2.05% Virgin Money Current Account. Multiple?

adindas

Costabit said:

Tantalus86 said:

sorry to bump an old thread. Does anyone know what the limit of current accounts you're allowed with virgin money is? I'm up to 8 so far and still no sign of stopping. Anyone hit the wall yet?

Am insanely jealous right now.
I am unable to open one.
The only bank that doesn’t seem to want my business it would appear.
But well done to you,is it £16K at 2% with instant access for you

Same here got rejected and I did not request an overdraft. I hardly ever got rejected for a current account and/or credit card application. I also currently holding Virgin Money Creditcard with quite generous credit limit.

Applying a current acoount now looks like a potluck.It will depend on who will decide your applicaiton.

Time4T_Accounts

Rich2808 said:

veryintrigued said:

Another one that's going to get blown out of the water if people insist of chatting.

People just don't learn do they?

And to be fair all for the sum total of £20 a year per account!
If you are about to seek credit (e.g. a mortgage or a loan or credit card) it really isn't worth all those hard searches either on your file for that. If neither of those are issues fine - but then if you are flush for cash why would you make the effort for such low returns!

When it’s necessary, or advisable, to hold cash, then we just want to try and beat inflation. At the mo’, each £1k account @2% in Virgin trumps inflation. That may not hold for much longer, but, while it does, I’m happy to take whatever latitude Virgin affords ...

colsten

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SPOWER

Skanky bank that don't deserve the forum space they are getting.  They were bad when it was Clydesdale.  The bank lied and said they don't have records when they did.  This was PPI people they deceived.  Shame on you for your silly £1.60.  They want closed.  THE END.

Ballard

Eco_Miser said:

Ballard said:

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. 

So what do you do with your cash instead?

The majority of it went into moving house last year and I'm left with about 9 months take home salary in cash as I need to do some home improvements. I'm earning a tad over 1% on my cash which is handy for the short term but hardly life changing. I contribute 7.5% to my work pension as my employer pays 10% plus matches up to 7.5%. When my finances allow I shall up my contributions again (I reduced it when I decided to move).

I now have a small mortgage split into two rates. About 60% of it is at 1% over base and the rest at 1.54% until December 2022. My plan is to pay the majority of the 1.54% portion off at the end of that period which should be achievable depending on how much I need to spend on my new place. Having a cushion of cash is effectively costing me 0.5% but it does offer a degree of security and I'll need to spend a chunk anyway.

Had I not moved then I still wouldn't be looking at regular savers at these rates. I'd have increased my pension contributions further and put money into a stocks and shares ISAs. As I've said previously, there's nothing wrong with taking out regular savers, even at these rates, but for me it's not worth the effort. 

castle96

"But it will also depend on how easy it is to open the account. It will be entirely different if they ask people to post a certified proof of address, proof of ID in comparison to just apply online and get the account open in less than ten minutes."

I have one already. Applied for a second and they need address/ID by email

adindas

Ballard said:

Eco_Miser said:

Ballard said:

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. 

So what do you do with your cash instead?

The majority of it went into moving house last year and I'm left with about 9 months take home salary in cash as I need to do some home improvements. I'm earning a tad over 1% on my cash which is handy for the short term but hardly life changing. I contribute 7.5% to my work pension as my employer pays 10% plus matches up to 7.5%. When my finances allow I shall up my contributions again (I reduced it when I decided to move).

I now have a small mortgage split into two rates. About 60% of it is at 1% over base and the rest at 1.54% until December 2022. My plan is to pay the majority of the 1.54% portion off at the end of that period which should be achievable depending on how much I need to spend on my new place. Having a cushion of cash is effectively costing me 0.5% but it does offer a degree of security and I'll need to spend a chunk anyway.

Had I not moved then I still wouldn't be looking at regular savers at these rates. I'd have increased my pension contributions further and put money into a stocks and shares ISAs. As I've said previously, there's nothing wrong with taking out regular savers, even at these rates, but for me it's not worth the effort. 

I think you have missed the point when people are asking what do you do with your cash, adding your pension contribution in your pension, over paying your mortgage when it is higher than 2.0% is nothing to do with opening a new bank ac paying 2% interest.

No one has advised not to contribute to your pension, to over pay your mortgage. But after doing all of this suppose you have cash for emergency (everyone should have) where are you keeping this money?? Is it not better to put is into current account paying 2% that you could withdraw anytime you want to .

Ballard

adindas said:

Ballard said:

Eco_Miser said:

Ballard said:

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. 

So what do you do with your cash instead?

The majority of it went into moving house last year and I'm left with about 9 months take home salary in cash as I need to do some home improvements. I'm earning a tad over 1% on my cash which is handy for the short term but hardly life changing. I contribute 7.5% to my work pension as my employer pays 10% plus matches up to 7.5%. When my finances allow I shall up my contributions again (I reduced it when I decided to move).

I now have a small mortgage split into two rates. About 60% of it is at 1% over base and the rest at 1.54% until December 2022. My plan is to pay the majority of the 1.54% portion off at the end of that period which should be achievable depending on how much I need to spend on my new place. Having a cushion of cash is effectively costing me 0.5% but it does offer a degree of security and I'll need to spend a chunk anyway.

Had I not moved then I still wouldn't be looking at regular savers at these rates. I'd have increased my pension contributions further and put money into a stocks and shares ISAs. As I've said previously, there's nothing wrong with taking out regular savers, even at these rates, but for me it's not worth the effort. 

I think you have missed the point when people are asking what do you do with your cash, adding your pension contribution in your pension, over paying your mortgage when it is higher than 2.0% is nothing to do with opening a new bank ac paying 2% interest.

No one has advised not to contribute to your pension, to over pay your mortgage. But after doing all of this suppose you have cash for emergency (everyone should have) where are you keeping this money?? Is it not better to put is into current account paying 2% that you could withdraw anytime you want to .

I was asked what I was doing with my cash and I answered that. To reiterate, its earning just over 1%. I completely agree that I would be better off opening a regular saver earning 2.5% but I feel that the meagre gains in doing so do not warrant the effort involved. Either I wasn’t clear enough in my response, for which i apologise if this is the case, or you didn’t read my reply properly.

edit: to hopefully save some too-ing and fro-ing the difference between £1,000 at 2% and £1,000 at 1% is roughly £10 a year. Whilst it’s clearly beneficial to earn more interest I personally don’t think that it’s worth doing for this return. I note that my post refers to 2.5% in error but see no point in correcting it. 

castle96

I was almost 'told off' for not 'usig the account', as he couldn't ask securityQs. Telephone banking.... activation codes... blah, blah. Blurred emailed photos.. .... All I want to do is stick in £1000 (into loads more accouts

colsten

adindas said:

castle96 said:

"But it will also depend on how easy it is to open the account. It will be entirely different if they ask people to post a certified proof of address, proof of ID in comparison to just apply online and get the account open in less than ten minutes."

I have one already. Applied for a second and they need address/ID by email

When they are asking the scan copy, images, take selfie, etc. It is still easy.

But when they start asking to post "a certified proof of ID", proof of address it will be entirely different matter.

Just use the Post Office certification service. That will be £12.75 very well spent if you are in the unfortunate situation that banks cannot identify you electronically. If you don't have certifiable documents, that would be an entirely different matter and people in that situation will have much larger problems than being refused a current account.