Virgin Money Regular Saver Thread

Elvie100

Matured and moved out this morning.  Already in my nominated account.

Sea_Shell

Yep, same here.   Matured and closed. Money received in nominated account.

We only got a further £32.42 each in interest, as we had to withdraw the main balance early for other needs.

quirkydeptless

Closed and money in my account Today. Nicely done on a non-work day. I had also lost a few pennies of interest having withdrawn some in January to pay for a new boiler, but the nice interest and easy access made this a great product and served well as part of my emergency fund.

where_are_we

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

Those days are gone! Many thanks to Karlie 88. Hope she is OK.

prixon

Does anyone know if there is any particular pattern of adjusting interest rates on the post-RS "e-saver reward" accounts? I know the latest one is currently at 0.35% but some of the earlier issues are more than that; issues 26 and 27 at 0.5%, issues 24 and 25 at 0.75%, issues 22 and 23 at only 0.35% but issue 21 is at 0.5%. Just wondering if there could be a strategy around keeping some of these open in case the rates start to look attractive, relative to elsewhere.

schiff

When the RS matures you have a choice between closing the new e-Saver account or keeping it going by keeping at least £1 in it. All of my e-Savers are Read Only now as I closed them all on each maturity. I'd have liked to still have the one at 0.75% with the benefit of hindsight!

schiff

schiff said:

Other sums to be tax returned for 2020/21 from RSs that mature next tax year:
Both Tiptons (31/12/20) - if withdrawable (haven't checked)
Triodos (1/1/21) - if withdrawable (haven't checked)
All the remaining Virgins (I've got six) due on 11/3/21.
There will be others I imagine.

The Tipton interest is not withdrawable till maturity, so it falls into 2021/22.
The Triodos interest is withdrawable with 33 days notice so it does fall into 2020/21.

granta

schiff said:

schiff said:

Other sums to be tax returned for 2020/21 from RSs that mature next tax year:
Both Tiptons (31/12/20) - if withdrawable (haven't checked)
Triodos (1/1/21) - if withdrawable (haven't checked)
All the remaining Virgins (I've got six) due on 11/3/21.
There will be others I imagine.

The Tipton interest is not withdrawable till maturity, so it falls into 2021/22.
The Triodos interest is withdrawable with 33 days notice so it does fall into 2020/21.

Is the interest counted as being in the tax year that it is paid into your savings account, or when you withdraw it from that account? Thanks

VXman

Tgranta said:

schiff said:

schiff said:

Other sums to be tax returned for 2020/21 from RSs that mature next tax year:
Both Tiptons (31/12/20) - if withdrawable (haven't checked)
Triodos (1/1/21) - if withdrawable (haven't checked)
All the remaining Virgins (I've got six) due on 11/3/21.
There will be others I imagine.

The Tipton interest is not withdrawable till maturity, so it falls into 2021/22.
The Triodos interest is withdrawable with 33 days notice so it does fall into 2020/21.

Is the interest counted as being in the tax year that it is paid into your savings account, or when you withdraw it from that account? Thanks

Interest is counted in the tax year that you receive it as from the time it hit's your account it is yours to spend or do whatever you like with.

i.e. if the interest is added to your account on March 30th 2021 then it will be taxable in the 2020-2021 tax year.

schiff

granta said:

schiff said:

schiff said:

Other sums to be tax returned for 2020/21 from RSs that mature next tax year:
Both Tiptons (31/12/20) - if withdrawable (haven't checked)
Triodos (1/1/21) - if withdrawable (haven't checked)
All the remaining Virgins (I've got six) due on 11/3/21.
There will be others I imagine.

The Tipton interest is not withdrawable till maturity, so it falls into 2021/22.
The Triodos interest is withdrawable with 33 days notice so it does fall into 2020/21.

Is the interest counted as being in the tax year that it is paid into your savings account, or when you withdraw it from that account? Thanks

The criterion is when it's 'available'. If you can't withdraw it (as in Tipton) it's only available in 2021/22 and that's the tax year in which it falls. Virgin for example is different as you can make a withdrawal any time. So the 11/3/21 interest falls into the current tax year. 
As I understand it. Perhaps we need badger or someone with practical experience, as I can't immediately find anything that confirms my view.