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  • FIRST POST
    • Dandytf
    • By Dandytf 27th Jun 18, 9:19 PM
    • 1,353Posts
    • 421Thanks
    Dandytf
    500 deposit
    • #1
    • 27th Jun 18, 9:19 PM
    500 deposit 27th Jun 18 at 9:19 PM
    Considering starting a new savings account or isa.
    What can be achieved with 500 deposit.
    This will be a savings account in addition to my ongoing H2S account.
    Think I could manage another 50 per month.
    MSER's care to suggest a starting point.
    If an isa coyld be opened, that would ideal as a first ever isa
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
Page 2
    • Terry Towelling
    • By Terry Towelling 29th Jun 18, 9:36 PM
    • 195 Posts
    • 97 Thanks
    Terry Towelling
    Why does it show interest rate Interest rate 0.10% Gross 1?

    Maybe this -is the contractual rate of interest payable where interest is exempt from income tax. The interest rate shown is based on cleared balances only. If you have any uncleared funds this rate may change.
    Originally posted by Dandytf
    Don't worry, all their accounts show that whilst they are still in the process of opening. It will show 2.25% or (2.23% if you've gone for monthly interest) in a day or so. That caught me out when I first banked with them.
    • Dandytf
    • By Dandytf 29th Jun 18, 10:13 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    Thanks -The interest rate on your account will show as 0.10% until your deposit clears into your account. That will usually happen overnight on the day that you transfer the money to us, so if you check again the next day, your correct interest rate should show. Payments by cheque will take longer and will show once cleared
    Let's see if this changes from 2nd July
    Whilst rbs digi advised payment wont debit until 2nd July-I've re checked my new e savings account which shows 250 to be cleared.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Dandytf
    • By Dandytf 2nd Jul 18, 2:11 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    I've found some time to raise an e-enquiry with virgin money.
    Thought I've run it past mser's meanwhile.
    As I opened my savings acc Sat 29th June and deposited 250 uk pounds which is waiting to be cleared from rbs who dont allow debits sat or sundays.
    Is it therefore possible to make another deposit from July or do I have to deposit from August

    Thanks
    S
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • badger09
    • By badger09 2nd Jul 18, 2:57 PM
    • 6,077 Posts
    • 5,442 Thanks
    badger09
    I've found some time to raise an e-enquiry with virgin money.
    Thought I've run it past mser's meanwhile.
    As I opened my savings acc Sat 29th June and deposited 250 uk pounds which is waiting to be cleared from rbs who dont allow debits sat or sundays.
    Is it therefore possible to make another deposit from July or do I have to deposit from August

    Thanks
    S
    Originally posted by Dandytf
    If you made your deposit on 29th June, it should be credited to your Virgin account today, though it might not be visible online until tomorrow 3rd.

    You won't be able to add your 2nd 250 until 1st August.
    • RG2015
    • By RG2015 2nd Jul 18, 3:18 PM
    • 1,299 Posts
    • 762 Thanks
    RG2015
    If you made your deposit on 29th June, it should be credited to your Virgin account today, though it might not be visible online until tomorrow 3rd.

    You won't be able to add your 2nd 250 until 1st August.
    Originally posted by badger09
    If the payment was made by Faster Payment on Friday 29th June it is possible that this date will show on the Virgin Money records. If it does show this date then further payments of up to 250 can be made on any dates in July.

    Virgin Money can show uncleared transactions for a day or two but I cannot recall if is shows the date before it is shown as a cleared transaction.
    • Dandytf
    • By Dandytf 2nd Jul 18, 3:20 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    If you made your deposit on 29th June, it should be credited to your Virgin account today, though it might not be visible online until tomorrow 3rd.

    You won't be able to add your 2nd 250 until 1st August.
    Originally posted by badger09
    Thanks means I have another few weeks and maybe I'll manage another 250 before setting up 50's per month.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Dandytf
    • By Dandytf 2nd Jul 18, 3:22 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    If the payment was made by Faster Payment on Friday 29th June it is possible that this date will show on the Virgin Money records. If it does show this date then further payments of up to 250 can be made on any dates in July.

