Am I mistaken about Interest Rate %'s on Virgin Money M Plus Account

Molly4

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

badger09

Molly4 said:

Yorkie006 said:

@Molly4 If you don't want to switch banks, Virgin does have an easy access ISA paying 3% AER available to existing current account customers. Might be worth considering as most other non-ISA easy access accounts are paying less then that. You can always move it to a different account if a better offer comes along.

Thank you for pointing this out. I don't actually know anything about ISA's and how they work.

Put very simply, you are allowed to pay up to £20,000 into ISAs every tax year (eg 6/4/22-5/4/23)

There are different types of ISA - Cash, Stocks & Shares (& others which are probably irrelevant to you). You can only pay into one of each type each year, but total paid in can’t exceed £20k

There is no tax liability on anything inside an ISA. That again probably doesn’t affect you, but for the first time in many years, the interest rates on Easy Access Cash ISAs is the same ir even higher, than normal savings accounts. 

If you open the ISA mentioned by Yorkie006 you can transfer up to £20k of your savings into it & earn 3% (rather than 2%) a year. 

k_man

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Molly4

k_man said:

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Can I ask why am I having to prove to you that I am telling the truth? But I will prove this further. 

I have a "Welcome Email" for Virgin Money dated 2nd March 2022 timed 14.17 sent to my personal email address. 

On that email there are 9 PDF attachments.

One of the PDF attachments is headed "The Tarriff for your M Plus Account and M Plus Saver"

When I open that attachment this is what is listed under "Interest we pay you"

Molly4

badger09 said:

Molly4 said:

Yorkie006 said:

@Molly4 If you don't want to switch banks, Virgin does have an easy access ISA paying 3% AER available to existing current account customers. Might be worth considering as most other non-ISA easy access accounts are paying less then that. You can always move it to a different account if a better offer comes along.

Thank you for pointing this out. I don't actually know anything about ISA's and how they work.

Put very simply, you are allowed to pay up to £20,000 into ISAs every tax year (eg 6/4/22-5/4/23)

There are different types of ISA - Cash, Stocks & Shares (& others which are probably irrelevant to you). You can only pay into one of each type each year, but total paid in can’t exceed £20k

There is no tax liability on anything inside an ISA. That again probably doesn’t affect you, but for the first time in many years, the interest rates on Easy Access Cash ISAs is the same ir even higher, than normal savings accounts. 

If you open the ISA mentioned by Yorkie006 you can transfer up to £20k of your savings into it & earn 3% (rather than 2%) a year. 

Thank you very much badger09. That is very helpful and explained well.

Band7

Molly4 said:

k_man said:

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Can I ask why am I having to prove to you that I am telling the truth? But I will prove this further. 

I have a "Welcome Email" for Virgin Money dated 2nd March 2022 timed 14.17 sent to my personal email address. 

On that email there are 9 PDF attachments.

One of the PDF attachments is headed "The Tarriff for your M Plus Account and M Plus Saver"

When I open that attachment this is what is listed under "Interest we pay you"

The interest rate on the current account has been 2.02% AER ever since that account became available, around May 2020. Interest paid on max £1,000.

The interest rate on the savings account was changed to 2.02% AER sometime after on March 1 2022. Interest paid on max £25,000

These rates are annual, not monthly.

RG2015

Molly4 said:

k_man said:

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Can I ask why am I having to prove to you that I am telling the truth? But I will prove this further. 

I have a "Welcome Email" for Virgin Money dated 2nd March 2022 timed 14.17 sent to my personal email address. 

On that email there are 9 PDF attachments.

One of the PDF attachments is headed "The Tarriff for your M Plus Account and M Plus Saver"

When I open that attachment this is what is listed under "Interest we pay you"

@Molly4,

2.02% is the rate for the current account for balances up to £1,000.

The rate being discussed is the rate for the linked savings account for balances up to £25,000.

Coincidentally, this is currently 2.02%. However, on 2nd March 2022, the rate on the linked saver was 1.00%. 

k_man

Molly4 said:

k_man said:

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Can I ask why am I having to prove to you that I am telling the truth? But I will prove this further. 

I have a "Welcome Email" for Virgin Money dated 2nd March 2022 timed 14.17 sent to my personal email address. 

On that email there are 9 PDF attachments.

One of the PDF attachments is headed "The Tarriff for your M Plus Account and M Plus Saver"

When I open that attachment this is what is listed under "Interest we pay you"

You don't have to prove anything, but your original post asked if you were mistaken.
We are trying to answer your question, and explain why we think you are mistaken.

