Virgin Money 10.38% regular monthly saver

sparky0138

subjecttocontract said:

sparky0138 said:

clivep said:

sparky0138 said:

I'm not sure it makes sense. The account summary also says "The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000" but 13 x £250 = £3250 and it would end up being that if you go by what it says as the applicable interest on the statement.

The fixed term ends on 31st July 2025 regardless of when the a/c was opened. As it was launched in August, how can you make a 13th payment?

I'm basing it on the statement for August saying 10.38% for balances up to £500. If it was launched in August then nobody should have been able to save £500 unless their system is counting it as 31st July 2024-31st July 2025 and the last day of July counted as a payment month. Unless I'm reading it totally wrong - which is highly probable. 🤪

I've messaged Virgin about this and will update when they reply.

But surely if it's a 12 month account that starts on 31st July 2024, it would end on 30th July 2025 ? The 31st July 2025 is outside of the 12 months period so you wouldn't be able to make a deposit on that date.

Not on that date (and it would be pretty pointless with regard to interest) but it's calendar month you can pay in, not anniversary of opening, so you'd be able to deposit anytime in July.

sparky0138

AmityNeon said:

This type of discrepancy is not one which will likely be definitively clarified by any regular support agent, so it's probably safer to assume the error is a simple misprint.

You're absolutely right about it not being clarified. I sent them a message and it may as well have been an AI bot that answered me. They basically repeated what's on the account summary page about paying in £250 a month and failed to address what was printed on the statement. They didn't even attempt to explain it.

subjecttocontract

sparky0138 said:

subjecttocontract said:

sparky0138 said:

clivep said:

sparky0138 said:

I'm not sure it makes sense. The account summary also says "The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000" but 13 x £250 = £3250 and it would end up being that if you go by what it says as the applicable interest on the statement.

The fixed term ends on 31st July 2025 regardless of when the a/c was opened. As it was launched in August, how can you make a 13th payment?

I'm basing it on the statement for August saying 10.38% for balances up to £500. If it was launched in August then nobody should have been able to save £500 unless their system is counting it as 31st July 2024-31st July 2025 and the last day of July counted as a payment month. Unless I'm reading it totally wrong - which is highly probable. 🤪

I've messaged Virgin about this and will update when they reply.

But surely if it's a 12 month account that starts on 31st July 2024, it would end on 30th July 2025 ? The 31st July 2025 is outside of the 12 months period so you wouldn't be able to make a deposit on that date.

Not on that date (and it would be pretty pointless with regard to interest) but it's calendar month you can pay in, not anniversary of opening, so you'd be able to deposit anytime in July.

OK.  That makes perfect sense. Fortunately I'm not personally affected as I opened my account in August so will be making 12 payments.

HHUK

Have to confess to having the utmost difficulty getting my head around all this. Can't see the point in attempting a 13th payment in July 2025, but if people's statements are correct in saying that interest is payable on up to £500 held in August 2024 (and consequently on up to £750 in September) it seems to me to be worth bunging an additional £250 in now and see what happens. Can always withdraw it if it doesn't attract the interest this month.

jameseonline

Had a massive £5.82 interest added to my account 

TheBanker

jameseonline said:

Had a massive £5.82 interest added to my account 

Beat you! I got £5.89

jameseonline

TheBanker said:

jameseonline said:

Had a massive £5.82 interest added to my account 

Beat you! I got £5.89

Yeah but I already had some interest due to delays in me getting the account so :-P

simonsmithsays

£6.10 added here (opened on 2/8/24)

I'll be honest I forgot about monthly interest on the Virgin accounts 

Marcoos

Funded 01/08/24 £6.16 interest added this morning 

pedrodelgado

Presumably the interest gets compounded? Interestingly they pay interest every quarter , Mar, June, Sept and Dec.