Martin Lewis gives advice on paying mortgage with savings
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The Virgin Money M Plus Account currently pays 2.02 percent AER (two percent gross per annum variable) on certain amounts. This on balances up to £1,000, and the interest is paid monthly.
If the balance exceeds the £1,000, then the interest rate on balances above this limit is zero percent.
However, the balance up to £1,000 will continue to earn the aforementioned 2.02 percent AER per annum interest rate.
M Plus Account holders can also access a linked savings account.
The M Plus Saver currently pays a 0.35 percent AER/gross per annum interest rate.
There isn’t a limit on the balance which can earn this rate in the M Plus Saver.
This is also a variable interest rate, and it is paid quarterly.
With this account, there isn’t a monthly fee.
This differs to the Virgin Money Club M Account.
This current account also pays 2.02 percent AER (two percent gross per annum variable) on balances up to £1,000, with interest paid monthly.
These account holders get an exclusive linked saver, Club M Saver, which pays 0.50 percent AER (0.50 percent gross per annum variable) on the savings balance.
Interest on this account is paid quarterly.
There is a monthly fee for this account, which is currently £14.50 per month.
Elsewhere on the savings market, Yorkshire Building Society unveiled further increases to interest rates this week.
The Society confirmed a commitment to a further £16million in additional interest for savers.
This is on top of £20million which has already been announced, as part of the member loyalty initiative.
The mutual will make further increases to the interest rate paid on the majority of its variable rate savings accounts by 0.20 percent.
It will mean those with unrestricted access rise to 0.50 percent and restricted accounts to 0.55 percent.
Nearly 1.7 million customers will benefit from the changes, the building society said.
These increases took effect on Wednesday, June 2.
The Society is automatically updating all qualifying accounts, which includes: Internet Saver, Access Saver and Triple Access Saver accounts.
The mutual added that any of the qualifying accounts opened up to January 29, 2021, will be included in the changes.
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