Virgin Money 12%

Jamzar

sparky0138 said:

Of course. However, I think I'm correct in saying it should have a 2.02% rate until then. I would still like to know if it's displayed on the app so I know where to look for the increase on the 1st.

I asked this same question of Virgin live chat and it isn’t something that they do show but if you message them they can tell if you will be eligible for it

WillPS

sparky0138 said:

Of course. However, I think I'm correct in saying it should have a 2.02% rate until then. I would still like to know if it's displayed on the app so I know where to look for the increase on the 1st.

Even if there is one, I'd be pretty surprised if it showed up on there given this is being applied as a bonus over and above the account's interest rate. I presume you'll see two interest payments each month (maybe even timed differently) for the same reason.

ThePirates

I'm sure there's someone who's shown this before but can someone take the interest that will be received each month on this account with the £1000 deposit, it's going to be c£10 but I'm guessing it varies each month based on the number of days in the month? If left in the account the interest won't be compounded as it's only paid on the first £1000?

WillPS

ThePirates said:

I'm sure there's someone who's shown this before but can someone take the interest that will be received each month on this account with the £1000 deposit, it's going to be c£10 but I'm guessing it varies each month based on the number of days in the month? If left in the account the interest won't be compounded as it's only paid on the first £1000?

https://forums.moneysavingexpert.com/discussion/comment/80759294/#Comment_80759294

danny13579

ThePirates said:

I'm sure there's someone who's shown this before but can someone take the interest that will be received each month on this account with the £1000 deposit, it's going to be c£10 but I'm guessing it varies each month based on the number of days in the month? If left in the account the interest won't be compounded as it's only paid on the first £1000?

That's correct, make sure you move your interest elsewhere on the 1st of the month.

danny13579

I've just had another look at the terms for the Virgin offer and see that interest is paid on the last working day of the month rather than the 1st of the following month which I thought it was. So the figures may be slightly different, depending on if they calculate interest each month until the last working day (chart below) or if they calculate it by calendar month (chart above).

ThePirates

Can I pay my £1000 in on the 1st July or does it need to be in on Friday 28th June to count?

danny13579

ThePirates said:

Can I pay by £1000 in on the 1st July or does it need to be in on Friday 28th June to count?

You don't have to pay in £1,000 at all. The £1,000 is just the maximum amount you can earn bonus interest on.

You can put in whatever amount you want whenever you want. You'll earn 12% on any amount up to £1,000 from July 1st. Before July 1st you get the standard 2%.

On a separate note, I see that Virgin have removed all references to this offer from their website, probably because the switch deadline of 26th June has passed. I wonder if in or after July they will start a new offer? 

ThePirates

The only reason I opened the account was to get the 12% on the £1000!
What I'm asking is can it go in on the 1st or does it have to be by the 1st?

danny13579

ThePirates said:

The only reason I opened the account was to get the 12% on the £1000!
What I'm asking is can it go in on the 1st or does it have to be by the 1st?

You can put it in before the 1st, on the 1st or after the 1st.