2.05% Virgin Money Current Account. Multiple?

Flatulentoldgoat

So on this account you get the 2% interest up to 1k. Has anyone tried to open multiple accounts? Got a few grand laying around...

Ed-1

Flatulentoldgoat said:

So on this account you get the 2% interest up to 1k. Has anyone tried to open multiple accounts? Got a few grand laying around...

Yes you can open multiple.

wannabe_a_saver

They've let me open 3, one about a fortnight ago, two today when I saw on another thread that it was possible!  

One more would be great but I don't want to push my luck.

cricidmuslibale

wannabe_a_saver said:

They've let me open 3, one about a fortnight ago, two today when I saw on another thread that it was possible!  

One more would be great but I don't want to push my luck.

You seem to have found a way of opening two in one day without any hurdles to jump over? If so, that's very good! I was aware that it was possible to open more than one of these current accounts but I also thought one needed to allow a least a week or two between applications so that no 'sleeping dogs' amongst the VM staff that may seek to query your reasons for doing this would be aroused into action.

cricidmuslibale

Flatulentoldgoat said:

So on this account you get the 2% interest up to 1k. Has anyone tried to open multiple accounts? Got a few grand laying around...

I know it's only a small correction but at the moment the title of this thread is slightly misleading. The Virgin Money Current Account in question is currently paying 2% monthly interest on balances of up to £1000 which equates to 2.02% AER not 2.05% AER.

wannabe_a_saver

cricidmuslibale said:

wannabe_a_saver said:

They've let me open 3, one about a fortnight ago, two today when I saw on another thread that it was possible!  

One more would be great but I don't want to push my luck.

You seem to have found a way of opening two in one day without any hurdles to jump over? If so, that's very good! I was aware that it was possible to open more than one of these current accounts but I also thought one needed to allow a least a week or two between applications so that no 'sleeping dogs' amongst the VM staff that may seek to query your reasons for doing this would be aroused into action.

I didn't have to 'find a way', I just clicked the apply button on the website and was given an option to select stating that I already held a Virgin Current Account.  They don't seem to be discouraging having multiples.  The 2% interest rate is clearly an incentive to get people using their products, and as the app is pretty user friendly it might well work on me when I need something else. 

colsten

cricidmuslibale said:

wannabe_a_saver said:

They've let me open 3, one about a fortnight ago, two today when I saw on another thread that it was possible!  

One more would be great but I don't want to push my luck.

You seem to have found a way of opening two in one day without any hurdles to jump over? If so, that's very good! I was aware that it was possible to open more than one of these current accounts but I also thought one needed to allow a least a week or two between applications so that no 'sleeping dogs' amongst the VM staff that may seek to query your reasons for doing this would be aroused into action.

The best way to wake sleeping dogs is to trot this out on a public internet forum

MDMD

cricidmuslibale said:

Flatulentoldgoat said:

So on this account you get the 2% interest up to 1k. Has anyone tried to open multiple accounts? Got a few grand laying around...

I know it's only a small correction but at the moment the title of this thread is slightly misleading. The Virgin Money Current Account in question is currently paying 2% monthly interest on balances of up to £1000 which equates to 2.02% AER not 2.05% AER.

And you can’t actually get the 2.02% if you have the full £1,000 in as the interest won’t compound because no interest is paid over the £1,000 limit.

Ballard

There’s no doubt that it’s a decent rate in the current climate but the £1,000 maximum makes it unattractive for me. Around £1.60 per month interest per full account isn’t going to change anyone’s life.

That said, the logical thing is to open this account as it will earn more interest than most, if not all, other account so I can see why others will find it worthwhile. I stopped bothering with regular savers last year for the same reason. 

Gary1963

I had online chat and asked about opening another account. They said go ahead. 

wiseonesomeofthetime

Does each account application create a new hard search on your credit file?

Multiple accounts may be inadvisable for some, for such relatively low returns.