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Virgin Money 12%

Just in case no one has heard of this, (I haven't yet seen it on Money Saving Expert, apologies if I'm late to the party!) Virgin Money is offering 10% for switchers into some of their current accounts, one of which gives 2% interest.  It's only on £1000 and only for a year, you have to switch with two direct debits, good luck!
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Comments

  • jameseonline
    jameseonline Posts: 921 Forumite
    500 Posts Name Dropper
    So £1000 left in Virgin gets you £120 in a year (2% savings rate + 10% bonus) AND you have to have 2 direct debits setup, going out and paid each month
  • WillPS
    WillPS Posts: 4,366 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    edited 1 May at 3:02PM
    So £1000 left in Virgin gets you £120 in a year (2% savings rate + 10% bonus) AND you have to have 2 direct debits setup, going out and paid each month

    M Plus and Club M have 2% interest - M Account doesn't.

    There's no requirement to have DDs paid each month as far as I can see, although the switch must include at least 2 active DD mandates.
  • GreenScepter
    GreenScepter Posts: 67 Forumite
    10 Posts
    So £1000 left in Virgin gets you £120 in a year (2% savings rate + 10% bonus) AND you have to have 2 direct debits setup, going out and paid each month
    I don't think the direct debits necessarily have to be monthly payments. You might not even need to keep it after the switch, you just need to transfer 2 as part of the switch. "Transfer at least two direct debits to your new account as part of the switch" is what the T&Cs say.
  • danny13579
    danny13579 Posts: 518 Forumite
    500 Posts Name Dropper First Anniversary
    £1,000 put into a Chase Saver account from today for a year at the bonus rate of 5.1% AER for the first 6 months and 4.1% AER for the second 6 months would earn around £46 in interest.

    £1,000 put into an Edge account from today (assuming you don't have one already) at 7% AER would earn around £70 in interest.

    So £120 in an M+ account seems pretty OK to me. And if interest rates fall later in the year it will only affect the 2% part so you're guaranteed at least £100 worst case scenario.
  • TheBanker
    TheBanker Posts: 2,041 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    This is interesting. If you open the Club M account, the interest would almost cover the monthly account fee, so you'd be getting the travel insurance and breakdown cover for £2.50 per month. 

    Less attractive if your interest will be subject to tax though.
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