Debating whether to open another current account to maximise return on savings 11 March at 9:13AM in Savings & investments 6 replies 587 views

w00519773

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? 

Robin9

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%

Band7

Just do it.

aaj123

Lol. I literally have current accounts with every bank and pretty much to take advantage of all kinds of offers that come around. 

Sus59

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.
Thanks

Band7

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.
Thanks

You usually have a period during which deposit(s) must be made. Could be a couple of weeks, could be a month - what do the T&Cs say? 

retiringtoosoon

Pension is the correct answer