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

tracyk23

Bear in mind VM app was down for at least a full day last week, right before a bank holiday. 

wiseonesomeofthetime

phillw said:

uk1 said:
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.

Yes. Yes. Yes.

Writing your post took time, which you didn't make any money from. While moving money round to get the best interest rate is fun.

There are literally thousands of people who would not agree with that comment after the events of the last week 🤣

phillw

wiseonesomeofthetime said:
There are literally thousands of people who would not agree with that comment after the events of the last week 🤣

It's all part of the fun. It's given people loads to complain about & people like complaining.

Sensory

phillw said:

wiseonesomeofthetime said:
There are literally thousands of people who would not agree with that comment after the events of the last week 🤣

It's all part of the fun. It's given people loads to complain about & people like complaining.

Having your life savings missing for 3 days whilst waiting for a bank to decide when it's convenient for them to call you to make their 'checks' is anything but fun.

phillw

Sensory said:
Having your life savings missing for 3 days whilst waiting for a bank to decide when it's convenient for them to call you to make their 'checks' is anything but fun.

I would have had a field day on that complaint.

uk1

Sensory said:

phillw said:

wiseonesomeofthetime said:
There are literally thousands of people who would not agree with that comment after the events of the last week 🤣

It's all part of the fun. It's given people loads to complain about & people like complaining.

Having your life savings missing for 3 days whilst waiting for a bank to decide when it's convenient for them to call you to make their 'checks' is anything but fun.

I feel for you.  Others can make light of this but when it happens “to you” it’s no joke.  All the best. 

phillw

uk1 said:
I feel for you.  Others can make light of this but when it happens “to you” it’s no joke.  All the best. 

I'm not joking. Banks making mistakes is a great opportunity for compensation. I am not going to let bank errors scare me off transferring money to another account.

jpmbosco

Forgive me if this question has been asked and sorry if it is a bit off topic.

I am a Virgin Money customer with a joint account and contacted Virgin to ask if I deposit £50,000 into our linked savings account, would it get the full 1.56% interest as the account is joint. I was told No, as it is one account.
So I can expect to be protected by the regulator up to 2 x £85,000 in the event the bank fails but VM will allow only interest on £25,000 at 1.56%.

If I have 2 joint accounts with linked savings, my wife and I would each be allowed £25,000 at 1.56%.
A bit disctriminatory against joint account holders I think, what are your thoughts group?

RG2015

jpmbosco said:

Forgive me if this question has been asked and sorry if it is a bit off topic.

I am a Virgin Money customer with a joint account and contacted Virgin to ask if I deposit £50,000 into our linked savings account, would it get the full 1.56% interest as the account is joint. I was told No, as it is one account.
So I can expect to be protected by the regulator up to 2 x £85,000 in the event the bank fails but VM will allow only interest on £25,000 at 1.56%.

If I have 2 joint accounts with linked savings, my wife and I would each be allowed £25,000 at 1.56%.
A bit disctriminatory against joint account holders I think, what are your thoughts group?

The FSCS decide that the protection limit is 2 x £85k

It is up to Virgin Money to decide the cut off point for 1.55% on their on their linked saver, be it a sole account or a joint account.

Anyway it is easily resolved by opening another account.

[Deleted User]

wiseonesomeofthetime said:

phillw said:

uk1 said:
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.

Yes. Yes. Yes.

Writing your post took time, which you didn't make any money from. While moving money round to get the best interest rate is fun.

There are literally thousands of people who would not agree with that comment after the events of the last week 🤣

I view VMs platform as inferior to Chase's platform plus the £15 assumes that rates remain as is for one year and that you have the full amount - both not guaranteed.