Virgin money RS - maturity

Yorkshire_Pud

April Fools (Virgin):)

ashteadgirl

Just found interest been transferred to current a/c.
Looked at key product info on website

• Maximum deposit limit £3,500 a year. For all accounts the maximum deposit limit also applies to joint accounts.
• If a monthly deposit results in your account going over the maximum £250 per calendar month deposit limit we will return
the additional money to you. This does not include any interest you have asked to be added direct to your account.

So I believe the interest should have not been moved out, especially as this months deposit has not not landed in the account. Interestingly my virgin online account still has the interest sitting in the account, as well as in my current aaccount. All very odd and looks like by trying to fix one problem they have created a bigger one. Their IT dept seems to be full of idiots

Wheres_My_Cashback

ctdctd wrote: »

Yep, I suspect that they have tried to fix the other issue and broken this instead!

veryintrigued wrote: »

I suspect the same.

It means that we'll not be compounding our interest for twenty odd days. Again at odds with all the other issues.

It's only a matter of pence but still shows lack of control.

This issue has always been there, but clearly not fixed....yet !

https://forums.moneysavingexpert.com/discussion/5721115/virgin-rs-issue-1-a-c-limit-breach-or-not

milton1970

I suspect this is the annual vs monthly interest option kicking in.


Annual is paid on 31/03 annually


M

ColdIron

milton1970 wrote: »

I suspect this is the annual vs monthly interest option kicking in.


Annual is paid on 31/03 annually
M

You are confusing Virgin with Tesco

Virgin pay (and have already paid) on the 11th March

xylophone

Yes - got me rather confused. The legend says 'breached payment limits' or something close to that. The account now has £3,500.

Mine is the same - but it cannot be correct.

What has breached the limit is surely today's £250 and it is that which should have been returned to the current account?

The interest should have stayed in!

I have sent a message to Virgin and will await reply.

Frogletina

xylophone wrote: »

Mine is the same - but it cannot be correct.

What has breached the limit is surely today's £250 and it is that which should have been returned to the current account?

The interest should have stayed in!

I have sent a message to Virgin and will await reply.

I imagine they will say it is not the interest, but the £250 that takes it the same amount over the limit.

But it is odd

I will be in my local Virgin store this afternoon so I will ask them to check what is going on.

frogletina

guli

It's very simple, they want to avoid the 'double interest' issue....

Frogletina

guli wrote: »

It's very simple, they want to avoid the 'double interest' issue....

The double interest is the interest that is added on the final day - this is unlikely to have any affect on that

frogletina

Neil_Jones

Previously the interest payment was added to the account with no trouble.

I note my E-savers issues 11 and 12 had their interest payments applied on the 11th and still both took a £250 deposit this morning so the issue with the Reg 10 must be the ceiling figure the account can hold.