Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • andsaw
    • By andsaw 13th Apr 18, 11:54 AM
    • 14Posts
    • 4Thanks
    andsaw
    Different rate ISA applied
    • #1
    • 13th Apr 18, 11:54 AM
    Different rate ISA applied 13th Apr 18 at 11:54 AM
    When we get the weekly email, we got one for the new best isa rates in march and saw virgin offering 1.5% fixed so we applied and set up the transfer from the post office account and have had a look at the rate for both of us has been dropped to 1.3% are they allowed to do that or am i missing something.
Page 1
    • RG2015
    • By RG2015 13th Apr 18, 12:10 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    • #2
    • 13th Apr 18, 12:10 PM
    • #2
    • 13th Apr 18, 12:10 PM
    Virgin Money change their savings rates every now and then. The 1 year fixed rate E-ISA Issue 317 at 1.50% was available from 8/3/18 to 27/3/18. If you are interested I have included a link below to the VM product and rate history.

    It sounds like you have just been unlucky to have just missed out on the 1.50%. If you only got 1.30% it would have been shown on the product details you would have signed up to.

    They cannot reduce the rate once you have signed up for the product so it does appear that you have signed up for a newer issue. Issue 319 available from 27/3/18 is 1.30% and is fixed for the year.

    https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate
    • eskbanker
    • By eskbanker 13th Apr 18, 12:11 PM
    • 8,783 Posts
    • 10,067 Thanks
    eskbanker
    • #3
    • 13th Apr 18, 12:11 PM
    • #3
    • 13th Apr 18, 12:11 PM
    If you successfully opened a fixed rate account then no, by definition they can't subsequently change the rate during the term of the fix. However, did you get explicit confirmation when opening that you'd definitely secured the higher rate or was it already 1.3% when you applied (or when the account was actually opened)?
    • andsaw
    • By andsaw 13th Apr 18, 12:27 PM
    • 14 Posts
    • 4 Thanks
    andsaw
    • #4
    • 13th Apr 18, 12:27 PM
    • #4
    • 13th Apr 18, 12:27 PM
    We opened he virgin account on the 12th march for each of us and at the same time set the transfer up upon maturity date mine was 9th april and the wifes was 19th march and i do remember seeing the 1.5% on the account before the the money was transfered.
    • RG2015
    • By RG2015 13th Apr 18, 1:21 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    • #5
    • 13th Apr 18, 1:21 PM
    • #5
    • 13th Apr 18, 1:21 PM
    We opened he virgin account on the 12th march for each of us and at the same time set the transfer up upon maturity date mine was 9th april and the wifes was 19th march and i do remember seeing the 1.5% on the account before the the money was transfered.
    Originally posted by andsaw
    Can you confirm the product name and issue number and what rate was shown on the product information you downloaded or received in the post?
    • andsaw
    • By andsaw 13th Apr 18, 2:39 PM
    • 14 Posts
    • 4 Thanks
    andsaw
    • #6
    • 13th Apr 18, 2:39 PM
    • #6
    • 13th Apr 18, 2:39 PM
    The only thing i have is 1 Yr Virgin Fixed Rate E-ISA Issue 317 that was in my messages that i can confirm, and later got a letter showing the same.
    • Paul_DNAP
    • By Paul_DNAP 13th Apr 18, 3:36 PM
    • 316 Posts
    • 378 Thanks
    Paul_DNAP
    • #7
    • 13th Apr 18, 3:36 PM
    • #7
    • 13th Apr 18, 3:36 PM
    If it's showing as Issue 317 then it should be showing 1.50% interest. It's time to call Virgin.
    • RG2015
    • By RG2015 13th Apr 18, 5:47 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    • #8
    • 13th Apr 18, 5:47 PM
    • #8
    • 13th Apr 18, 5:47 PM
    The only thing i have is 1 Yr Virgin Fixed Rate E-ISA Issue 317 that was in my messages that i can confirm, and later got a letter showing the same.
    Originally posted by andsaw
    Are both ISAs Issue 317?
    • andsaw
    • By andsaw 14th Apr 18, 2:44 PM
    • 14 Posts
    • 4 Thanks
    andsaw
    • #9
    • 14th Apr 18, 2:44 PM
    • #9
    • 14th Apr 18, 2:44 PM
    Yes they are.
    • mije1983
    • By mije1983 14th Apr 18, 3:37 PM
    • 3,555 Posts
    • 20,294 Thanks
    mije1983
    What explanation have Virgin given you for the difference in rate?

    • andsaw
    • By andsaw 14th Apr 18, 4:49 PM
    • 14 Posts
    • 4 Thanks
    andsaw
    I haven't phoned yet, doing it Monday.
    • RG2015
    • By RG2015 14th Apr 18, 5:20 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    I assume that you are seeing the 1.30% on your Virgin Money online banking page when you click on 1 Yr Virgin Fixed Rate E-ISA Issue 317.
    • andsaw
    • By andsaw 15th Apr 18, 4:48 PM
    • 14 Posts
    • 4 Thanks
    andsaw
    Haha, stupid me, we have the 1.5%, i was looking at this big box showing 1.3% but it had check for details, didn't even see check account when i did there it was, suppose i wasn't looking properly as not familiar with this account as i don't normally have online banking.
    • RG2015
    • By RG2015 15th Apr 18, 5:05 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    Haha, stupid me, we have the 1.5%, i was looking at this big box showing 1.3% but it had check for details, didn't even see check account when i did there it was, suppose i wasn't looking properly as not familiar with this account as i don't normally have online banking.
    Originally posted by andsaw
    Good to know all is okay and thanks for letting us know.

    You will notice that several people were prepared to believe that VM had make a mistake. That is based on a few past examples of their "computer errors".

    The one that comes to mind is people getting paid double interest on their regular savers on maturity after 12 months. There is a thread on regular savers which has posts on this.

    The moral of the story is to always check and ask questions if in doubt.

    PS: I just checked to find your "big box with 1.30%" and now see that it is the online promotion for Issue 319.
    Last edited by RG2015; 15-04-2018 at 5:18 PM. Reason: Big box clarification!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

785Posts Today

6,390Users online

Martin's Twitter