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Virgin Money interest rate drop - is this the beginning of saving rate drops??

Tryinghardtosave
Posts: 62 Forumite


I have just received an email telling me that my M Plus saver account interest rate is dropping down to 2.50% from the 3.55%
It wasn't the best rates to begin with, but that is quite a drop.
I wonder if the other institutions will also begin to drop the rates - might be time to lockup in a 1 or 2 year deal now.
It wasn't the best rates to begin with, but that is quite a drop.
I wonder if the other institutions will also begin to drop the rates - might be time to lockup in a 1 or 2 year deal now.
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Comments
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Yep, I got the same email today too. A bit annoying because Virgin is my main current account and it's handy having an associated savings account at the same bank to hold a bit of contingency cash without any risk of transfers between it and the current account being blocked. I'll probably reduce that amount now but still keep about £1000 sitting there earning the paltry 2.5%
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boingy said:Yep, I got the same email today too. A bit annoying because Virgin is my main current account and it's handy having an associated savings account at the same bank to hold a bit of contingency cash without any risk of transfers between it and the current account being blocked. I'll probably reduce that amount now but still keep about £1000 sitting there earning the paltry 2.5%Remember the saying: if it looks too good to be true it almost certainly is.1
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jimjames said:boingy said:Yep, I got the same email today too. A bit annoying because Virgin is my main current account and it's handy having an associated savings account at the same bank to hold a bit of contingency cash without any risk of transfers between it and the current account being blocked. I'll probably reduce that amount now but still keep about £1000 sitting there earning the paltry 2.5%1
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Tryinghardtosave said:Virgin Money interest rate drop - is this the beginning of saving rate drops??
[...]
I wonder if the other institutions will also begin to drop the rates - might be time to lockup in a 1 or 2 year deal now.0 -
boingy said:Yep, I got the same email today too. A bit annoying because Virgin is my main current account and it's handy having an associated savings account at the same bank to hold a bit of contingency cash without any risk of transfers between it and the current account being blocked. I'll probably reduce that amount now but still keep about £1000 sitting there earning the paltry 2.5%3
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