Virgin money regular saver 3 maturity

Krakkkers

As above, this has now past one year since I opened it and paid in but no interest paid and it has not been downgraded, anyone know what's going on?

Isthisforreal99

I shall hazard a guess that you didn't read the T&Cs for this account which has a maturity date of 28 Auguat 2026.

Krakkkers

That means I can pay in another £250 this month?

So 13 payments in total. Thought it was just 1 year

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82090922#Comment_82090922

Yes and no, not one year. All of these accounts mature on 28/08/26.

sausage_time

I popped my 13th £250 yesterday.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82091028#Comment_82091028

Oh dear.

The idiot who compiled that example is telling us that if you deposit £3250 over the term, you will only get back £3105.56!

Arent these institutions supposed to warn you if your capital is at risk? Maybe "Your capital is at risk and you will get back less than you deposited" 😟

M4rkOne97One

https://forums.moneysavingexpert.com/discussion/comment/82092726#Comment_82092726

I read it as £3,106.56 based on 12 months paying £250pm on 1st of the month. However because of the maturity date being 28 Aug it would appear to allow a 13th monthly payment in August. I've seen posted on other threads that others have done this with no apparent financial detrimental in previous years, with other financial institutions.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82092726#Comment_82092726

The question in the first column is, "what would the estimated balance be after 12 months based on a customer depositing £250 each month?" so to be fair I think it's okay.

The summary box examples always seem to be for twelve months worth of deposits e.g., Suffolk's 14 month RS' were the same so it might be a regulation to aid compatibility between accounts and with the AER.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82092964#Comment_82092964

I was ridiculing the example. In any case, 1.8 26 was after 12 months, and only just so too.

M4rkOne97One

FYI Interest of £119.18 was added to my Virgin Money RS 3 account last night. Based on £250pm for 12 months £3,119.18 in total.

sausage_time

https://forums.moneysavingexpert.com/discussion/comment/82117977#Comment_82117977

I managed to squeeze £120.87 interest.