Virgin regular saver 2%

jamels2

I've opened one of these to build up an emergency fund, it allows £250 in a month.
My question is how do I pay into it?
Does it matter what date of the month?
It's been open a few weeks and I haven't deposited yet.
By month does it mean say between 10 Dec and 9 Jan or any time in Dec then any time in Jan?
Thanks, never had a regular saver before.

pramsay13

I've always understood it to be calendar months but there are maybe different rules for different accounts / banks.

Virgin will be able to answer.

tommyedinburgh

jamels2 wrote: »

I've opened one of these to build up an emergency fund, it allows £250 in a month.
My question is how do I pay into it?
Does it matter what date of the month?
It's been open a few weeks and I haven't deposited yet.
By month does it mean say between 10 Dec and 9 Jan or any time in Dec then any time in Jan?
Thanks, never had a regular saver before.

Calendar month for these accounts.

Wheres_My_Cashback

jamels2 wrote: »

I've opened one of these to build up an emergency fund, it allows £250 in a month.
My question is how do I pay into it?
Does it matter what date of the month?
It's been open a few weeks and I haven't deposited yet.
By month does it mean say between 10 Dec and 9 Jan or any time in Dec then any time in Jan?
Thanks, never had a regular saver before.

Calendar month so pay £250 in ASAP and then add another £250 on the 1st of each month to maximise interest.

jamels2

Thanks for the clarification!

jamels2

Are there any other decent regular savers as well as virgin? I assume I can have other ones too? I guess only one from virgin ?

RG2015

jamels2 wrote: »

Are there any other decent regular savers as well as virgin? I assume I can have other ones too? I guess only one from virgin ?

See details on the link below.

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Virgin Money used to open a new regular saver every two months. It is possible that they will start to do this again in the new year.

Tom99

jamels2 wrote: »

Are there any other decent regular savers as well as virgin? I assume I can have other ones too? I guess only one from virgin ?

Coventry 2.5% £500pm is quite good.

G_M

Tom99 wrote: »

Coventry 2.5% £500pm is quite good.

unless you might need access to the money during the year. Early withdrawal loss of interest.

Gocycle

I’ve just opened one too. I think interest is paid on the 10th. But the monthly deposit window is based on the date account is opened. So if you open on the 15th of month 1, any deposits can be made until 14th. Month 2 begins on the following 15th. You can deposit any number of times within the month but mustn’t exceed £250/ month in total. They also recommend that you should not deposit too close to monthly anniversary date to allow enough time for payment to clear. Otherwise it will count to the following month’s quota.

I think this is right...as I understand it,

Tom99

Gocycle wrote: »

I’ve just opened one too. I think interest is paid on the 10th. But the monthly deposit window is based on the date account is opened. So if you open on the 15th of month 1, any deposits can be made until 14th. Month 2 begins on the following 15th. You can deposit any number of times within the month but mustn’t exceed £250/ month in total. They also recommend that you should not deposit too close to monthly anniversary date to allow enough time for payment to clear. Otherwise it will count to the following month’s quota.

I think this is right...as I understand it,

I think it's £500pm not £250.