The Top Regular Savers Discussion Thread

masonic

Bobblehat said:

masonic said:

It was said that Nationwide bought the brand to diversify its offering. It hardly seems worthwhile to continue products that compete with its own offerings. It was a very expensive way to draw in money.

Good point, but if not compete, what if Virgin offered a replacement RS that was very similar to Nationwide's own RS or indeed similar to other Banks/BSs RS current offerings? I'd welcome that in the maturity options! With all us RS collectors out here, it might not really be competing, more like ... "Why not have both"!
Anyhow, not long to wait for the maturity options email/letter.

If Nationwide wanted to offer a new RS, I'd think it would be better for them to do it under their own brand. I wouldn't be surprised to see the savings part of Virgin Money gradually wound down. But we'll see.

Section62

apt said:

masonic said:

It was said that Nationwide bought the brand to diversify its offering. It hardly seems worthwhile to continue products that compete with its own offerings. It was a very expensive way to draw in money.

You had to have or switch a current account. The 10% RS was a net cost of under £100 which is relatively cheap compared to most switching offers. Virgin Money have already had a 6.5% RS under the new owner so there might be something similar coming up.

Though a good proportion of those opening the RS account are unlikely to have needed to switch, having qualified via an existing current account.

Section62

masonic said:

It was said that Nationwide bought the brand to diversify its offering. It hardly seems worthwhile to continue products that compete with its own offerings. It was a very expensive way to draw in money.

Or worse, to have VM products which outclass the Nationwide equivalents by a country mile.

There's probably a reason why the more recent VM RS offering was a modest 6.5%.

ForumUser7

This 6.5% one - was it one that you couldn't have if you had the 10% one? Wondering if I missed it, or if I wasn't eligible

Bobblehat

masonic said:

Bobblehat said:

masonic said:

It was said that Nationwide bought the brand to diversify its offering. It hardly seems worthwhile to continue products that compete with its own offerings. It was a very expensive way to draw in money.

Good point, but if not compete, what if Virgin offered a replacement RS that was very similar to Nationwide's own RS or indeed similar to other Banks/BSs RS current offerings? I'd welcome that in the maturity options! With all us RS collectors out here, it might not really be competing, more like ... "Why not have both"!
Anyhow, not long to wait for the maturity options email/letter.

If Nationwide wanted to offer a new RS, I'd think it would be better for them to do it under their own brand. I wouldn't be surprised to see the savings part of Virgin Money gradually wound down. But we'll see.

But Nationwide have a current RS on offer (£200pm max, 6.5%, 3 wthdrwls max or rate drops, etc), so what I was hoping is that Virgin might offer something similar to NW. Mind you, I'm also hoping that NW are still offering that one in late September when their last year's offering matures! 

Section62

ForumUser7 said:

This 6.5% one - was it one that you couldn't have if you had the 10% one? Wondering if I missed it, or if I wasn't eligible

That's the one.

masonic

Bobblehat said:

masonic said:

Bobblehat said:

masonic said:

It was said that Nationwide bought the brand to diversify its offering. It hardly seems worthwhile to continue products that compete with its own offerings. It was a very expensive way to draw in money.

Good point, but if not compete, what if Virgin offered a replacement RS that was very similar to Nationwide's own RS or indeed similar to other Banks/BSs RS current offerings? I'd welcome that in the maturity options! With all us RS collectors out here, it might not really be competing, more like ... "Why not have both"!
Anyhow, not long to wait for the maturity options email/letter.

If Nationwide wanted to offer a new RS, I'd think it would be better for them to do it under their own brand. I wouldn't be surprised to see the savings part of Virgin Money gradually wound down. But we'll see.

But Nationwide have a current RS on offer (£200pm max, 6.5%, 3 wthdrwls max or rate drops, etc), so what I was hoping is that Virgin might offer something similar to NW. Mind you, I'm also hoping that NW are still offering that one in late September when their last year's offering matures! 

You can hope, but the fact that VM doesn't have a current RS on offer, leads me to believe that will still be the case on 1st August. I could do with finding one to fill that slot too, but will probably need to look elsewhere. Whether or not VM launches a new one, it won't stop a lot of capital from the maturing ones leaving the brand.

Kim_13

Virgin Money's recent 6.5% was superior to Nationwide's I believe (fixed rate.) It would be a shame if fixes disappear with the VM brand.

jameseonline

Kim_13 said:

Virgin Money's recent 6.5% was superior to Nationwide's I believe (fixed rate.) It would be a shame if fixes disappear with the VM brand.

Possibly deposit more also, because for some unknown reason Nationwide only do £200 max deposit limit per month, I know Virgin do £250 for the 10%

E_zroda

Descrabled said:

Virgin RS

My present balance at 1July is £3139.52

• Interest at 10% for 31 days on this balance is £26.66. Total £3166.18
• Interest at 10% for 31 days on £3000 is £25.48. Total £3165.00

So two conclusions:

1. Virgin sums are rubbish. My total will be in excess of their projected balance.
2. Leaving the additional £139.52 in the account only risks £1.18 at 10% or 59p in another account at 5% interest.

I'll risk the loss of 59p, me thinks.

Have a look at your last statement, mine says at the bottom 0-3163 :10.38%; 3163+ :0.0%