Cash ISA rate: Northern Rock 2.8% v Virgin 0.1%

RJRock

Transferred my ISA pot into NR cash ISA a few months ago. It's an annual interest award, currently 2.8%. Checked Virgin money which pays 0.1% on its cash ISA:eek:

Where do I stand on this? Will my interest rate be honoured as and when NR is tranfered to a Vigin account?

alanq

If you being paid a variable rate it can vary and there is no rate to honour.

If you have a fixed bonus with a variable account the bonus will be honoured.

If you are being paid a fixed rate the rate will be honoured until the end of the fixed term.

VT82

I'm sure Northern Rock will have one or more ISAs paying 0.1% as well, just with a different name to yours.

The products NR customers are on will stay distinct for quite a while after the take over - they won't just get shunted onto the nearest match at Virgin.

You'll only need to remain as vigilant about switching to get a better rate, as you would have been if Northern Rock stayed as it was.

atypical

In all likelihood they won't change the interest rate on Northern Rock products in the short-term.