Virgin Money Current Account

Alexland

I understood that VM calculated the interest up to the 26th of each month so this month's payment should be the same as last month because both previous months had 31 days? My January payment was also £1.53 although the account history is a bit messy as I was doing extra transactions for the switch offer but I don't think it went below £1k.

typistretired

Alexland said:

I understood that VM calculated the interest up to the 26th of each month so this month's payment should be the same as last month because both previous months had 31 days? My January payment was also £1.53 although the account history is a bit messy as I was doing extra transactions for the switch offer but I don't think it went below £1k.

Last working day of each month not 26th. I have had my Virgin Current Accounts since May 2020 

Alexland

typistretired said:

Last working day of each month not 26th

Aah ok maybe they considered my balance to be under £1k due to some of the transactions to get the switch offer and by coincidence that ended up being the same value as the latest payment. We have probably already spent too much time thinking about a few pennies but good news if it will be higher in future months.

typistretired

Sometimes if you do transactions over the weekend they do not credit account until next working day. I received £1.70 for each Virgin current account January

MovingForwards

I've slowly topped mine up to £980, that way I don't need to worry about moving the interest each month and can move the surplus above that each year.

Notepad_Phil

MovingForwards said:

I've slowly topped mine up to £980, that way I don't need to worry about moving the interest each month and can move the surplus above that each year.

I've got £1000 in each of mine and used to go in each month to move the interest out, but nowadays I've got a £1.66 standing order set up to move the average interest out each month instead - sometimes there's a bit less than £1000 in each one and sometimes there's a bit more, there may come a month when I get a penny less interest per account than I would have if I went in and made sure the full £1000 was in there, but it's not happened yet and I can live with a few pennies loss.

cricidmuslibale

What's interesting to me is that none of you posting above appears to do what I currently do which is depositing the monthly interest payment for each current account into its linked savings account to build up a small amount for a treat like a tasty meal at a nice eating establishment when this sort of thing is allowed again. 

typistretired

Can get better than 0.50% elsewhere

wiseonesomeofthetime

cricidmuslibale said:

What's interesting to me is that none of you posting above appears to do what I currently do which is depositing the monthly interest payment for each current account into its linked savings account to build up a small amount for a treat like a tasty meal at a nice eating establishment when this sort of thing is allowed again. 

I do. Stick the interest from the three accounts into the savings account linked to my first current account.

cricidmuslibale

typistretired said:

Can get better than 0.50% elsewhere

That's fair enough and tbh when the savings account interest rate is cut to 0.35% I may start withdrawing my interest payments too.