turned down for e.g. a credit card, or even for another current account.

Oops probably explains why my credit score previously climbing had a one month drop of 230 points.