Yorkshire and Clydesdale Bank Direct Current Account

typistretired

Received an email from Yorkshire Bank stating my Direct Current which pays 0.85% on £3000 is changing to a Virgin M Plus account on 19th May which pays 2% on £1000 so I will earn £20.20 per year instead of £25.50

Ed-1

typistretired said:

Received an email from Yorkshire Bank stating my Direct Current which pays 0.85% on £3000 is changing to a Virgin M Plus account on 19th May which pays 2% on £1000 so I will earn £20.20 per year instead of £25.50

Wish I'd kept my 17 accounts that I'd opened for the 2015 switch offer now! Assuming that is, the current accounts I had would be eligible for the 2%. Wasn't it restricted to 1 current account direct?

polymaff

typistretired said:

Received an email from Yorkshire Bank stating my Direct Current which pays 0.85% on £3000 is changing to a Virgin M Plus account on 19th May which pays 2% on £1000 so I will earn £20.20 per year instead of £25.50

Plus - of course - what you can earn on the the other £2,000.

Place it at better than 0.265% and you'll end up better off. ...

veryintrigued

Thanks for the heads-up.

At least the monthly money cycling can stop on this account.

pafpcg

And the Clydesdale Direct account too.

The monthly £1,000 per month transfer-in will no longer be a requirement to get interest.  Here's the Clydesdale announcement:  https://cbonline.co.uk/mplusaccount

See the thread on this forum about the Virgin Money M Current account for discussion about some of the pros & cons of this account:  https://forums.moneysavingexpert.com/discussion/6081433/virgin-money-current-account/p1

[typistretired - can you edit the title of your post to Yorkshire and Clydesdale Banks, please?]

colsten

typistretired said:

....so I will earn £20.20 per year....

I don't think you'll get £20.20 from a single Virgin M Plus account as you can't compound the interest on a £1,000 deposit. Hope you aren't too deflated at that news 🤣

typistretired

Ed-1 you were allowed one single and one joint.  Kept them open with small deposits but filled them to £3000 when 0.85% suddenly looked a good place to park £6000.
Colsten - True. 2 more of those savings accounts paying 0.35% also .  

Ed-1

typistretired said:

Ed-1 you were allowed one single and one joint.  Kept them open with small deposits but filled them to £3000 when 0.85% suddenly looked a good place to park £6000.
Colsten - True. 2 more of those savings accounts paying 0.35% also .  

Are they converting all types of YB/CB current accounts to the 2% Virgin account, i.e. not just the Direct account?

jimjames

polymaff said:

typistretired said:

Received an email from Yorkshire Bank stating my Direct Current which pays 0.85% on £3000 is changing to a Virgin M Plus account on 19th May which pays 2% on £1000 so I will earn £20.20 per year instead of £25.50

Plus - of course - what you can earn on the the other £2,000.

Place it at better than 0.265% and you'll end up better off. ...

You can earn 2% on the other £2000 as well

Frogletina

veryintrigued said:

Thanks for the heads-up.

At least the monthly money cycling can stop on this account.

For quite a long time I had so little in this account that I stopped cycling money through it. However, I was still getting interest each month, though only pennies.

Later on, when I decided to put £3000 back in, as the interest became one of the highest I could get, I decided to start the cycling of £1000 through the account again in case the glitch had been rectified. 

As I've already got an M account, I'm hoping I'll be given a second one. I'm sure I read that some people have multiple ones.

Rich2808

Ed-1 said:

typistretired said:

Received an email from Yorkshire Bank stating my Direct Current which pays 0.85% on £3000 is changing to a Virgin M Plus account on 19th May which pays 2% on £1000 so I will earn £20.20 per year instead of £25.50

Wish I'd kept my 17 accounts that I'd opened for the 2015 switch offer now! Assuming that is, the current accounts I had would be eligible for the 2%. Wasn't it restricted to 1 current account direct?

Those were the days - people thinking up multiple reasons why they needed to open another CB or YB current account on top of the 5 or 10 they already had to benefit from the £150 switch offer yet again! Who ever thought that whole mass multiple switching idea was sensible at HQ?!
Will be sorry to see my current account direct go and the Yorkshire bank branding and logo. I presume they will force you to move to the Virgin app too?