Virgin Money M Plus account

darren_5

Hi,

I’ve recently seen the Virgin money M  plus account that pays 2% of upto £1k and the link saver which is 1.7% to 25k.

My account is current with chase but they don’t do joint accounts and would like to put my savings in a joint account just in case something happened to myself and my partner can then still have access to the funds.

if we open a joint m plus account, does anyone know if the linked savings account is also joint? So we can both see it on the app, have access to it etc?  I read something different elsewhere but to me it doesn’t make sense if the linked saver is separate?

thanks.

ZeroSum

Yes, the linked savings account is also joint.

Mind, we had a right hassle opening ours. Took ages of being passed pillar to post to sort out their IT glitch

darren_5

Thanks ZeroSum. I believe it’s the best savings account to go for at this point?  Is the recommendation to keep money on other places as well in case Virgin ever  freezes or closes account?

wiseonesomeofthetime

darren_5 said:

Thanks ZeroSum. I believe it’s the best savings account to go for at this point?  Is the recommendation to keep money on other places as well in case Virgin ever  freezes or closes account?

Always.

I have back up accounts for current account, savings account, and credit cards.

In most cases, a credit card with a decent available credit limit will suffice to get you through emergencies, where access to your savings is restricted for one reason or another.

ZeroSum

darren_5 said:

Thanks ZeroSum. I believe it’s the best savings account to go for at this point?  Is the recommendation to keep money on other places as well in case Virgin ever  freezes or closes account?

It's the current market leader instant access account.

Thats just reminded me, the last 2 months, their Internet banking & app has gone down on the 1st of the month (which is often when people move money about). And if you use the pots feature on the savings account, it's quite buggy in that it often double counts stuff. I've found to avoid it you need to transfer via 'not in a pot' rather direct from current account to pot/vice versa.

darren_5

Can you explain savings pots please?  Do all pots gain the 1.7% interest?  

ZeroSum

darren_5 said:

Can you explain savings pots please?  Do all pots gain the 1.7% interest?  

It's just means you can sub divide your savings account for specific things if you want to. The money is all in the same account & accrues the same interest. The interest isn't split to pots either, its just paid as unallocated. 

Also they pay interest quarterly 

darren_5

Great thanks. Would you say there were any other accounts that can be opened jointly worth considering at present? 

RG2015

darren_5 said:

Great thanks. Would you say there were any other accounts that can be opened jointly worth considering at present?

In my opinion, there is nothing better at the moment.

2% on £1,000 in the current account and 1.70% on up to £25,000 in the linked saver are way ahead of any of the competition.

I opened a new joint account towards the end of June and the process was simplicity itself.

soulsaver

Can you have a joint and a solo? 

ZeroSum

soulsaver said:

Can you have a joint and a solo? 

I have, so yes