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  • FIRST POST
    • whizzing
    • By whizzing 12th Jun 17, 5:59 PM
    • 296Posts
    • 188Thanks
    whizzing
    Am I stuck with Virgin?
    • #1
    • 12th Jun 17, 5:59 PM
    Am I stuck with Virgin? 12th Jun 17 at 5:59 PM
    I have had a Cash ISA for a number of years. I have moved it most years to get a better interest rate. It has about £20k in it. I do not own a house. In tax year 2015/16 my cash ISA was with Virgin. In 2016/17 I left my cash ISA there but put no money into it. Instead I opened a HTB ISA also with Virgin and put in £200 a month. I am still doing this. Now however I would like to move my cash ISA with Virgin elsewhere. I looked up who took transfers in and choose a bank from this. However in order to open an account with this bank they want me to pay in a deposit. Then I could transfer my cash ISA to them. BUT I don't think I am allowed to pay a deposit into the new cash ISA bank as I have paid into my HTB Isa this year and will be continuing to do so. Am I right and will I find a Bank that doesn't want a deposit before I do the transfer?? If not I am stuck with having my Cash Isa with Virgin.
Page 1
    • eskbanker
    • By eskbanker 12th Jun 17, 6:22 PM
    • 4,770 Posts
    • 4,507 Thanks
    eskbanker
    • #2
    • 12th Jun 17, 6:22 PM
    • #2
    • 12th Jun 17, 6:22 PM
    If you say which bank you're looking to transfer into then someone may be able to advise from personal experience - I seem to recall from previous posts on this subject that some providers suggest/imply a new-money deposit may be needed but a transfer subsequently proves to be adequate. Have you asked them?

    You're right that you can't pay in a new-money deposit to a cash ISA in the same tax year as contributing to your HTB ISA though so will need to find a way round this.
    • whizzing
    • By whizzing 12th Jun 17, 8:59 PM
    • 296 Posts
    • 188 Thanks
    whizzing
    • #3
    • 12th Jun 17, 8:59 PM
    • #3
    • 12th Jun 17, 8:59 PM
    Usually I just do it all on line but I will give them a ring. I think it was the Post Office I had decided upon but the ISA is in a fixed term at the moment and doesn't mature until next month and sometimes the best one at one point is not the best a month later. Going for variable this time as I think will need the money or at least some of it in the next year.
    Am I right in thinking that the HTB Isa always beats the Cash Isa no matter the interest rate if I can only save a few £k's a year? I will probably open a LISA soon. Maybe I shouldn't have put many into my HTB Isa this year but ......
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