The Top Easy Access Savings Discussion Area

RG2015

Daliah said:

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.

You are quite right.

I have just put it in a spreadsheet and full compounding in one year to 1.56% would only apply to amounts lower than about £24,615.

Edit. Even for £24,615, the actual rate in a year is 1.55773%, and only becomes 1.56% by rounding to 2 decimal places.

Edit 2. OCD kicking in. The figure above should be 1.56204%

murphydavid

New customers can't open a VM account.
Just tried.

Daliah

Let's hope they are upping their current account rate, too 

Daliah

It is all working again for me. I had to reboot my phone for the app to work. I had also restarted my browser, not sure whether that had been necessary but worth a try.

RG2015

Daliah said:

Let's hope they are upping their current account rate, too 

I can't see that happening. They are currently in a league of their own with 2.00% on up to £1,000.

Their aim will be to maintain/increase their customer base. The 1.55% linked account will do that, so there is no benefit in raising a market leading current account rate.

homemover2020

dali21 said:

Daliah said:

I get this right now when trying to log into online banking. Bit of a joke as this has now gone on for almost 12 hours. May be they are under a cyber attack.

I have the same problem.  Have you tried the app too? 

I cannot log in via the app and tried the ATM where I got a message that any service was not available to me.

Bracing myself to ring the CS helpline. 

 Sounds like it is account specific to me, I have absolutely no problems with either the app or the website atm. Full 25k moved back in yesterday @6pm. and interest rate showing as 1.55% in the account details.

Maybe it is only affecting MSE forum users with handles that start with DALI......

trickydicky14

jaypers said:

BigBlueSky said:

I see the website has now been updated to show this:

https://uk.virginmoney.com/current-accounts/m-plus-saver/

M Plus Saver

1.56%

AER (1.55% gross per annum variable) on savings balances up to £25,000 and 0.75% on any balances above £25,000.

Interest paid quarterly.

Managed to finally login and interest rate has been updated to 1.55% AER. Not going to try moving any money back in until things stable as it seems very slow. 

can I ask, when I use the app how do I find the interest rate? as I can't find it
Thanks.

RG2015

trickydicky14 said:

jaypers said:

BigBlueSky said:

I see the website has now been updated to show this:

https://uk.virginmoney.com/current-accounts/m-plus-saver/

M Plus Saver

1.56%

AER (1.55% gross per annum variable) on savings balances up to £25,000 and 0.75% on any balances above £25,000.

Interest paid quarterly.

Managed to finally login and interest rate has been updated to 1.55% AER. Not going to try moving any money back in until things stable as it seems very slow. 

can I ask, when I use the app how do I find the interest rate? as I can't find it
Thanks.

It's not shown on the app, only in online banking.

polymaff

RG2015 said:

Daliah said:

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.

You are quite right.

I have just put it in a spreadsheet and full compounding in one year to 1.56% would only apply to amounts lower than about £24,615.

Edit. Even for £24,615, the actual rate in a year is 1.55773%, and only becomes 1.56% by rounding to 2 decimal places,

Do your (Daliah & RG2015) models match these Virgin calculations?

RG2015

polymaff said:

RG2015 said:

Daliah said:

RG2015 said:

If you leave it there for a year the interest will compound to give you 1.56% on £25k.

Are you sure it would compound at 1.56% if you had the full £25k in from day one? I would have thought that it can only compound at that rate for as long as your balance, including any interest, stays below £25k. The minute you go above £25k, compounding at 1.55% stops.

You are quite right.

I have just put it in a spreadsheet and full compounding in one year to 1.56% would only apply to amounts lower than about £24,615.

Edit. Even for £24,615, the actual rate in a year is 1.55773%, and only becomes 1.56% by rounding to 2 decimal places,

Do your (Daliah & RG2015) models match these Virgin calculations?

Close but not exactly.

£1,000.00     -        £1,015.62
£25,000.00   -      £25,388.96
£50,000.00   -      £50,576.46