Virgin Money 10.38% regular monthly saver

wmb194

HHUK said:

allegro120 said:

The number of hours is irrelevant, but the dates. If the interest was credited on 30th Sept it should show on 1st October.

But would you expect interest to be credited on 30 September in respect of money only received on that date?

Yes, but it depends on when the deposit was made as it may have missed the bank's daily cut-off time (they all vary).

liger

Does this interest payment from 30th September fall into the PSA for 2024/25 tax year?  Its just I'm slightly confused with the whole thing about when you can "Access" the interest.  You can technically access the interest if you close down the regular saver so i'm assuming it does fall into the 2024/25 tax year.  I know with the fixed saver bonds you generally can't close them down so the interest is only available to access on maturity.  

jaypers

liger said:

Does this interest payment from 30th September fall into the PSA for 2024/25 tax year?  It’s just I'm slightly confused with the whole thing about when you can "Access" the interest.  You can technically access the interest if you close down the regular saver so i'm assuming it does fall into the 2024/25 tax year.  I know with the fixed saver bonds you generally can't close them down so the interest is only available to access on maturity.  

Yes it is and with the Virgin Money RS the cash is all accessible AFAIK.

wmb194

liger said:

Does this interest payment from 30th September fall into the PSA for 2024/25 tax year?  Its just I'm slightly confused with the whole thing about when you can "Access" the interest.  You can technically access the interest if you close down the regular saver so i'm assuming it does fall into the 2024/25 tax year.  I know with the fixed saver bonds you generally can't close them down so the interest is only available to access on maturity.  

Did you read the terms or summary box? It's an instant access account.

AmityNeon

wmb194 said:

HHUK said:

allegro120 said:

HHUK said:

AmityNeon said:

sparky0138 said:

AmityNeon said:

£3,000 is still the maximum balance on which you can (eventually) earn interest, but should the interest information printed on Statement 1 (dated 30 August 2024) actually be correct, i.e. where interest is earned on balances up to £500 in August, it possibly suggests an additional £250 could be deposited a calendar month earlier whilst still earning interest on the full balance (contradicting the terms of the account).

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. (Though with first interest payment less than two weeks away, I may deposit an additional £250 a couple of days earlier just to ascertain how the account has been technically implemented.)

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.

I deposited an extra £250 yesterday (30 Sep) but didn’t receive interest on it today. Interest on the £500 is correct, matching one of the various amounts already posted.

The terms say interest will be added on the last working day in March, June and September. Were you expecting interest on money held in the account for less than 24 hours? Or am I missing something?

The number of hours is irrelevant, but the dates. If the interest was credited on 30th Sept it should show on 1st October.

But would you expect interest to be credited on 30 September in respect of money only received on that date?

Yes, but it depends on when the deposit was made as it may have missed the bank's daily cut-off time (they all vary).

My extra £250 deposit on 30 September was made in the early afternoon well before the cut-off time. The full context is quoted above.

I was verifying the details below, printed on the statement (dated 30 August 2024):

If your balance at the statement date is in credit then the applicable credit interest rate is highlighted below.

Account Balance (£)	Gross Rate %	AER %
0 - 499	10.00	10.38
500 +	0.00	0.00

Essentially testing whether the first calendar month could be pushed to £500.

RG2015

I have just got my statement for 1 Aug to 1 Oct and the footnote says that the interest for £0 to £756 is 10.00%. Above £757 it is 0.00%

This does seem to clear up the debate on how the 10% is applied and also correct VM's earlier unclear and ambiguous offerings on their statements

HHUK

RG2015 said:

I have just got my statement for 1 Aug to 1 Oct and the footnote says that the interest for £0 to £756 is 10.00%. Above £757 it is 0.00%

Yes same here. My interest is £6.16. Presumably the odd 16p also attracts the 10% interest rate.

csw5780

https://uk.virginmoney.com/savings/questions-and-answers/regular-saver-exclusive/

Has anyone had experience of withdrawing over £250 and being able to “replace” the full amount within the same month?

As seems common the terms are less than clear!

Will interest be received on the fully “replaced” balance?

10_66

csw5780 said:

https://uk.virginmoney.com/savings/questions-and-answers/regular-saver-exclusive/

Has anyone had experience of withdrawing over £250 and being able to “replace” the full amount with the same month?

As seems common the terms are less than clear!

Will interest be received on the fully “replaced” balance?

I may be wrong here, but I would interpret that to mean you can repay, but if the total you've "paid" in exceeds the £250, you won't earn interest on anything over the £250.  So, if you'd already paid in £250, withdrew £100 and then paid the £100 back in, you wouldn't earn interest on it, as technically you've paid in £350?

masonic

10_66 said:

csw5780 said:

https://uk.virginmoney.com/savings/questions-and-answers/regular-saver-exclusive/

Has anyone had experience of withdrawing over £250 and being able to “replace” the full amount with the same month?

As seems common the terms are less than clear!

Will interest be received on the fully “replaced” balance?

I may be wrong here, but I would interpret that to mean you can repay, but if the total you've "paid" in exceeds the £250, you won't earn interest on anything over the £250.  So, if you'd already paid in £250, withdrew £100 and then paid the £100 back in, you wouldn't earn interest on it, as technically you've paid in £350?

That's how I would interpret it. Pay in £100, take out £100, replace £100, all fine. Pay in £200, take out £200, replace up to £50 before hitting the monthly limit.