ISA cleared funds by 5 April but no interest?

jimblies

I opened a new ISA account with Virgin Money and deposited funds which cleared on 2 April. I have not received any interest (due on 11 April 2020) and they are saying they should have been cleared by the end of March. My tax allowance up to 5 April 2021 is still the full £20,000 entitlement so showing no deposit for this new tax year.
I have had ISA’s in the past which have paid interest on any funds up to 5 April so I don’t understand if I’ve missed something in the small print?!

HHarry

The tax year starts on the 6th of April, so if your funds cleared on the 2nd it counted towards last years contributions.  You’d still have all of your 20/21 allowance available.

You’d be due interest on your deposit from the 2nd - 5th of April, which with the miserable interest rates on offer I’d expect to be close to £0.

glider3560

Virgin's ISAs pay annual interest on the 11th March, not 11th April.

jimblies

Thank you - I get it now -11th March not April. I must have misread the original information.
I still don’t understand why they pay on 11th March when the tax year ends 6th April. I was reading the MSE alerts and thought I should do something with the money this year. Virgin money had the best rate at 1.3%. 

You live and learn.
Thank you.

glider3560

jimblies said:

Thank you - I get it now -11th March not April. I must have misread the original information.
I still don’t understand why they pay on 11th March when the tax year ends 6th April. I was reading the MSE alerts and thought I should do something with the money this year. Virgin money had the best rate at 1.3%. 

You live and learn.
Thank you.

I'm not sure why, but they've always done this with all their online accounts.

Another weird one is their regular saver account.  If you choose annual interest, it always pay interest on the 11th March and then again on maturity.  It's almost as if they like the 11th March for some reason.