Virgin Money Business savings account

[sal]

Has anyone tried them? 1.01% AER and FSCS protection is not bad for non-fix

https://uk.virginmoney.com/virgin/bu...siness-access/

[vwdan]

Brutally honest question - does anyone bother with this? I have a not-insignificant sum of money in my HSBC accounts (Though not as much as many, I'm sure) and the interest over a year doesn't even cover a day off. Just doesn't seem worth the bother.

[MrButton]

Brutally honest question - does anyone bother with this?

Yep.

But completely depends on the size of their warchest and the interest rates where they are currently holding the money.

For a lot of people this easily be upwards of £500 per year.

[MLB]

I have 2 business accounts with them - an instant access and a 1 yr fix. The monthly income covers my accountancy fee at SJD, so worth it for me. I’ll likely route some remaining funds into their new 1.85% 1 yr fix as that’s a reasonably good rate for a 1 yr deal. Not sure if theyre still offering this but they also included free access to their concierge service for a period when I opened my accounts.

[Maslins]

Brutally honest question - does anyone bother with this? I have a not-insignificant sum of money in my HSBC accounts (Though not as much as many, I'm sure) and the interest over a year doesn't even cover a day off. Just doesn't seem worth the bother.

Personally I'm with you on this. I totally get the "every little helps" argument on the other side...but to my mind people can get themselves into a mess with fixed term deposits. Or they're not careful and end up going overdrawn on their current account, suffering fees that dwarf the interest they got from transferring spare cash to savings.

[Spoiler]

Applied recently for a VM savings account - drawn out process for me as I had to provide proof of business correspondence address (different to CH registered address). This was provided Tuesday, and told it will take till next week to be able to manage my account online. The whole process seems a little old skool ...

As for is it worth it, I think so:
- There's enough cash in Ltd's current account to cover monthly outgoings
- A chunk of cash is transferred to an easy-access savings account
- Another chunk of cash that I don't plan needing access to longer term is stuck in RateSetter earning a better rate (and even that I should be able to access in a few days if desperate, incurring a fee)

[barrydidit]

The whole process seems a little old skool ...

Don't forget, they took over Northern Rock's infrastructure/estate and the name of the game was to float the business so that the private equity boys could extract their profit. It should probably get better over time, but in 2013 there was a biscuit tin which had mortgage valuation fee cheques in, so there's plenty of scope for improvements...

[Hobosapien]

Aren't they being bought out by the Clydesdale Yorkshire Bank group (CYBG) that intend to then rebrand their entire operation as Virgin Money and close down some of the redundant parts?

So likely lots of changes coming soon. Let's hope they handle it better than TSB.

[adubya]

Easy money. 1% instant access, worth around £700/yr to MyCo for minimal effort.

[chineseJohn]

Don't forget you get access to Virgin Money Lounges

Useful if you're in one of the cities for meetings etc and need somewhere to work