1 Yr Virgin Fixed Rate interest payment at odd time

VXman

1 Yr Virgin Fixed Rate E-ISA Issue 654

In December 24 I opened this ISA. I randomly noticed that interest had been added on 5th August. The ISA matures on Dec 24th 2025.

Anyone know why Virgin have added interest in the 8th month of a 12 month fix?

easyasonetwothree

Have a look at your Key Terms sheet that came with your ISA, they often specify a particular date/s in the year that interest will be paid. I've just opened an easy access ISA with them and the interest will be paid on the last working day of Dec.

clairec666

I have the same ISA, and it was a bit surprising to see my balance jump up mid-year - I hadn't taken note of the interest date and had just assumed it was paid at the end of the fixed term.
Don't worry, the rest of the year's interest will be added on closure.

No idea why Virgin have done this, but I'm not complaining.

VXman

clairec666 said:

No idea why Virgin have done this, but I'm not complaining.

There are so many aspects of Virgin that are odd/confusing/annoying.

Another 1 year ISA I have lasts a year and nearly a month.
3 monthly interest where the last bit if interest is paid out a nearly 2 months after the ISA has finished.
One ISA that can be accessed in the app but another needs a separate log in online.

clairec666

VXman said:

clairec666 said:

No idea why Virgin have done this, but I'm not complaining.

There are so many aspects of Virgin that are odd/confusing/annoying.

Another 1 year ISA I have lasts a year and nearly a month.
3 monthly interest where the last bit if interest is paid out a nearly 2 months after the ISA has finished.
One ISA that can be accessed in the app but another needs a separate log in online.

The regular saver interest thing was particularly annoying, but luckily I missed out on that fun (or unluckily, as I somehow missed out on the 10% regular saver in the first place)
And other people have been caught out by the ISA maturity date because they expect "1 year" to mean "365 days"