Virgin Money Regular Saver

xylophone

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.

Rather cheeky?

SamDude

sausage_time said:

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.

Does closing the account at maturity mean the July interest is paid on closure? (or does it still 'capitalise in September')

friolento

xylophone said:

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.

Rather cheeky?

Surely you can simply close the easy access account the day after the RS has matured into it? A but cumbersome but should work because the interest has already been earned so is payable.

Stargunner

friolento said:

xylophone said:

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.

Rather cheeky?

Surely you can simply close the easy access account the day after the RS has matured into it? A but cumbersome but should work because the interest has already been earned so is payable.

You can fo, but you are best to withdraw your matured funds first, or you could be waiting 7-10 days for them.

gt94sss2

SamDude said:

sausage_time said:

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.

Does closing the account at maturity mean the July interest is paid on closure? 

Yes, it does.

friolento

Stargunner said:

friolento said:

xylophone said:

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.

Rather cheeky?

Surely you can simply close the easy access account the day after the RS has matured into it? A but cumbersome but should work because the interest has already been earned so is payable.

You can fo, but you are best to withdraw your matured funds first, or you could be waiting 7-10 days for them.

I didn't mention that, but yes, it's exactly what I am planning to do. Withdraw the matured balance, then request closure

surreysaver

I got an A4 size envelope in the post today regarding maturity of mine. No email, though!
I'm showing as paper-free for all my accounts 

VXman

A question about tax on interest for this reg saver. Most reg savers issue the interest at the maturity of the account so all that interest can be declared for tax in that financial year.

However, the Virgin Reg save is issuing interest every quarter. So the first 3 interest payments were made in 2024-2025 and the final 2 are this financial year (June and Sept). So, are these interest payments recorded with the HMRC in separate financial years?

masonic

VXman said:

A question about tax on interest for this reg saver. Most reg savers issue the interest at the maturity of the account so all that interest can be declared for tax in that financial year.

However, the Virgin Reg save is issuing interest every quarter. So the first 3 interest payments were made in 2024-2025 and the final 2 are this financial year (June and Sept). So, are these interest payments recorded with the HMRC in separate financial years?

VM must declare interest to HMRC in the tax year that it is credited. As this account permits access, there are no issues around it arising for tax at a different time. 

ColdIron

Yes

I declared the first 3 on my 2024/25 SA and will declare the final 2 on the next

It's exactly the same a a standard savings account that pays monthly