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s71hj

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Every_Penny_Counts

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Interest is paid quaterly, on the last working day of March, June, September, and December.

Middle_of_the_Road

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

RG2015

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Edit: I posted in haste. This is correct.

Apologies to Middle_of_the_Road and thanks to all those that rightly admonished me!

s71hj

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

Maybe I phrased this wrongly
How I'm interpreting this is that if my balance goes above £1282 (a rather arbitrary figure I acknowledge) I will earn 0% but I guess it means something else?

Middle_of_the_Road

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Is the interest credited quarterly on this account, therefore appearing incorrect?
Also it's possible to pay in above £250pcm with no interest paid on the excess.

Emily_Joy

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Why not? The first 250 were there for 5 months, the second 250 were there for four months, etc... comes to 31.25 + a little extra cumulative interest.

flaneurs_lobster

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

MSE calculator gives £30, why so incredulous?

brucefan_2

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

You may want to check those figures again.

RG2015

Middle_of_the_Road said:

RG2015 said:

Middle_of_the_Road said:

s71hj said:

Had my Virgin 10% regular saver statement through. In the section about interest rate it says account balance £1282 + 0%. Am I missing something here- I was anticipating earning 10% on £250 a month for a year, rightly or wrongly!

Seems about right. It's showing £32 interest after 5 months. Larger interest amounts will accrew in the later months.

£32 interest after 5 months on a regular saver at £250 per month? I think not.

Is the interest credited quarterly on this account, therefore appearing incorrect?
Also it's possible to pay in above £250pcm with no interest paid on the excess.

I am thinking I posted in haste. £32 is the notional interest that will have accrued but not be paid until 31st Dec. The only interest posted to date is for August and September.