Debating whether to open another current account to maximise return on savings

170 Posts

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
Latest MSE News and Guides
Replies
I've just gone that way and transferred my VIRGIN ISA that was only paying 0.25%
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.
Thanks