Different rate ISA applied

andsaw

When we get the weekly email, we got one for the new best isa rates in march and saw virgin offering 1.5% fixed so we applied and set up the transfer from the post office account and have had a look at the rate for both of us has been dropped to 1.3% are they allowed to do that or am i missing something.

RG2015

Virgin Money change their savings rates every now and then. The 1 year fixed rate E-ISA Issue 317 at 1.50% was available from 8/3/18 to 27/3/18. If you are interested I have included a link below to the VM product and rate history.

It sounds like you have just been unlucky to have just missed out on the 1.50%. If you only got 1.30% it would have been shown on the product details you would have signed up to.

They cannot reduce the rate once you have signed up for the product so it does appear that you have signed up for a newer issue. Issue 319 available from 27/3/18 is 1.30% and is fixed for the year.

https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate

eskbanker

If you successfully opened a fixed rate account then no, by definition they can't subsequently change the rate during the term of the fix. However, did you get explicit confirmation when opening that you'd definitely secured the higher rate or was it already 1.3% when you applied (or when the account was actually opened)?

andsaw

We opened he virgin account on the 12th march for each of us and at the same time set the transfer up upon maturity date mine was 9th april and the wifes was 19th march and i do remember seeing the 1.5% on the account before the the money was transfered.

RG2015

andsaw wrote: »

We opened he virgin account on the 12th march for each of us and at the same time set the transfer up upon maturity date mine was 9th april and the wifes was 19th march and i do remember seeing the 1.5% on the account before the the money was transfered.

Can you confirm the product name and issue number and what rate was shown on the product information you downloaded or received in the post?

andsaw

The only thing i have is 1 Yr Virgin Fixed Rate E-ISA Issue 317 that was in my messages that i can confirm, and later got a letter showing the same.

Paul_DNAP

If it's showing as Issue 317 then it should be showing 1.50% interest. It's time to call Virgin.

RG2015

andsaw wrote: »

The only thing i have is 1 Yr Virgin Fixed Rate E-ISA Issue 317 that was in my messages that i can confirm, and later got a letter showing the same.

Are both ISAs Issue 317?

andsaw

Yes they are.

mije1983

What explanation have Virgin given you for the difference in rate?

andsaw

I haven't phoned yet, doing it Monday.