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Not So Smart Saver
Comments
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Nobody claimed you could. But nobody apart from themselves knows the circumstances of the OP - they might come into some more money and it might be prudent to prepare. But yes, you are right if they are a BR tax payer and will remain a BR tax payer and if they don't expect to earn more than £1,000 a year in interest, then they might as well put their money into a Barclays Rainy Day Saver at 5% provided they are happy to jump through the small hoops that are required to access this account.RobM99 said:You won't earn £1000 in interest on £3,200 though. Otherwise we all would.1 -
Out of interest how does that work in terms of account management? I have an existing but empty Virgin ISA and the process I follow for that suggests there are completely separate logins for current accounts or savings accounts. And within each of those, separate logins depending on what the sort code starts with. If you open a current account, does that give a single login that allows you to see savings accounts as well?Band7 said:
Yes but you don't have to use that current account.Qyburn said:Isn't that only available to existing Virgin current account holders?
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Just to let you know, that BoS Monthly Saver allows max payments of £250 per monthFunLovinCriminal said:So....
I have ignored my savings for too long. I have little free time, so i try to keep things simple.
Currently, we have £3k in an ISA earning 0.35%, and £200 in a BoS savings account earning 0.4%
I dont really want to go an open another account and have to juggle money about, however I have just seen a monthly saver with BoS paying 4.5% gross. Max payments of £150 per month. Am I better moving both accounts to this?If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.2 -
For the 3% ISA, you have to use the sane login you use for your current account. Any existing logins for other accounts won’t give you access to the 3% ISA. You won’t be able to see other savings accounts via the current account loginQyburn said:
Out of interest how does that work in terms of account management? I have an existing but empty Virgin ISA and the process I follow for that suggests there are completely separate logins for current accounts or savings accounts. And within each of those, separate logins depending on what the sort code starts with. If you open a current account, does that give a single login that allows you to see savings accounts as well?Band7 said:
Yes but you don't have to use that current account.Qyburn said:Isn't that only available to existing Virgin current account holders?0 -
Is there also an insane login? Or is it simply that trying to understand Virgin’s somewhat disorganised approach to providing accounts is driving you a little bit mad? 😉Band7 said:
For the 3% ISA, you have to use the sane login you use for your current account. Any existing logins for other accounts won’t give you access to the 3% ISA. You won’t be able to see other savings accounts via the current account loginQyburn said:
Out of interest how does that work in terms of account management? I have an existing but empty Virgin ISA and the process I follow for that suggests there are completely separate logins for current accounts or savings accounts. And within each of those, separate logins depending on what the sort code starts with. If you open a current account, does that give a single login that allows you to see savings accounts as well?Band7 said:
Yes but you don't have to use that current account.Qyburn said:Isn't that only available to existing Virgin current account holders?1 -
And why would you not want a Virgin Money Plus current account, which is currently paying 2% gross on balance up to £1k?
I have VM Plus current accounts, linked savings accounts, and a very recently opened Easy Access Exclusive ISA (or a variation on that name
) paying 3% - all on the same login & operated via the app.
FWIW, I opened the ISA on Friday & requested xfer in of Santander ISA. Funds are showing in Virgin today.2 -
I have exactly the same accounts with Virgin Money as you do and I’m very grateful to have all of them! Also, as appears to have been the case for you as well, the opening and funding of all these accounts has fortunately been a relatively straightforward process. Clearly though, not everyone else who’s attempted to open and fund VM accounts has found it nearly so straightforward, unfortunately.badger09 said:And why would you not want a Virgin Money Plus current account, which is currently paying 2% gross on balance up to £1k?
I have VM Plus current accounts, linked savings accounts, and a very recently opened Easy Access Exclusive ISA (or a variation on that name ) paying 3% - all on the same login & operated via the app.
FWIW, I opened the ISA on Friday & requested xfer in of Santander ISA. Funds are showing in Virgin today.0
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