Virgin ISA16

newdos

HI, newbie here so be gentle please!
I have a VIrgin IS16 now matured with 20k in it for a full year at 4.61% which should yield £922 interest.  I only got £853.84 credited.  Anyone know why ?
TIA

surreysaver

Are you sure it was a year? Virgin's fixed ISAs have maturity dates at ends of months, rather than being for a fixed period beginning on when you open it.
I strongly suspect you didn't actually have £20k in it for a year.

newdos

yes deffo had a year in,  with 20k deposited on 28/10/24 and untouched since???

MeteredOut

newdos said:

yes deffo had a year in,  with 20k deposited on 28/10/24 and untouched since???

Maybe check your calendar is on the right month That's not a year's worth of interest, but a little over 11 months (assuming it matured today). £853-odd sounds about right (but I've not done the full calculation).

newdos

sorry are you saying because I made the deposit on 28/10, I have lost a  months interest ?

jimjames

newdos said:

sorry are you saying because I made the deposit on 28/10, I have lost a  months interest ?

Yes, you've lost a month compared to if you'd paid in on 28/9/24. How do you make 28/10/24 to 1/10/25 to be a year ie 12 months, 365 days? You've not lost any interest, you've been paid for the months the money was in the account. If it was open until 28/10/25 then you'd have got a year's interest.

clairec666

4.61%, is the interest rate per annum, i.e. for a full year. Your money has been in the account for around 11 months, so you'll get around 11/12 of the annual interest. You haven't lost out on anything.

RG2015

If you check the Virgin Money website the Fixed Rate ISA 16 maturity date is 30/09/2025.

If you deposited £20,000 on 28/10/2024 you will have just over 11 months so the interest will be as follows.

£20,000 x 4.61% x 338/365 = £853.80

So you appear to have received an extra 4p.

FrugaiMacDugal

From Virgin, note maturity date.