    Virgin Money can show uncleared transactions for a day or two but I cannot recall if is shows the date before it is shown as a cleared transaction.
    Originally posted by RG2015
    Exactly is showing s awaitihng to be cleared on VM's site concern 29th June.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • badger09
    • By badger09 2nd Jul 18, 5:26 PM
    • 6,077 Posts
    • 5,442 Thanks
    badger09
    Exactly is showing s awaitihng to be cleared on VM's site concern 29th June.
    Originally posted by Dandytf
    I've found some time to raise an e-enquiry with virgin money.
    Thought I've run it past mser's meanwhile.
    As I opened my savings acc Sat 29th June and deposited 250 uk pounds which is waiting to be cleared from rbs who dont allow debits sat or sundays.
    Is it therefore possible to make another deposit from July or do I have to deposit from August

    Thanks
    S
    Originally posted by Dandytf
    I've just reread, and had a quick look at the RBS FAQ on payments over the weekend.

    I think you'll have to wait until you can see the date your 250 was credited in your Virgin account.

    If it shows as credited in June, you'll be able to deposit another 250 any time in July.

    If it shows as credited in July, then my answer above applies
    • RG2015
    • By RG2015 2nd Jul 18, 5:33 PM
    • 1,299 Posts
    • 762 Thanks
    RG2015
    I've just reread, and had a quick look at the RBS FAQ on payments over the weekend.

    I think you'll have to wait until you can see the date your 250 was credited in your Virgin account.

    If it shows as credited in June, you'll be able to deposit another 250 any time in July.

    If it shows as credited in July, then my answer above applies
    Originally posted by badger09
    Why would the RBS weekend payments policy affect a payment made on a Friday?
    • Dandytf
    • By Dandytf 2nd Jul 18, 5:35 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    I've just reread, and had a quick look at the RBS FAQ on payments over the weekend.

    I think you'll have to wait until you can see the date your 250 was credited in your Virgin account.

    If it shows as credited in June, you'll be able to deposit another 250 any time in July.

    If it shows as credited in July, then my answer above applies
    Originally posted by badger09
    Thanks maybe I'm being impatient, I was hoping to add maybe e another 50-100 today though if it is August then maybe I'll manage 250 if I behave myself.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Dandytf
    • By Dandytf 2nd Jul 18, 5:37 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    Why would the RBS weekend payments policy affect a payment made on a Friday?
    Originally posted by RG2015
    Friday evening was my deposit on account opening.
    2nd July was the on screen rbs message when the amount would debit from my account.
    If it was to another rbs account that would have bee faster.
    Remember rbs dont allow debits Sat+Sun I guess my deposit couldn't leave rbs and credit virgin on 29th June
    Last edited by Dandytf; 02-07-2018 at 5:48 PM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • RG2015
    • By RG2015 2nd Jul 18, 5:42 PM
    • 1,299 Posts
    • 762 Thanks
    RG2015
    Friday evening was my deposit on account opening.
    2nd July was the on screen rbs message when the amount would debit from my account.
    Originally posted by Dandytf
    I get this on NatWest at the weekend but then it shows on the NatWest page with the weekend date until Tuesday when it is updated to Monday's date. Some receiving banks show the final date as the Weekend and some as the Monday.

    If you look at your RBS digital banking or the RBS app today it may still be showing a June date for the 250 payment to Virgin Money.
    • badger09
    • By badger09 2nd Jul 18, 5:58 PM
    • 6,077 Posts
    • 5,442 Thanks
    badger09
    Why would the RBS weekend payments policy affect a payment made on a Friday?
    Originally posted by RG2015
    It won't, because OP made the payment by bank transfer and the policy affects SOs & DDs.

    However, although FPs usually credit within 2 hours, the requirement is that they arrive by the end of the next business day. A payment sent on Friday 29th June, might therefore not be credited until today, Monday 2nd July.
    • Terry Towelling
    • By Terry Towelling 2nd Jul 18, 8:09 PM
    • 195 Posts
    • 97 Thanks
    Terry Towelling
    Not sure about RBS but when I make a 'Faster Payment' after banking hours it will be taken (and presumably sent) immediately but will show on my account as the next Business Day. This means it is probably all down to how Virgin clears the incoming payment and, whilst there is a possibility it will clear a late Friday payment quickly (or maybe even the next calendar day) it is highly likely that the date quoted on the account will still be the next Business Day - in this case 2nd July. You'd need to check the Virgin T&Cs on this.

