Virgin Money Regular Saver Thread

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.

RG2015

I checked my bank account this morning (1st June ) and saw a £250 SO to the VM Issue 16 (which matured on 20th May). I was wondering how long VM would take to bounce it back when I saw that it was already there as a credit on my bank account.

They obviously have an efficient system in place to reverse payments to closed accounts.

garfield33

RG2015 said:

I checked my bank account this morning (1st June ) and saw a £250 SO to the VM Issue 16 (which matured on 20th May). I was wondering how long VM would take to bounce it back when I saw that it was already there as a credit on my bank account.

They obviously have an efficient system in place to reverse payments to closed accounts.

Same happened to me, I'm usually good at setting end dates for SOs or remembering to cancel them but apparently failed this time! - good systems VM

colsten

Is this a new feature? I seem to remember I always made 14 payments into my Virgin RS accounts when I was still doing them.

RG2015

colsten said:

Is this a new feature? I seem to remember I always made 14 payments into my Virgin RS accounts when I was still doing them.

You misunderstand. This would have been a 15th payment, 12 days after the account matured! Granted, had I not closed the account, the payment would have been accepted into the easy access account into which it was converted.

apt

prixon said:

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.

Most of the saver reward accounts are variable interest and have all been reduced to 0.35%. The minority that are higher have a fixed rate for 12 months.

where_are_we

Reminder for those with a Virgin money Regular E-Saver 17 - this has just matured and proceeds should be moved to a better account.

molerat

Important information

Our savings online service will be unavailable between 9pm on Saturday 20 November and 1am on Sunday 21 November for planned maintenance work to improve our service.

We are sorry for any inconvenience this may cause.

They said, lieing through their gritted teeth, we all know the real reason why.  Must be that time again

where_are_we

Yes - its that time again - Virgin RS 19 matures tomorrow. Time to empty. I have 15 zero balance easy savers . You can therefore check up on interest paid out on on all those old Rs`s. How can you remove them from your online account?