Virgin M Plus Saver "new" interest rate email

What_time_is_it

I got an email this morning from Virgin telling me that the interest rate on my M Plus Saver had increased.
However, this "increase" is to 1.56% - i.e. exactly what it was before! 
The email says that it's gone up from 1% to 1.56%. I'm pretty sure it was always 1.56%.
Confused!!!

ColdIron

I got the same, it's just a stale email

RG2015

What_time_is_it said:

I got an email this morning from Virgin telling me that the interest rate on my M Plus Saver had increased.
However, this "increase" is to 1.56% - i.e. exactly what it was before! 
The email says that it's gone up from 1% to 1.56%. I'm pretty sure it was always 1.56%.
Confused!!!

I got the email too and it states that the interest rate increases from 1.00% to 1.56% AER on the 1st June 2022.

This is correct. Up to 31st May the rate was 1.00% and from 1st June the rate is 1.56% AER.

Just to confirm, the email text was as follows.


Hello RG2015,

Good news - from 1 June 2022 we increased the amount of interest we pay on your M Plus Saver account. This follows the Bank of England announcement on 5 May.

You will now receive 1.56% AER1 (1.55%Gross2) variable on all balances up to £25,000 and 0.75% AER1/Gross2 variable on balances over £25,000. You’ll find more details about your new rate below.

A look at your new rates

Name of account

Previous interest % AER/Gross variable

New interest % AER/Gross variable

 M Plus Saver           1.00%                        1.56% AER (1.55% Gross)

What_time_is_it

Yes, that's the same as I got too.
I though it was 1.56 when I signed up (early April this year) but perhaps I'm mistaken. I'm easily confused!

RG2015

What_time_is_it said:

Yes, that's the same as I got too.
I though it was 1.56 when I signed up (early April this year) but perhaps I'm mistaken. I'm easily confused!

Interest is paid quarterly and the next payment will be at the end of June.

April and May balances will be at 1.00% and June balances will be at 1.55% (gross).

SJMALBA

The email is just a belated notification of the rise from 1% to 1.56%.

Thankfully, they are quicker at applying the rate increase to accounts, than they are with their notifications.

Sensory

Prior to yesterday, when was the last time they emailed you regarding a rate increase?

I last received one on 10th March 2022, where the rate was increased (from 1 March) from 0.35% to 1%.

This email (yesterday's) states the rate was increased from 1% to 1.56% (from 1 June).

Daliah

They just did what their T&Cs say they would do. It's quite normal that you don't get notified immediately , by any bank, when interest rates go up.



That said, for a split second I thought they'd gone up from 1.56% when I got my email