Virgin Money 10.38% regular monthly saver

wmb194

simonsmithsays said:

£6.10 added here (opened on 2/8/24)

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

£6.16; This one isn't monthly, it's 30/09, 31/12, 31/03, 30/06 and 31/07 (maturity).

wiseonesomeofthetime

Marcoos said:

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

Same as you

Nasqueron

£5.89 here, started a couple of days after it launched, can't complain!

surreysaver

pedrodelgado said:

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

Yes. Hence why the interest is 10% gross/10.38 AER

SamDude

I was counting the interest in next years PSA, but I've just realised that because the interest payments are added quarterly they will count for the current tax year...
I need to recalculate my expected interest from other savings accounts otherwise I'll be over my PSA this year

subjecttocontract

Being over the PSA is considered a badge of honour in some circles.

pecunianonolet

subjecttocontract said:

Being over the PSA is considered a badge of honour in some circles.

Not when you PSA is only £500.... as this is rather easy to achieve

SamDude

So the best thing for me to stay under my PSA is to stop paying in to this Reg saver until April.
Once I've received the March interest payment, I will pay in 6x £250 to catch-up the missed contributions so it counts for next year.
(the £1500 will stay in my ISA in the mean time)

TomJ

SamDude said:

So the best thing for me to stay under my PSA is to stop paying in to this Reg saver until April.
Once I've received the March interest payment, I will pay in 6x £250 to catch-up the missed contributions so it counts for next year.
(the £1500 will stay in my ISA in the mean time)

Unless you can earn >8.64%  tax free else where, you're surely better off paying into this and paying the tax.  Oh, >6.228% for higher rate taxpayers or >5.079% for additional rate payers, though the latter have a £0 PSA to start with...

SamDude

TomJ said:

SamDude said:

So the best thing for me to stay under my PSA is to stop paying in to this Reg saver until April.
Once I've received the March interest payment, I will pay in 6x £250 to catch-up the missed contributions so it counts for next year.
(the £1500 will stay in my ISA in the mean time)

Unless you can earn >8.64%  tax free else where, you're surely better off paying into this and paying the tax.  Oh, >6.228% for higher rate taxpayers or >5.079% for additional rate payers, though the latter have a £0 PSA to start with...

That is true, however I'm trying to manage my income tax to stay under the 40% band, so staying within the PSA is more important for me this year.