BM Savings - 2 year Fixed Rate ISA - 4.05% AER

ince_mon

Can someone kindly put the link up?

hgt

Andrew_Cottrell wrote: »

Found these on the Virgin Money website, but for some reason they're not showing up on their Cash ISAs page.

• Fixed Rate Cash E-ISA Issue 65 - 2.0% for 1 year
• Fixed Rate Cash E-ISA Issue 66 - 2.4% for 3 years
• Fixed Rate Cash E-ISA Issue 67 - 3.0% for 5 years

These are the links to the 'hidden' Virgin fixed rate ISA's. As an existing Virgin customer I also received an e-mail about these accounts - in the e-mail it states they are only available until 5th April 2014. So as Virgin have stated that to their existing customers, I don't think they can take the accounts off sale before then.

So it looks like 5th April is the last possible date to apply - then you have 30 day before the account is closed to deposits.

CosmoKramer

Can someone please provide me with an idiot's guide on how to transfer from BM to Virgin without losing my shirt / allowance?

Apply for Virgin ISA first + notify them I'll be transferring in from an existing ISA - then notify BM I'll be leaving?

Snooping4Value

CosmoKramer wrote: »

Can someone please provide me with an idiot's guide on how to transfer from BM to Virgin without losing my shirt / allowance?

Apply for Virgin ISA first + notify them I'll be transferring in from an existing ISA - then notify BM I'll be leaving?

1. Apply for the Virgin ISA.
2. Notify them I'll be transferring in from an existing ISA - they will have a form for transferring existing ISAs assuming they do accept existing ISAs. You will need to have your BM ISA account and sort code to hand for filling in the transfer form.
3. Virgin will take over from there. Whether they and BM are any good at their jobs, I have no experience so I cannot comment. Ensuring that you complete step 2 means you will not lose the tax free money accumulated over the years.

hgt

Dear all, a slight correction to my previous post - you CAN open these Virgin ISA's with a zero balance.... I checked with Virgin today.
Essentially, you apply online as per the links above.... then when asked how you want to fund the account - choose the option that says you will use BACS / CHAPS / Cheque... that way the account will open with a zero balance awaiting your transfer in.

Once open Virgin will generate an account number, at that point you can download the transfer form from the Virgin website and start the transfer process as detailed above by 'Snooping4Value'.

CosmoKramer

Thanks for your help.

One more question, my BM Isa matures on the 15th of April...can I go ahead and open the Virgin ISA just now or do I need to wait until BM matures? (I assume BM won't act on any transfer instructions until maturity anyway?).
Also I have already used my 13/14 allowance, this Virgin application won't show up as me trying to open two ISAs in one year will it?

Snooping4Value wrote: »

1. Apply for the Virgin ISA.
2. Notify them I'll be transferring in from an existing ISA - they will have a form for transferring existing ISAs assuming they do accept existing ISAs. You will need to have your BM ISA account and sort code to hand for filling in the transfer form.
3. Virgin will take over from there. Whether they and BM are any good at their jobs, I have no experience so I cannot comment. Ensuring that you complete step 2 means you will not lose the tax free money accumulated over the years.

badger09

CosmoKramer wrote: »

Thanks for your help.

One more question, my BM Isa matures on the 15th of April...can I go ahead and open the Virgin ISA just now or do I need to wait until BM matures? (I assume BM won't act on any transfer instructions until maturity anyway?).
Also I have already used my 13/14 allowance, this Virgin application won't show up as me trying to open two ISAs in one year will it?

There will be several options on Virgin's transfer form something along the lines of:

Transfer full ISA balance
Transfer current year's subscription only
Transfer previous years' subscription only

and

Transfer immediately - I accept any loss of interest
Transfer after notice period or on maturity

As long as you don't pay any new money into the Virgin ISA before 6 April you'll be fine. You can actually open as many ISAs as you want - the rule is that you can only pay new money into one cash ISA at a time (and one S&S of course)

Snowbelle

Do you guys think the Virgin 2% 12mths is better than the Halifax 2% 18mths?

ColdIron

That depends upon what you think interest rates will do over the next couple of years. Personally I can't see a rate rise this side of the election so if you went for the 12 month you could be in this position next year and possibly lock yourself into a low rate product and find rates rise after a while. The 18 month will carry you forward but this is all crystal ball stuff

Mr.Duck

hgt wrote: »

So it looks like 5th April is the last possible date to apply - then you have 30 day before the account is closed to deposits.

I'm new to ISA's and was about to apply for this ISA but does it mean that once 30 days have passed after opening you cannot pay into the ISA?

Or does this just refer to transfers in ?

I usually try to pay £100 per month into my ISA (Currently with natwest) and they allow to pay into it each month but confused about the 30 day limit with Virgin?