Regular Savings Accounts: The Best Currently Available List!

Bobblehat

RG2015 said:

s71hj said:

s71hj 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.

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?

Right I think I've worked out the answer to my own question. Each month the maximum balance that earns interest goes up by £250 so next month that part of the statement will say a higher figure than £1282 (at a guess £1532) for the amount that above which you earn 0% interest. I've just never spotted it shown this way before.

I agree, each month will increase by £250 but also with one month’s interest. And next month will be £1,544 to include £250 plus £12 (which is one month’s interest on £1,282)

Virgin Money frequently do things in a unique way.

Just to clarify that you won't actually see a monthly credit of interest in your transactions/statement, that interest is only credited quarterly on the last day of March, June, September and December. Virgin actually say that the interest is worked out on the balance at the end of each day (but not credited daily, or even monthly).

s71hj

Bobblehat said:

RG2015 said:

s71hj said:

s71hj 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.

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?

Right I think I've worked out the answer to my own question. Each month the maximum balance that earns interest goes up by £250 so next month that part of the statement will say a higher figure than £1282 (at a guess £1532) for the amount that above which you earn 0% interest. I've just never spotted it shown this way before.

I agree, each month will increase by £250 but also with one month’s interest. And next month will be £1,544 to include £250 plus £12 (which is one month’s interest on £1,282)

Virgin Money frequently do things in a unique way.

Just to clarify that you won't actually see a monthly credit of interest in your transactions/statement, that interest is only credited quarterly on the last day of March, June, September and December. Virgin actually say that the interest is worked out on the balance at the end of each day (but not credited daily, or even monthly).

Every day truly is a school day on this thread 😀

skitskut

s71hj said:

s71hj 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.

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?

Right I think I've worked out the answer to my own question. Each month the maximum balance that earns interest goes up by £250 so next month that part of the statement will say a higher figure than £1282 (at a guess £1532) for the amount that above which you earn 0% interest. I've just never spotted it shown this way before.

Yes, similar discussion about this on the Virgin Money regular saver thread last time Virgin sent an account statement...
https://forums.moneysavingexpert.com/discussion/comment/81039973/#Comment_81039973

Bridlington1

Just a reminder the following interest rate reductions come into effect tomorrow:

Account	Old rate	New rate
Monmouthshire BS Exclusive Regular Saver Issue 2	6.00%	5.65%
Monmouthshire BS Regular Saver Issue 3	4.50%	4.15%
Newbury Home Saver	4.00%	3.80%

Kaizen917

Couldnt see it mentioned on one of the previous pages but my Reg Saver with Gatehouse matured about a week ago and its turned into some easy access account with 5% profit (i.e. interest). Can that be right? Seems decent enough not to withdraw right away then.

t1redmonkey

Kaizen917 said:

Couldnt see it mentioned on one of the previous pages but my Reg Saver with Gatehouse matured about a week ago and its turned into some easy access account with 5% profit (i.e. interest). Can that be right? Seems decent enough not to withdraw right away then.

Yep, you can keep the matured money in there and it'll earn 5%.  Also you can deposit further money to it as well which will also earn 5%.  It's basically an easy access account now that you can add to/withdraw from whenever you want.

castle96

?? I'm new to GH but it shows 4.75%AER annual interest/expected profit....Is it different for an existing RS maturing?

Kaizen917

castle96 said:

?? I'm new to GH but it shows 4.75%AER annual interest/expected profit....Is it different for an existing RS maturing?

Yes, this is what puzzled me as well - its exactly 5% so not even the same as their ordinary easy access.

allegro120

castle96 said:

?? I'm new to GH but it shows 4.75%AER annual interest/expected profit....Is it different for an existing RS maturing?

It is a different account.  I now have both, 4.75% and 5%.  We don't know t&c because Gatehouse hasn't written it yet, but so far it looks like the same as 4.75% one.  It was unexpected and uncommon maturity offer, can't complain  

Bobblehat

I'm having a terrible deja vu episode .... help!