Virgin Money

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StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Virgin Money

Postby StoozOrLose » Sun Feb 21, 2016 10:11 pm

Hi all,

New member and new stoozer...

I've just taken the Virgin Money 0% for 32 months with a 1.69% fee.

I've taken close to my credit limit and stuck it straight into the Santander123 account.

Easy money.

YorkshireBoy
Posts: 21
Joined: Wed Oct 14, 2015 10:57 pm

Re: Virgin Money

Postby YorkshireBoy » Sun Feb 21, 2016 10:29 pm

Welcome!

Presumably you've already filled the 4% and 5% current accounts?

With that duration I'd be looking at drip-feeding the 5% and 6% regular savers in order to maximise the return...depending on the limit granted of course.

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: Virgin Money

Postby StoozOrLose » Sun Feb 21, 2016 10:44 pm

Cheers.

No, done nothing more than the above so far.

I'm pretty much at the limit now for the 123 account so my next step (I assume) is to look at the next place to stuff the savings... I'm open to suggestions. I was looking at Club Lloyds for the next £5k unless I should be looking elsewhere? I've not seen anything at 6%...

I'm also looking to see if there are any other good cards for cash transfer's to boost my pot.

YorkshireBoy
Posts: 21
Joined: Wed Oct 14, 2015 10:57 pm

Re: Virgin Money

Postby YorkshireBoy » Sun Feb 21, 2016 11:20 pm

TSB Plus, for 5% on £2K and the same on £250 a month into their regular saver.

Nationwide FlexDirect, for 5% on £2,500 (for 12 months) and the same on £500 a month into their regular saver.

Lloyds Club, for 4% on £4-5K and the same on £400 a month into their regular saver.

The 6% regular savers are with FD, HSBC, & M&S and take a total of £800 a month.

Suggestion would be to use the Santander funds to fill the above current accounts and drip-feed the regular savers.

Should return an aggregate 4.5% ish (compared with the circa 2% AER you're making at the moment with Santander on the stoozed funds).

ceredigion
Posts: 19
Joined: Sat Feb 20, 2016 12:12 pm

Re: Virgin Money

Postby ceredigion » Sun Feb 21, 2016 11:26 pm

StoozOrLose wrote:Hi all,

New member and new stoozer...

I've just taken the Virgin Money 0% for 32 months with a 1.69% fee.

I've taken close to my credit limit and stuck it straight into the Santander123 account.

Easy money.

:o
Read #8 and beyond
http://forums.moneysavingexpert.com/showthread.php?t=5411638

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: Virgin Money

Postby StoozOrLose » Sun Feb 21, 2016 11:30 pm

YorkshireBoy wrote:TSB Plus, for 5% on £2K and the same on £250 a month into their regular saver.

Nationwide FlexDirect, for 5% on £2,500 (for 12 months) and the same on £500 a month into their regular saver.

Lloyds Club, for 4% on £4-5K and the same on £400 a month into their regular saver.

The 6% regular savers are with FD, HSBC, & M&S and take a total of £800 a month.

Suggestion would be to use the Santander funds to fill the above current accounts and drip-feed the regiular savers.

Should return an aggregate 4.5% ish (compared with the circa 2% AER you're making at the moment with Santander on the stoozed funds).


Thanks for taking the time to post that, lots of options there to explore.

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: Virgin Money

Postby StoozOrLose » Sun Feb 21, 2016 11:31 pm

ceredigion wrote:
StoozOrLose wrote:Hi all,

New member and new stoozer...

I've just taken the Virgin Money 0% for 32 months with a 1.69% fee.

I've taken close to my credit limit and stuck it straight into the Santander123 account.

Easy money.

:o
Read #8 and beyond
http://forums.moneysavingexpert.com/showthread.php?t=5411638


Think I'm missing something, why the shock face and the fee highlighted in red? Have I made an error I'm not aware of yet?

planteria
Posts: 207
Joined: Fri Jan 08, 2016 9:11 am
Has thanked: 2 times
Been thanked: 1 time

Re: Virgin Money

Postby planteria » Mon Feb 22, 2016 8:07 am

good question..
and welcome aboard :)

StoozOrLose
Posts: 17
Joined: Sun Feb 21, 2016 9:59 pm

Re: Virgin Money

Postby StoozOrLose » Mon Feb 22, 2016 1:01 pm

StoozOrLose wrote:
ceredigion wrote:
StoozOrLose wrote:Hi all,

New member and new stoozer...

I've just taken the Virgin Money 0% for 32 months with a 1.69% fee.

I've taken close to my credit limit and stuck it straight into the Santander123 account.

Easy money.

:o
Read #8 and beyond
http://forums.moneysavingexpert.com/showthread.php?t=5411638


Think I'm missing something, why the shock face and the fee highlighted in red? Have I made an error I'm not aware of yet?


I've read that thread a couple of times and I'm still not getting where I've gone wrong.

I get that people use mule cards to move money but I'm not sure how that could have saved me anything in this instance, I'd be more than happy to be shown otherwise though as the whole reason I signed up was to learn.

My steps were

1. Take out Virgin card
2. Transfer cash to my S123 account

I will then be moving some of that following the suggestions from Yorkshireboy (thanks) in this thread.

The fee I incurred was for taking the cash on the Virgin card, surely that was unavoidable?

ceredigion
Posts: 19
Joined: Sat Feb 20, 2016 12:12 pm

Re: Virgin Money

Postby ceredigion » Mon Feb 22, 2016 1:47 pm

stoosorlose: Don't lose any sleep over it. I have never used the Virgin card so can't comment on it's possibility's , but 1.69% is competitive.
The MBNA everyday plus card mentioned in the link has a 0% handling fee for a MT, but no interest free period. So that first then immediately BT that to a 0% BT card will have saved you the 1.9% fee.


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