Virgin Money 12%

poshrule_uk

I'm right in thinking I could switch to the account but not pay the £1,000 in until 01/07/24 as long as I have followed all the other conditions?

danny13579

poshrule_uk said:

I'm right in thinking I could switch to the account but not pay the £1,000 in until 01/07/24 as long as I have followed all the other conditions?

Yes, that is the best thing to do. You would only be getting 2% on your balance up until 30/06/24.

Johnny-Cage

125 for a year no thx 

danny13579

Johnny-Cage said:

125 for a year no thx 

£120. And may I ask why not?

Johnny-Cage

danny13579 said:

Johnny-Cage said:

125 for a year no thx 

£120. And may I ask why not?

Honestly I couldn’t be bothered waiting a full year for a switch payout 

danny13579

Johnny-Cage said:

danny13579 said:

Johnny-Cage said:

125 for a year no thx 

£120. And may I ask why not?

Honestly I couldn’t be bothered waiting a full year for a switch payout 

Fair enough. I don't really see it as a switch payout. I see it more as getting a high interest rate on £1,000 for a year for having to do very little other than switching a burner account into them. 

ThePirates

Opened a M Plus account, very straight forward, no mention of the 10% bonus though. Will do the account transfer before the end of June and see what happens!

Ballard

danny13579 said:

Johnny-Cage said:

125 for a year no thx 

£120. And may I ask why not?

I’m not arguing against switching for this interest but there are accounts that pay over 4% interest, Chase over 5% if you were lucky, so the gain would be significantly leas than £120 for most people. Factor in tax for those who’d pay it and it’s not nearly as attractive as it first looks.

It is free money so the logical thing is to do it but it’s not worth it for me. 

danny13579

Ballard said:

I’m not arguing against switching for this interest but there are accounts that pay over 4% interest, Chase over 5% if you were lucky, so the gain would be significantly leas than £120 for most people. Factor in tax for those who’d pay it and it’s not nearly as attractive as it first looks.

It is free money so the logical thing is to do it but it’s not worth it for me. 

Unless you're currently stashing your cash under the mattress or it's in an account paying no interest then of course the gain is less than £120 for most people. For me it is worth it as £1,000 in Chase at 5.1% AER between July 1st and November 4th and 4.1% AER from November 5th to June 30th (assuming the interest rate doesn't change) will earn around £45 in interest.

So the gain for me will be around £75 over the year. I won't need to factor in tax. That's not significantly less for me, but we all have different circumstances and views.

ircE

According to the main MSE page, the final amount of interest should be £126.80 rather than the £120 being referred to in this thread

Get 12.68% AER interest on up to £1,000 for a year – worth £125. The Virgin Money M Plus account pays 2% gross interest on up to £1,000 saved in the account, yet newbies who switch will get an extra 10% gross interest added on top – this works out at a massive 12.68% AER interest (worth a little over £125 if you keep £1,000 saved for a full year).