Savers with one of Virgin Money's 'E-Saver' accounts may have been paid the wrong amount of interest for the past two years, the bank has admitted – but it's now giving all those affected a £20 lump sum to rectify the error.
The bank sent an email this week to customers with an E-Saver Issue 5 account, explaining it has incorrectly calculated interest on balances under £1,000 since 27 January 2015.
Virgin Money is paying all affected savers £20 – it says this covers the maximum interest anyone could have missed out on.
How do I get the money?
If you're affected and you still have your Virgin Money account, the £20 should have been added to your balance on Monday (6 March). If you can't see it and think your balance was below £1,000 at any point since January 2015, call Virgin Money customer services on 0345 850 2307.
If you still have an E-Saver Issue 5 account, it pays just 0.5% interest – to find out where you can get a better rate, see our Top Savings Accounts guide.
If you had an E-Saver Issue 5 account at any point after 27 January 2015 but have since closed it, Virgin Money says it'll be in touch – but if you want, you can call the same customer services number.
What does Virgin Money say?
Virgin Money is refusing to tell us how many people have been affected, simply describing it as a "small number", and it also won't disclose when it first discovered the mistake.
In its email to customers, Virgin Money said: "Rest assured we have corrected the interest rate on your account and from now on, you'll earn the right amount of interest on your savings.
"Please accept our apologies for this error."