Mplus Saver Quarterly Interest

hazelnotts

I’m looking for help about my Mplus saver account.  The interest is paid each calendar quarter but I want to know if I lose the daily interest earned if I withdraw my money before the end of a quarter.  

I previously withdrew all my money 7 days after the end of a quarter and received no interest for the 7 days….  Which leads me leads me to think that daily interest is not paid?

I recently moved money back in because of the rate increase but want to know if I have to leave until 1st October to avoid losing the ~£80 per month interest….  I can’t find anywhere on Virgin’s website that answers this question and got booted off the chat function after waiting an age.

Any help would be greatly appreciated!

kaMelo

Although Interest is paid quarterly it is calculated daily so you will receive the interest due on balances at the close of business every day.

EG.  (1.71%/365)   x balance

SJMALBA

hazelnotts said:

I’m looking for help about my Mplus saver account.  The interest is paid each calendar quarter but I want to know if I lose the daily interest earned if I withdraw my money before the end of a quarter.  

I previously withdrew all my money 7 days after the end of a quarter and received no interest for the 7 days….  Which leads me leads me to think that daily interest is not paid?

I recently moved money back in because of the rate increase but want to know if I have to leave until 1st October to avoid losing the ~£80 per month interest….  I can’t find anywhere on Virgin’s website that answers this question and got booted off the chat function after waiting an age.

Any help would be greatly appreciated!

The seven days after the end of the quarter will be the first 7 days of the new quarter, so you will receive the interest for those 7 days at the end of that quarter.

hazelnotts

SJMALBA said:

hazelnotts said:

I’m looking for help about my Mplus saver account.  The interest is paid each calendar quarter but I want to know if I lose the daily interest earned if I withdraw my money before the end of a quarter.  

I previously withdrew all my money 7 days after the end of a quarter and received no interest for the 7 days….  Which leads me leads me to think that daily interest is not paid?

I recently moved money back in because of the rate increase but want to know if I have to leave until 1st October to avoid losing the ~£80 per month interest….  I can’t find anywhere on Virgin’s website that answers this question and got booted off the chat function after waiting an age.

Any help would be greatly appreciated!

The seven days after the end of the quarter will be the first 7 days of the new quarter, so you will receive the interest for those 7 days at the end of that quarter.

Ah of course - thanks!