Savings Advice from the collective MSE Brains

FunLovinCriminal

Currently have £2k in savings in a Virgin E-ISA.  The interest is 1.89%. I cannot find anywhere with any interest rate, and wondered what you would do in my position.  I have a current account with BoS, and TSB Classic Plus Account.  I was drip feeding the Virgin account every month from the TSB account as there is no interest in it any more.  I also have a monthly regular savings account with BoS paying 2.00% gross interest annually.
The interest rate has taken me by surprise, as I don't spend as much time as I once did with my finances.  We have two young children, and all my time is spend at work or with them.
Should I just leave the money in the Virgin E-ISA?
FLC

MaxiRobriguez

Are you absolutely sure the interest is 1.89%?

If yes, I'd probably just leave your money where it is, you won't be getting a better rate on the market.

FunLovinCriminal

Yes it currently is 1.89%, but finishes on 20th feb. Was a 1yr fixed isa. Reverting to 0.25%

Albermarle

This is a savings account comparison site . https://moneyfacts.co.uk/
If you are a basic rate taxpayer you can nowadays earn up to £1000 in interest tax free. This makes saving in an ISA redundant for most people and non ISA savings accounts usually pay a little more interest.

ivormonee

Taking the last two comments together (desire for a one year fixed rate and the fact that there is an additional tax free allowance thereby not necessitating any need for an ISA wrapper) moneyfacts (and other comparison websites) seem dry of enticing options. If you're prepared to tie-up for 18 months there is one account that pays 0.77% (from DF Capital). The next best is a rate of 0.70% from Union Bank of India and Oxbury Bank - again, both would require an 18 month commitment. These rates are particularly low, even with the BoE rate where it is.

I just don't know what I would do if I were you. There are too many unknown variables at play and it's impossible to predict whether we'll see some better rates in coming weeks or whether the drive to the bottomless pit continues.

El_Torro

If we’re talking about £2k then you can put half of it in a Virgin Money Current Account for an interest rate of 2.02%. I personally only own 1 of these accounts though I believe you can own more than one, thereby getting 2.02% interest on the whole lot.

FunLovinCriminal

El_Torro said:

If we’re talking about £2k then you can put half of it in a Virgin Money Current Account for an interest rate of 2.02%. I personally only own 1 of these accounts though I believe you can own more than one, thereby getting 2.02% interest on the whole lot.

Thank you, that sounds great, are there any t&c's or things I need to do (e.g. two dd leaving the account etc)

soulsaver

FunLovinCriminal said:

El_Torro said:

If we’re talking about £2k then you can put half of it in a Virgin Money Current Account for an interest rate of 2.02%. I personally only own 1 of these accounts though I believe you can own more than one, thereby getting 2.02% interest on the whole lot.

Thank you, that sounds great, are there any t&c's or things I need to do (e.g. two dd leaving the account etc)

Think it doesn't but check the T&Cs.

wiseonesomeofthetime

FunLovinCriminal said:

El_Torro said:

If we’re talking about £2k then you can put half of it in a Virgin Money Current Account for an interest rate of 2.02%. I personally only own 1 of these accounts though I believe you can own more than one, thereby getting 2.02% interest on the whole lot.

Thank you, that sounds great, are there any t&c's or things I need to do (e.g. two dd leaving the account etc)

No minimum pay-in and no DD requirements to open the account and receive the interest.

There was a DD requirement for the wine switch offer that finishes tomorrow night.

The 2.02% AER is variable and can change at any time, with requisite notice.

As an existing Virgin Money user, you should be able to apply in-app.

colsten

wiseonesomeofthetime said:

As an existing Virgin Money user, you should be able to apply in-app.

The app just sends you to the website to login and apply, so you can go there directly instead

Croeso69

Regular savers now paying 1% so when my HSBC 2.75% and Club Lloyds 2.50% accounts mature they are not worth renewing for 1%. Probably stick it all in my existing Hargreaves Lansdown Active Savings (HLAS) account split between various providers. Premium Bonds already fully subscribed. Retiring in the summer hopefully so will use the HLAS cash as a pseudo state pension until the real state pension kicks in - enough cash there to take £9,000 out each year to SPA. I will drawdown my SIPP on top so should be OK. Have two small DB as well and i will keep them as DB.