In the pdf you have quoted, there are 2 sections.
One titled 
M Plus Account, which is the current account

This has 2.02% interest on balances up to £1000

And one titled

M Plus Saver

This will have a lower % (probably 0.35%, possibly 1%) for up to £25000

ETA: or what @Band7 and @RG2015 said.

RG2015

Band7 said:

Molly4 said:

k_man said:

Molly4 said:

k_man said:

Molly4 said:

phillw said:

Molly4 said:

My understanding of this is I would be paid 2.00% Interest every month on a Balance up to £1000 on the M Plus Current Account

Approximately 1/12 of 2% of the balance, in reality they divide the 2% by 365 (or 366 in a leap year) and then apply that to the balance at the end of each day & pay it monthly.

So you would need to look at when during the month you paid the money in, and what the interest rate was at the time. You don't get paid for a full months interest by putting the money in on the last day for example. Rates have risen on the savings account over the last year.

I don't believe they offered 2% on the linked saving back in february.

This is what their web site looked like back then...

https://web.archive.org/web/20220217182738/https://uk.virginmoney.com/current-accounts/pca/

The offer I took up was via MSE's Money Saving Newsletter as of 16th February 2022 which took me to the offer on the Virgin Money Website as below which is taken from my sign up page.

Our page at a glance

Account overview|Get started 

Things just got interesting...

M Plus Account

2.02%

Feast on a 2.02% AER1 (2.00% gross1 per annum variable) interest rate, paid monthly, on your M Plus Account balance up to £1,000.

Linked to the M Plus Saver

2.02%

AER1 (2.00% gross1 per annum variable) on savings balances up to £25,000, and 1.51% AER (1.50% gross1) on any balances above £25,000. Interest paid quarterly.

Monthly Fee

£0

There is no Monthly Fee for Maintaining the M Plus Account

The page content you have posted is from the current version of the page, which has been updated multiple times since February.

At the time the interest rate was only 0.35% on the M Plus Saver (as shown in the archived version of the page linked by @phillw).

Discussions here about an increase late in February to a (at the time) market leading 1%:

https://forums.moneysavingexpert.com/discussion/comment/79009092/#Comment_79009092

The page content I have posted is the page content I saved to my computer and have in an email from Virgin Money. My personal email is dated 2nd March 2022, The page was saved to my computer on the same date.

Also if you look at MSE's past moneysaving tips emails you can find it on the email dated 16th February 2022. Under the first money saving tip - It takes two... 14 MoneySaving tips for couples If you scroll down through the article on entry 2 - Virgin Money £100 experience voucher*, plus up to 5.02% interest. When you click on this link it takes you to the exact same page I have referred to and saved.

Are you sure you saved a copy of the page (e.g to pdf), or was it a bookmark/link?
Does the email include a link, or specific text about the interest rates?

The page that the MSE email links to (I did the same as you) goes to the latest version of that page (which is now 2% and 2%), not to the specific version relating to the February offer.

The reason that 2% on savings (it was 2% on the current account, plus the 3% bonus) back in February, seems unlikely, is that when the increase to 1% on the saver was announced, that was market leading. When Chase released the 1.5% savings in March, there was a major frenzy.
If Virgin had already offered 2% on savings there would have been little excitement over 1.5% by Chase.

There is no discussion in these forums about that level of saving interest at Virgin, at the time, only the increase to 1%. There was however around the 3% bonus on the current account.

Can I ask why am I having to prove to you that I am telling the truth? But I will prove this further. 

I have a "Welcome Email" for Virgin Money dated 2nd March 2022 timed 14.17 sent to my personal email address. 

On that email there are 9 PDF attachments.

One of the PDF attachments is headed "The Tarriff for your M Plus Account and M Plus Saver"

When I open that attachment this is what is listed under "Interest we pay you"

The interest rate on the current account has been 2.02% AER ever since that account became available, around May 2020. Interest paid on max £1,000.

The interest rate on the savings account was changed to 2.02% AER on March 1 2022. Interest paid on max £25,000

These rates are annual, not monthly.

The rate on 2nd March 2022 was 1.00%.

See the link below with the press release showing the increase from 1.00% to 1.56% on 1st June 2022.

https://www.virginmoneyukplc.com/newsroom/article/linked-saver-increase/

Molly4

Thank you Band7 and RG2015 for your help in your last two posts. Also thank you to everyone who has helped me find ways of increasing the amount of Interest I can get on my savings. 

My original post was because I had misunderstood the frequency of being paid the 2.00% Interest. I incorrectly thought I would get 2.00% per month when in fact I shall be getting 2.00% for the whole year.