Virgin Money Regular Saver Thread

schiff

PParka said:

Virgin Money Regular eSaver Issue 20 has been withdrawn after only 5 days.  
I'm wondering if the next issue will be lower than 1%.

They are probably regretting the 1.75% on the recent HBC account. We can always hope for a further HBC account 

colsten

As long as they don't drop the interest rate on their current account, and as long as I can get 1.5% in Regular Savers elsewhere, I can't say I miss their 1% Regular Saver.

MDMD

schiff said:

PParka said:

Virgin Money Regular eSaver Issue 20 has been withdrawn after only 5 days.  
I'm wondering if the next issue will be lower than 1%.

They are probably regretting the 1.75% on the recent HBC account. We can always hope for a further HBC account 

Unfortunately even if they did the terms would appear to prevent you opening it (unlike the normal VM RSs which specify one per issue per person):

https://uk.virginmoney.com/savings/products/home_buying_coach_regular_saver/?utm_source=mortgagecoach&utm_medium=app&utm_campaign=savings#how-do-i-open-and-manage-my-account

Customers can only have one Home Buying Coach Regular Saver at any time.

Whether they notice is another question.....

colsten

MDMD said:

Whether they notice is another question.....

To which the answer is 'yes'. At least as far as the same issue is concerned.

veryintrigued

Regular E-saver 14 now showing as an easy saver 28 with £40.10 interest uncleared.

schiff

For tax return purposes £1.34 of the interest relates to 2019/20.

colsten

My Virgin issue 14 is currently still 'maturing' and read-only. I suppose the withdrawal will have to wait until midnight. I am so excited 🤣🤣🤣

£1.37 interest for 2019-20, and £40.09 for 2020-21. Both cleared.

Fingerbobs

colsten said:

My Virgin issue 14 is currently still 'maturing' and read-only. I suppose the withdrawal will have to wait until midnight. I am so excited 🤣🤣🤣

Are you going to stay up all night reloading the page every 30 seconds?

MDMD

schiff said:

For tax return purposes £1.34 of the interest relates to 2019/20.

Edit:  I forgot that there was a payment in March 2020......(mine was opened after that date so I only got £34.89).

Just to check, the double interest thing doesn’t work anymore does it?

Not correct- interest is taxable when it “arises”. In this case, unless you choose the monthly option, it arises in 20/21 and therefore is taxable in 20/21

https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440

ITTOIA05/S370 provides that tax is charged on the full amount of interest arising in the tax year. This means that a person receiving interest cannot set off any interest payable, bank charges or similar amounts against sums chargeable under ITTOIA05/S369.

Interest ‘arises’ when it is received or made available to the recipient. Interest has been made available if it is credited to an account on which the account holder is free to draw.

Plus the due date for 19/20 SA returns is 31 January 2021 

Frogletina

Thanks for the reminders.

However, I'd rather not have any more interest this tax year, I've gone over the £1000 and still have the M&S and Santander regular savers and  maturing next month.

I'm unlikely to have this problem next year with current interest rates