Virgin Money 10.38% regular monthly saver

csw5780

Owen2003 said:

I have this account and have just had my first statement through. I hope I'm wrong but in very small but bold print it implies that the 10% only refers to the first £500 and anything you pay in after that doesn't earn any interest at all????

Somebody please tell me I've misread it.......!?

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

The amount you earn 10% on increases by £250 per month irrespective of the amount you pay in (excluding interest payments which are quarterly on the last working day in March, June, September, and December).

So if your statement refers to the first two months then yes; you get 0% on balances over £500. 

allegro120

Owen2003 said:

I have this account and have just had my first statement through. I hope I'm wrong but in very small but bold print it implies that the 10% only refers to the first £500 and anything you pay in after that doesn't earn any interest at all????

Somebody please tell me I've misread it.......!?

Yes, you have misread it,
"If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit."  In other words - don't exceed £250 monthly allowance because anything you deposit above £250 during a calendar month won't earn you any interest. 

csw5780

allegro120 said:

Owen2003 said:

I have this account and have just had my first statement through. I hope I'm wrong but in very small but bold print it implies that the 10% only refers to the first £500 and anything you pay in after that doesn't earn any interest at all????

Somebody please tell me I've misread it.......!?

Yes, you have misread it,
"If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit."  In other words - don't exceed £250 monthly allowance because anything you deposit above £250 during a calendar month won't earn you any interest. 

*unless you have cumulative allowance from previous month’s “underpayments”. 

TomJ

Anything over £500 per month is my understanding; if you pay in more than the max monthly allowance, it won't bounce but won't earn interest on the excess.

friolento

TomJ said:

Anything over £500 per month is my understanding; if you pay in more than the max monthly allowance, it won't bounce but won't earn interest on the excess.

The limit is £250 per month (subject to underpayments, as already mentioned)

Owen2003

csw5780 said:

Owen2003 said:

I have this account and have just had my first statement through. I hope I'm wrong but in very small but bold print it implies that the 10% only refers to the first £500 and anything you pay in after that doesn't earn any interest at all????

Somebody please tell me I've misread it.......!?

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

The amount you earn 10% on increases by £250 per month irrespective of the amount you pay in (excluding interest payments which are quarterly on the last working day in March, June, September, and December).

So if your statement refers to the first two months then yes; you get 0% on balances over £500. 

Thanks for clarifying - so in month 3 it will be anything over 750, month 4 anything over 1000 and so on......?

csw5780

Owen2003 said:

csw5780 said:

Owen2003 said:

I have this account and have just had my first statement through. I hope I'm wrong but in very small but bold print it implies that the 10% only refers to the first £500 and anything you pay in after that doesn't earn any interest at all????

Somebody please tell me I've misread it.......!?

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

The amount you earn 10% on increases by £250 per month irrespective of the amount you pay in (excluding interest payments which are quarterly on the last working day in March, June, September, and December).

So if your statement refers to the first two months then yes; you get 0% on balances over £500. 

Thanks for clarifying - so in month 3 it will be anything over 750, month 4 anything over 1000 and so on......?

Exactly! Interest added quarterly doesn’t count towards the total but does compound. 

pfpf

have a missed an option in the app? both myself and OH got a paper statement last week for this account.

edit: no very clear in settings that i am "paper free" for this and all accounts.

flaneurs_lobster

pfpf said:

have a missed an option in the app? both myself and OH got a paper statement last week for this account.

edit: no very clear in settings that i am "paper free" for this and all accounts.

Me too, found the "turn off all paper" setting online, don't think it's available on the app?

pfpf

it is indeed available in the app.
little logo top right/communication preferences/paper free.

i'll also add there may be a chance we weren't paper free for this account but we are now.