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Debating whether to open another current account to maximise return on savings
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w00519773
Posts: 222 Forumite

I am thinking about opening a Virgin Money cash ISA as described here: Top cash ISAs: up to 3.1% easy access, up to 4.2% fixed - MSE (moneysavingexpert.com)
I don't currently have a current account with them, but I am thinking about opening an NI Plus because after contacting Virgin Money I was told that:
1) No monthly fee
2) No minimum direct debits
3) Put £1 in there and leave it for one year
The interest rate with a current account is 4.25 and without is 3.95. With the current account £40,000 savings will be worth approximately £41,700 and without a current account they will be worth approximately £41,580, so about £120 more with the current account.
I already have four current accounts to maximise the return on my savings and don't really want another one, however it seems like a no brainer. Are there any negatives about having another current account except a footprint on my credit score?
I don't currently have a current account with them, but I am thinking about opening an NI Plus because after contacting Virgin Money I was told that:
1) No monthly fee
2) No minimum direct debits
3) Put £1 in there and leave it for one year
The interest rate with a current account is 4.25 and without is 3.95. With the current account £40,000 savings will be worth approximately £41,700 and without a current account they will be worth approximately £41,580, so about £120 more with the current account.
I already have four current accounts to maximise the return on my savings and don't really want another one, however it seems like a no brainer. Are there any negatives about having another current account except a footprint on my credit score?
0
Comments
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The current a/c only has interest on the 1st £1000; the savings a/c up to £40000; the ISA 4.25%
I've just gone that way and transferred my VIRGIN ISA that was only paying 0.25%Never pay on an estimated bill. Always read and understand your bill0 -
Just do it.1
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Lol. I literally have current accounts with every bank and pretty much to take advantage of all kinds of offers that come around.1
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I'm now also looking at this ISA/Current account combo.
The website says that the maturity date for the ISA is 29/03/2024. Does anyone know if this means that I have to pay the money in before 29/03/2023. I was hoping to open the ISA now but not pay the money in till 3rd April.
Thanks0 -
Sus59 said:I'm now also looking at this ISA/Current account combo.
The website says that the maturity date for the ISA is 29/03/2024. Does anyone know if this means that I have to pay the money in before 29/03/2023. I was hoping to open the ISA now but not pay the money in till 3rd April.
Thanks0 -
Pension is the correct answer0
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