Virgin Money M Plus Saver

alandaniel132

If I have £1,000. Is it better to deposit in my Virgin Money M Plus Saver  (2.55%) rather than in Virgin Money M Plus Current Account (2.02%)?

surreysaver

Depends upon whether you want to earn more or less interest

Also, the current account pays interest monthly, whereas the savings account three monthly, if that's an issue for you

alandaniel132

obviously want to earn money

Band7

My choice would be neither of these two as there are a few accounts with higher interest rates.

If you have reason to use Virgin, which of the two you want to use depends on your objectives. If it's best interest, you clearly would do better in the savings account - - - but then see above.

surreysaver

alandaniel132 said:

obviously want to earn money

Well, its not obvious. Some people might want to earn less, maybe for tax reasons.
But which do you think - do you think the one earning more interest earns you more interest?

grumbler

Unless you intend not to use this money, for such small amount the difference is very small.

And the same Virgin offer flexible cash ISA paying 3% that for you will be no different from an ordinary savings account - you are free to withdraw and put money back as long as the balance remains below £20K.

ForumUser7

alandaniel132 said:

If I have £1,000. Is it better to deposit in my Virgin Money M Plus Saver  (2.55%) rather than in Virgin Money M Plus Current Account (2.02%)?

M Plus Current: 1000 x 0.0202 = £20.20 each year (paid monthly)
M Plus Saver: 1000 x 0.0252 = £25.20 each year (paid quarterly)

Just a sidenote, the M Plus Saver pays 2.52% AER, not 2.55%

Personally, if you were choosing between these accounts (and not wishing to explore other accounts or providers at this stage), I'd go with the M Plus Saver.

alandaniel132

is there any special condition that needs to be put in M Plus Current, for example, direct debit, in order to get M Plys Saver 2.52% AER?

grumbler

You're ready to apply if:

• You're 18 or over and live in the UK (over 16s can open an account in Store).

You may only open an M Plus Saver if you have an M Plus Account with us in the same name(s).

https://uk.virginmoney.com/current-accounts/m-plus-saver/#m-plus-saver-summary-box

pridehappy

I would always deposit in the Saver, it's much safer there as there's less risk of debit card fraud and it's a little bit more hidden away compared to the current account. Plus, the current account is there as a backup in-case your other current account(s) fail. Interest rate is slightly higher too.

GraceCourt

I wouldn't recomment switching to Virgin, which is in reality the Clydesdale Bank.

Astonishingly for a bank, Clydesdale Bank PLC ("Virgin Money") has some very sloppy data privacy procedures: they request that you send all of your proof of identity documents to a third party (Hooyu Limited) which starts off by requiring you to give your permission for your personal data to be transferred to a non-existent data controller.  I declined to do so for exactly that reason when applying for a "Virgin Money" credit card and after a month trying to get an explanation for this gave up: my complaints about these issues were acknowledged but ignored.  I cancelled the application because it was taking so long (well over a month).

Tesco Personal Finance Finance PLC ("Tesco Bank") had our card account opened, and PINs and cards delivered, all within a week!