Is It Worth Moving From Chase at 1.5% to Virgin M Plus at 1.56%

scoot65

I've recently become aware that Virgin have increased the rate on their M Plus savings account.

Would it be worth transferring £25k from Chase's 1.5% Saver Account to Virgin Money M Plus at 1.56% ?  .... or would the increase be minuscule? 

 

Olinda99

25000 x 0.06% = £15 /year

Daliah

Olinda99 said:

25000 x 0.06% = £15 /year

Are £15 better in Chase's pockets or in yours? You decide.

wiseonesomeofthetime

Daliah said:

Olinda99 said:

25000 x 0.06% = £15 /year

Are £15 better in Chase's pockets or in yours? You decide.

That's only if the disparity remains for a year of course.

I'm sticking with Chase.

scoot65

Thanks for the replies. Much appreciated! 
So not a great difference, as I suspected. Still, I have both accounts set up already and it'll just mean a quick transfer...........     

[Deleted User]

Chase doesn't require a full credit check, offers cashback, round-ups and ultimately is available for up to 250k.

From a practical sense, I wouldn't move to VM for non-guaranteed £15 uplift as both VM and Chase are variable.

Daliah

Deleted_User said:

Chase doesn't require a full credit check, offers cashback, round-ups and ultimately is available for up to 250k.

None of this is a reason for leaving savings in the Chase savings account if they don't pay top whack. You can still get their cashback if you don't save a penny with them, and if it tickles your fancy, you can play the round-up game - which doesn't depend on having savings with Chase - either. No full credit credit (i.e. no hard search) is a red herring, particularly for those who already have one or more VM accounts.

cymruchris

I've got an account at both - and have moved £25k back to Virgin for now. I imagine that if the numbers of people moving money out of Chase steadily increase - it might spur them on to increase their rates to remain competitive. If they do, I'll happily move it back. It only takes seconds.

Maple08

I'm valuing Chase a lot higher due to being able to split the savings accounts into separate accounts. I don't know any other bank other than perhaps Monzo who allow this feature. I can save up for a holiday and other stuff at the same time, and don't need to do mental maths or make notes on what's going where.

longjohnjohnson

Deleted_User said:

Chase doesn't require a full credit check, offers cashback, round-ups and ultimately is available for up to 250k.

From a practical sense, I wouldn't move to VM for non-guaranteed £15 uplift as both VM and Chase are variable.

Why not both?

The OP is talking about a lump-sum here, so they can continue to take advantage of Chase's benefits whilst also taking advantage of the slightly higher interest rate in the M Plus account.

uk1

scoot65 said:

I've recently become aware that Virgin have increased the rate on their M Plus savings account.

Would it be worth transferring £25k from Chase's 1.5% Saver Account to Virgin Money M Plus at 1.56% ?  .... or would the increase be minuscule? 

 

Hi, my response is more philosophical I'm afraid but I hope it antidotal. 

The bigger and more fundamental one-off but perhaps reviewable question you need to ask yourself is where you are going to set the boundaries for pursuing that "game" in the future after this one. Are you going to move it somewhere else for another £15? And then how often are you prepared to do all this to make a £100 in a year or perhaps even more? And what does this all mean for the amount of time you need to keep yourself informed about small movements in all these different offers with the reading and understanding overload all these fora present etc.

So a lifestyle decision you need to make before you decide whether this one is worthwhile is how many times in the future are you going to repeat all this and do this all regularly in the future? Doing it now makes no sense if given the same scenario in a week or two you don't do it all again. It could take over a slice of precious life that it might be more rational to shrug away from.

So the question is "How much time and effort am I prepared to sacrifice my limited time here for lot's of pretty small gains .... or should I wait until I only see irresistible new offers?"

So are you wanting to become a twitchy obsessive or are you happier to simply shrug, reach for a glass of cheap wine and let the offer pass until you happen to notice an offer to make it all worthwhile?

That is my two penneth worth. The bestest luck with your decision because whatever you decide will be the best one for you and not necessarily the same for others. But hopefully it will be an informed decision rather than being sucked into the general and pervasive zeitgeist which often seems to be that every penny gained is worthwile.

Jeff