Virgin Money 10.38% regular monthly saver

gesdt50

Bit of a silly one although could be a bit costly if applied by Virgin as most folk probably opened this account 5 or 6 days after it was announced ie... 5,6 days into August then the calendar opening date would be that date into the month so if the Virgin only applied interest from the calendar investmest date each month so say you opened on the 6th & pay in the £250 on the 1st of each month the bank might only pay interest from the calendar investment date so 1 could be losing days interest each month so 11 months multiplied by 6 days would be 66 days of lost interest; anybody got any input on this?

wmb194

gesdt50 said:

Bit of a silly one although could be a bit costly if applied by Virgin as most folk probably opened this account 5 or 6 days after it was announced ie... 5,6 days into August then the calendar opening date would be that date into the month so if the Virgin only applied interest from the calendar investmest date each month so say you opened on the 6th & pay in the £250 on the 1st of each month the bank might only pay interest from the calendar investment date so 1 could be losing days interest each month so 11 months multiplied by 6 days would be 66 days of lost interest; anybody got any input on this?

What do the T&Cs say? They just say calendar month and nothing about mensiversarys* so I don't think this is an issue.

*In my experience these are rare but one I can think of is Coventry's 7% loyalty regular saver.

https://uk.virginmoney.com/downloads/pdf/savings/regular-saver-account-summary-box.pdf

allegro120

wmb194 said:

gesdt50 said:

Bit of a silly one although could be a bit costly if applied by Virgin as most folk probably opened this account 5 or 6 days after it was announced ie... 5,6 days into August then the calendar opening date would be that date into the month so if the Virgin only applied interest from the calendar investmest date each month so say you opened on the 6th & pay in the £250 on the 1st of each month the bank might only pay interest from the calendar investment date so 1 could be losing days interest each month so 11 months multiplied by 6 days would be 66 days of lost interest; anybody got any input on this?

What do the T&Cs say? They just say calendar month and nothing about mensiversarys* so I don't think this is an issue.

*In my experience these are rare but one I can think of is Coventry's 7% loyalty regular saver.

https://uk.virginmoney.com/downloads/pdf/savings/regular-saver-account-summary-box.pdf

Coventry, First Direct and Santander.  The rest of them work on the calendar month basis, at least in my RS 'portfolio'.

pookey

Nasqueron said:

Stupid question perhaps but I couldn't see an answer: is there any harm in taking out the interest after it's paid into the saver every few months? 

The virgin site just says I can take out money at any time and my reading of it is that if I took it out but the balance was still the maximum i.e. £500 at the end of September it wouldn't matter?

I have a Virgin account for the £1000 / 10% interest switch deal so I opened my saver on the 3rd or so when I saw it mentioned, I have funded the £250 already. I know the interest does not count towards your monthly contributions and that they won't pay more on top of the £250 a month so it seems like it would be a bit of a waste of potential interest to leave it there - might as well move that interest elsewhere and just leave it at the £250 a month. 

Thanks for asking this, i too misunderstood it and had planned to take out the interest 😅

jameseonline

jameseonline said:

I'm getting £120 compensation from Virgin Money for the issues I had opening their Regular Saver + a week's worth of interest added to my regular saver, I'm more than happy with that, didn't even have to beg or anything.

Started at a weeks interest, then £100 for website issues, then £20 for the calls I made/callback that didn't happen.

Guess Virgin Money were in a generous mood.

Might be worth registering complaints & getting callback if not already 😏😉

Got paid £120.48 paid into my current account today, guessing the 48p would be a week's worth of regular saver interest on £250 otherwise no clue.

Baileys_Babe

jameseonline said:

jameseonline said:

I'm getting £120 compensation from Virgin Money for the issues I had opening their Regular Saver + a week's worth of interest added to my regular saver, I'm more than happy with that, didn't even have to beg or anything.

Started at a weeks interest, then £100 for website issues, then £20 for the calls I made/callback that didn't happen.

Guess Virgin Money were in a generous mood.

Might be worth registering complaints & getting callback if not already 😏😉

Got paid £120.48 paid into my current account today, guessing the 48p would be a week's worth of regular saver interest on £250 otherwise no clue.

By my very rough calculations, 48p is the week's interest for £250.

jameseonline

Baileys_Babe said:

jameseonline said:

jameseonline said:

I'm getting £120 compensation from Virgin Money for the issues I had opening their Regular Saver + a week's worth of interest added to my regular saver, I'm more than happy with that, didn't even have to beg or anything.

Started at a weeks interest, then £100 for website issues, then £20 for the calls I made/callback that didn't happen.

Guess Virgin Money were in a generous mood.

Might be worth registering complaints & getting callback if not already 😏😉

Got paid £120.48 paid into my current account today, guessing the 48p would be a week's worth of regular saver interest on £250 otherwise no clue.

By my very rough calculations, 48p is the week's interest for £250.

Thanks, decided to transfer £120 to my 5.5% Halifax to generate a bit of interest for a few days before having to close it😊

Can't believe it takes Virgin upto 10 working days to pay out, thankfully I wasn't waiting that long.

proudgecko

Yesterday I opened a virgin m plus current account and the regular saver - all successful and could see the accounts online
but today I tried to transfer money from my hsbc current account to the virgin current account and hsbc rejected the transfer 
error said “Account is not supported, The payee’s bank doesn’t offer this service for this account type”

Anyone seen this before
i specified personal account type with my name as payee full name

jameseonline

proudgecko said:

Yesterday I opened a virgin m plus current account and the regular saver - all successful and could see the accounts online
but today I tried to transfer money from my hsbc current account to the virgin current account and hsbc rejected the transfer 
error said “Account is not supported, The payee’s bank doesn’t offer this service for this account type”

Anyone seen this before
i specified personal account type with my name as payee full name

Confirmation Of Payee checks don't always work, you should be fine to send though.

Maybe do a test payment of £1 or something to your new current account.

Could be your account is so new it's not been added to the checking system yet

proudgecko

Got same error from Barclays but continued anyway with £1 - received ok
Thanks
How long does it usually take for new account to get into checking system - I don’t re,e,beer having this problem in the past when I’ve opened new accounts