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

The_Green_Hornet

hangryconsumer said:

scoot65 said:

it'll just mean a quick transfer...........     

Nope. Yesterday they blocked my transfer, I rang them asap, waited 20 mins on hold so gave up and sent a message through the app. They said they would call me, still waiting. No idea what the call involves. Already told them in the message in the app the reason for the transfer. Already lost a day's interest because of it. @scoot65 let us know how you get on with the transfer.

I too had a transfer blocked by Chase, on Friday afternoon, and it didn't get released until this morning (Sunday).

It took a day for them to respond to a message only to say that the team dealing with the security checks has a backlog and will be in touch. They never did get in touch.

I think it is a case of just be patient and they will get round to releasing it eventually but "faster" payments it isn't.

dul50n

Aside from Chase's over zealous security measures which is really letting them down, the ability to set up direct debits on and schedule payments from their savings account far outweighs 0.05% extra interest at VM where you can only move your money in real time on the day

That's no use when you've got a system in place to maximise bank rewards

scoot65

hangryconsumer said:

scoot65 said:

it'll just mean a quick transfer...........     

Nope. Yesterday they blocked my transfer, I rang them asap, waited 20 mins on hold so gave up and sent a message through the app. They said they would call me, still waiting. No idea what the call involves. Already told them in the message in the app the reason for the transfer. Already lost a day's interest because of it. @scoot65 let us know how you get on with the transfer.

The frequent incidents of Chase blocking the transfer and then subsequent hassle of getting it unblocked has put me off a little. I'm actually having second thoughts. I hate having to battle customer services / hanging on hold on the phone for long periods of time. Not to mention the real possibility of loosing a day or more of interest.  I'll give it some extra thought.

Daliah

dul50n said:

Aside from Chase's over zealous security measures which is really letting them down, the ability to set up direct debits on and schedule payments from their savings account far outweighs 0.05% extra interest at VM where you can only move your money in real time on the day

That's no use when you've got a system in place to maximise bank rewards

In theory yes, but since they have now also put holds on SOs, even on ones that previously paid out, this functionality is of questionable value. They really need to sort out their overzealous holding of payments, and add some staff to their verification team (alongside adding staff to their CS full stop).

Savings account functionality aside, VM have had the upper hand on instant access savings before Chase even arrived on the scene. At least it did, and still does, for those who had a system in place to maximise bank rewards before VM decided to limit new current account applications to 1 

where_are_we

I have moved most of my cash back to Virginmoney MPSaver from Chase Savings. The first payment of just under £10K was put on hold for security checks but went through soon after. It`s prudent to have money in both in case of issues. It`s the MSE way to optimise your interest. Remember the benefits of compound interest on multiple small amounts.

We mostly make our vegetarian and vegan pizzas from scratch using our ancient Panasonic bread machine - very cheap combined with a side salad to make it healthier!

jimjames

Maple08 said:

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.

You can do this with VM too

Ballard

where_are_we said:

I have moved most of my cash back to Virginmoney MPSaver from Chase Savings. The first payment of just under £10K was put on hold for security checks but went through soon after. It`s prudent to have money in both in case of issues. It`s the MSE way to optimise your interest. Remember the benefits of compound interest on multiple small amounts.

We mostly make our vegetarian and vegan pizzas from scratch using our ancient Panasonic bread machine - very cheap combined with a side salad to make it healthier!

Whilst it’s true to consider compound interest, a months interest on £25,000 in a VM account would accrue 49p a year at 1.5% so I don’t think that it’s anything to get too concerned about. 

granta

where_are_we said:

 It`s the MSE way to optimise your interest. Remember the benefits of compound interest on multiple small amounts.

could you explain the compound interest benefits for multiple small amounts, not sure if I understand correctly?

pafpcg

Ballard said:

where_are_we said:

I have moved most of my cash back to Virginmoney MPSaver from Chase Savings. The first payment of just under £10K was put on hold for security checks but went through soon after. It`s prudent to have money in both in case of issues. It`s the MSE way to optimise your interest. Remember the benefits of compound interest on multiple small amounts.

We mostly make our vegetarian and vegan pizzas from scratch using our ancient Panasonic bread machine - very cheap combined with a side salad to make it healthier!

Whilst it’s true to consider compound interest, a months interest on £25,000 in a VM account would accrue 49p a year at 1.5% so I don’t think that it’s anything to get too concerned about. 

Agreed, but rather than losing the compounding of monthly interest, just keep the balance at just below £25,000, to give enough headroom for a few months of interest to reduce the number of occasions when the interest needs to be skimmed off.

I'd question though how many wish to keep £25,000 in an M+ savings account earning only 1.55% (together with the £1,000 earning 2% in the associated M+ current account).  Those that do, will probably have opened multiple M+ current & savings accounts since VM first offered them in early 2020.

Daliah

pafpcg said:

I'd question though how many wish to keep £25,000 in an M+ savings account earning only 1.55% (together with the £1,000 earning 2% in the associated M+ current account).  Those that do, will probably have opened multiple M+ current & savings accounts since VM first offered them in early 2020.

I am aware that a few people have dozens of the £1K accounts but I doubt many would have 84 or 85 of them in a single name.....so one or two accounts with £24k-ish might be useful for a few of them