Virgin Money incorrect interest. Update, my spreadsheet had incorrect interest rate.

RG2015

I have just looked at the interest on my Virgin Money linked saver account an it does not agree with my spreadsheet calculation.

The interest for quarter three should have been £33.78 but the VM figure was £31.43. The interest rate is stated as 1.70% but what I have effectively received is 1.58%

I acknowledge that my calculations may be incorrect but I would be interested to see if anyone else has experienced anything similar.

I also looked back at the second quarter interest and that was also underpaid by a similar percentage. I opened the account on 6th June 2022 so I believe that the 1.70% should have applied for the period 6/6/22 to 30/6/22.

Edit. I may have the date of the increase from 1.55% to 1.70% incorrectly entered on my spreadsheet. I will re-post when I have re-examined it.

I have re-calculated and everything is fine.

I would have deleted the thread but that appears not to be an option any more.
 

AndyTh_2

yep, the date was 27th July for that increase https://www.virginmoneyukplc.com/newsroom/article/savings-rate-increase/