    Anyway, OP, you will just have to check the Virgin account and see what date shows before knowing what to do next.
    • sjp999
    • By sjp999 2nd Jul 18, 8:44 PM
    • 65 Posts
    • 45 Thanks
    sjp999
    While it may have nothing to do with it, keep in mind RBS (and I assume Natwest) no longer have a Friday night "run" - they now do it in the wee small hours Monday morning instead.
    • Dandytf
    • By Dandytf 3rd Jul 18, 9:16 AM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    Coudn't contain my excitement this morning.
    After some log in difficulty via VM and 1 phone call to their i.t.
    I eventually logged in successfully
    Interest rate 2.25% Gross-250 deposit date is showing 2nd July.
    Thanks mser's lets hope I can gather the 250 for August.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • badger09
    • By badger09 3rd Jul 18, 1:14 PM
    • 6,077 Posts
    • 5,442 Thanks
    badger09
    Coudn't contain my excitement this morning.
    After some log in difficulty via VM and 1 phone call to their i.t.
    I eventually logged in successfully
    Interest rate 2.25% Gross-250 deposit date is showing 2nd July.
    Thanks mser's lets hope I can gather the 250 for August.
    Originally posted by Dandytf
    Thanks for getting back to us. You're not restricted to just one deposit each month, so if you have only say 25 on 1st August, bung that in, then up to 225 over the rest of the month.


    If you made your deposit on 29th June, it should be credited to your Virgin account today, though it might not be visible online until tomorrow 3rd.

    You won't be able to add your 2nd 250 until 1st August.
    Originally posted by badger09
    I claim your 1st month's interest as my reward for providing the correct answer. I promise to spend the whole 46p wisely
    • Dandytf
    • By Dandytf 3rd Jul 18, 5:18 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    Thanks for getting back to us. You're not restricted to just one deposit each month, so if you have only say 25 on 1st August, bung that in, then up to 225 over the rest of the month.




    I claim your 1st month's interest as my reward for providing the correct answer. I promise to spend the whole 46p wisely
    Originally posted by badger09
    I took a lot of advice from all answers though MSE'RS win as I don't have an answer from VM yet since my e request was raised

    Thanks all appreciated
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Dandytf
    • By Dandytf 4th Jul 18, 6:00 PM
    • 1,353 Posts
    • 421 Thanks
    Dandytf
    Could I ask all mser's to carefully review their answers.
    Today I come home to VM e-enquiry answer.
    I can confirm as your payment was actioned on 29th that this is the cleared date. Your first payment will count as Junes payment. You may make another 250 contribution in July

    Stunned -this opens up another opportunity to invest some more during July -just my double glazed window glass to replace (180 Uk pounds) then I'll make another deposit over next week or two.
    Thanks mser -I honestly didn't expect this to be the answer.
    Last edited by Dandytf; 04-07-2018 at 6:39 PM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Terry Towelling
    • By Terry Towelling 4th Jul 18, 9:15 PM
    • 195 Posts
    • 97 Thanks
    Terry Towelling
    Could I ask all mser's to carefully review their answers.
    Today I come home to VM e-enquiry answer.
    I can confirm as your payment was actioned on 29th that this is the cleared date. Your first payment will count as Junes payment. You may make another 250 contribution in July

    Stunned -this opens up another opportunity to invest some more during July -just my double glazed window glass to replace (180 Uk pounds) then I'll make another deposit over next week or two.
    Thanks mser -I honestly didn't expect this to be the answer.
    Originally posted by Dandytf
    Didn't expect that! I hope their systems back up what they are telling you.

    Is your double glazing sealed unit cracked or just misted up? You may be better off putting the cash in the Regular Saver and delaying the repair for a few months. You can always take the 180 out at a later date when you actually need it - the account is easy access.

    We had misted sealed units and left them that way for a few years in case more went and then did them as a job lot.
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