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

MisterMotivated

jpmbosco said:

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?

Being allowed double the higher interest just because you share the account with a partner (with no regard to whether you contributed an equal share) would be rather discriminatory against sole account holders I think

Bigwheels1111

I’m a rate junkie at the moment, for easy access and fixed.
I have a Chase account, and will need it to hold my first pot when it comes to term.
I think the pot will get locked into a 6 month fixed, waiting for longer fixed rate at higher % after a few more boe rises.
I might open a VM account if need for second pot 2 months later.
But for now the % difference is not worth the time and effort.

phillw

Bigwheels1111 said:

I’m a rate junkie at the moment, for easy access and fixed.

I'd have expected a rate junkie to already have a VM saver though as prior to chase launching the 1.5% saver VM were the highest instant access rate.

northwalesd

Rate now increased to 1.71%, I didn't move my money on the last rate increase, but I am now.

Ballard

I’ve just opened a new account at Al Rayan at 1.60% so 1.71% looked interesting until I saw that it was limited to £25,000. I would gain £27.50 a year by moving the maximum there but for me that’s not incentive enough. 

Ballard

I noticed when logging onto my Al Rayan account this morning that the account now pays 1.80%pa so unless Virgin improve/have improved their rate I’d have wasted my time opening an account with them after all. 

VXman

northwalesd said:

Rate now increased to 1.71%, I didn't move my money on the last rate increase, but I am now.

I have both accounts. Not been using the m+ saver for quite a while. Just moved 25K from Chase to Virgin. Only takes a minute and can always reverse it if Chase react.

jbrassy

I moved £25k from Chase to Virgin the other day. The extra 0.2% interest generates an additional £50 over the course of a year, which is not to be sniffed at.

Daliah

£25K in:

• Chase: £375
• VM: £427.50
• Al Rayan: 450

Mind you, if you are certain you don't need the money for a year, you might as well go with Oak North for £712.50.....

jbrassy

Daliah said:

£25K in:

• Chase: £375
• VM: £427.50
• Al Rayan: 450

Mind you, if you are certain you don't need the money for a year, you might as well go with Oak North for £712.50.....

Al Rayan bank sounds interesting, but their website says:
"As an Islamic Bank, we do not offer you interest on your funds, instead, we undertake Sharia compliant activities with the intention of generating profit, which we then share with you".

Therefore, is there any risk attached to this account in terms of the rate you might get? Suppose the bank doesn't have a terribly profitable year, does that mean it might pay only 1.6%?