Virgin Money Regular Saver

BarGin

I have the 10% regular saver from last summer. I've been paying the max £250 in each month. Can I not make any more payments and just leave what's there accruing interest at 10% until it matures please? Or do I have to continue making a minimum payment?

saverkev

You don't need to pay in every month

https://web.archive.org/web/20240804214310/https://uk.virginmoney.com/savings/products/regular_saver_exclusive_issue_1/

Exodi

BarGin said:

I have the 10% regular saver from last summer. I've been paying the max £250 in each month. Can I not make any more payments and just leave what's there accruing interest at 10% until it matures please? Or do I have to continue making a minimum payment?

There is no minimum payment so yes you can just leave what's in there to accrue.

That said, outside of criminal activity, 10% is pretty much the best rate you'll get anywhere for your money, so unless you've had a reduction in income (or are using your income to pay off higher interest debt), I'd encourage you to take advantage of the maximum monthly contribution until the account matures at the end of July.

BarGin

Thanks both. Very useful.

sausage_time

My 10% Virgin Regular Saver matures on 31st July (perhaps they all do?).  Does anyone know what happens after that?  Is another offer likely?  Just not sure whether to leave the £250 standing order in place for 1st August.   

wmb194

sausage_time said:

My 10% Virgin Regular Saver matures on 31st July (perhaps they all do?).  Does anyone know what happens after that?  Is another offer likely?  Just not sure whether to leave the £250 standing order in place for 1st August.   

They all mature on 31/07/25. I'd cancel the SO. If there's a new RS it's likely to be a new account as this one becomes an instant access account:
 
From the terms: "7. Reaching the end of the fixed term. Unless you tell us otherwise, we’ll automatically transfer your account to an Everyday Saver (or similar easy access account) at the end of the fixed term. ... At least 14 days before the fixed term ends, we’ll write to tell you about the Everyday Saver that your account will be transferred into."

From the summary: "Once the fixed term ends your account will become a variable rate Everyday Saver account (or other easy access account we’ve available).  We’ll write to you before the end of the fixed term to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account."

apt

Difficult to predict whether there will be a replacement Virgin Money regular saver as there are new owners, Nationwide. If there is the interest rate will probably be around 6.5% matching Nationwide's regular saver and the Virgin Money RS issue 2.

ThePirates

There was a 6.5% but it went NLA last month...

sausage_time

Just had the e-mail.

Sausage Time, we’re getting in touch because your Regular Saver Exclusive, earning 10.38% AER1/10.00% Gross, matures on 31 July 2025. It will then become an Everyday Saver, earning 1.75% AER/1.74% Gross (variable), from 1 August 2025. Interest will be paid quarterly.

And in the footnotes:

Interest accrued during July in your Regular Saver Exclusive account will be carried forward to the Everyday Saver account and will be capitalised at the end of September.

Standing order stopped, will close and cash in when the time comes.

Aidanmc

sausage_time said:

Just had the e-mail.

Sausage Time, we’re getting in touch because your Regular Saver Exclusive, earning 10.38% AER1/10.00% Gross, matures on 31 July 2025. It will then become an Everyday Saver, earning 1.75% AER/1.74% Gross (variable), from 1 August 2025. Interest will be paid quarterly.

And in the footnotes:

Interest accrued during July in your Regular Saver Exclusive account will be carried forward to the Everyday Saver account and will be capitalised at the end of September.

Standing order stopped, will close and cash in when the time comes.

Maybe best to withdraw matured balance first, then request closure.

Someone on RS thread asked VM about account closure and they said it could take 7-10 days!

Yorkie1

sausage_time said:

Just had the e-mail.

Sausage Time, we’re getting in touch because your Regular Saver Exclusive, earning 10.38% AER1/10.00% Gross, matures on 31 July 2025. It will then become an Everyday Saver, earning 1.75% AER/1.74% Gross (variable), from 1 August 2025. Interest will be paid quarterly.

And in the footnotes:

Interest accrued during July in your Regular Saver Exclusive account will be carried forward to the Everyday Saver account and will be capitalised at the end of September.

Standing order stopped, will close and cash in when the time comes.

I'd received the email but not yet got round to scrutinising that footnote; thanks for highlighting that!