Marcus - 1.3% with 0.25% bonus

[Deleted User]

So what's best or what returns the most? £25,000 at 1.5% in Chase with a monthly interest payment or the same amount in Virgin at 1.56% but a quarterly interest payment? Does the compound tip the scales?

masonic

Deleted_User said:

So what's best or what returns the most? £25,000 at 1.5% in Chase with a monthly interest payment or the same amount in Virgin at 1.56% but a quarterly interest payment? Does the compound tip the scales?

The gross rate for VM is 1.55%, so compounding does not tip the scales.

ChilliBob

Not trying to be a Chase fan boy or anything but there is the 1% cashback to throw into the mix - that was enough to make me use it as my main spending account to be honest! 

RG2015

ChilliBob said:

Not trying to be a Chase fan boy or anything but there is the 1% cashback to throw into the mix - that was enough to make me use it as my main spending account to be honest! 

But remember the 2.00% on the VM current account.

The best option therefore is:

£1,000 in VM current account
Up to £25k in VM saver
Anything above £25k in the Chase saver
Use the Chase current account for debit card spending for a year.

There will possibly be small gains by moving the interest, but barely worth mentioning.


So not really an apples to apples comparison in my view.   

ChilliBob

That's actually what I have going on, except VM is over 25k at present which sort of defeats the purpose! Something which I need to sort today! The lonely 1k has been sitting in the current account since opening though!