Help with Virgin Money M Plus and linked saver.

darren_5

Hi all,

I’ve just signed up for a joint account and have a few questions.

I’ve logged into the app, but it’s recognising me as my better half?!?  I can’t seem to log in as myself only her? Any idea?

Also, it’s 2.02% on interest up to £1000.  So I have put 1k in, what happens if I add say another £100 here.  Does it then mean the account won’t get any interest at all, or will jus the first 1k get the 2%?

Many thanks 

tempus_fugit

I had this problem as well. The login system for a joint account with VM doesn't seem to be that good and it took ages to get my own login but unfortunately I can't remember how I did it. I think I had to call the helpline for them to sort it out. Despite that I still get comms to my email address in my wife's name.

If you have more than £1,000 in the account then the first £1,000 gets the interest, the rest above £1,000 doesn't get any additional interest.

darren_5

Ok makes sense, so anything over 1k is worth moving to a linked saver?

I’ll give them a call.

blue.peter

darren_5 said:

Ok makes sense, so anything over 1k is worth moving to a linked saver?

Yes, definitely. And that's very easily done, since the M Plus Saver is automatically opened alongside the current account.

But note that the saver only pays 1.71% on balances up to £20,000. Anything above that only gets 1.00%. If, then, you've got over £20,000 in savings, it'll be worth finding another bank to house the excess.

ColdIron

blue.peter said:

But note that the saver only pays 1.71% on balances up to £20,000 £25,000. Anything above that only gets 1.00%. If, then, you've got over £20,000 £25,000 in savings, it'll be worth finding another bank to house the excess.

Fixed that for you

blue.peter

ColdIron said:

Fixed that for you

Oops! Thanks.

Daliah

ColdIron said:

blue.peter said:

But note that the saver only pays 1.71% on balances up to £20,000 £25,000. Anything above that only gets 1.00%. If, then, you've got over £20,000 £25,000 in savings, it'll be worth finding another bank to house the excess.

Fixed that for you

And, as has been discussed in other posts, if you have more than one VM Saver, you get the 1.71% on up to £25k in each of them. Even after they recently introduced the limit of 1 current account for new applicants, it is still possible to get yourself more than one saver account if you don't have them already.