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

innovate

Check your account T&Cs. It is usual that fixed rate savings accounts have limited deposit windows. It may be 30 days, it may be a maximum of 2 deposits, it may be all sorts of things. Very few fixed term ISAs will allow future deposits, and I haven't seen anything that suggests Virgin, which you seem to be asking about, is one of them.

Mr.Duck

innovate wrote: »

Check your account T&Cs. It is usual that fixed rate savings accounts have limited deposit windows. It may be 30 days, it may be a maximum of 2 deposits, it may be all sorts of things. Very few fixed term ISAs will allow future deposits, and I haven't seen anything that suggests Virgin, which you seem to be asking about, is one of them.

Thanks, do you know what would happen when the new ISA limit comes into effect for the £15,000 limit?

Would providers allow people to "top-up" or would it effectively be locked out until the 2 years expires?

gilly56

Yes, I have same query regarding any new Cash ISA being opened after 6/4/14, will the current limit simply morph into the new higher limit in July on the account already opened?

jimjames

gilly56 wrote: »

Yes, I have same query regarding any new Cash ISA being opened after 6/4/14, will the current limit simply morph into the new higher limit in July on the account already opened?

Yes.

The provider may have their own rules though that prevent you adding more to a fixed rate already taken - but that is a provider rule not HMRC rule.

If you are worried about not being able to top up then don't put money into a fixed rate ISA until the new allowance in July

Mr.Duck wrote: »

Thanks, do you know what would happen when the new ISA limit comes into effect for the £15,000 limit?

Would providers allow people to "top-up" or would it effectively be locked out until the 2 years expires?

It wouldn't be locked out for 2 years in any scenario, you'd be able to add new money to a new ISA from April 2015 just not add more to the one for 2014/15.

hgt

Mr.Duck wrote: »

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?

With the Virgin account, there are no more deposits at all allowed after 30 days, as this is a fixed rate bond.
For you Mr Duck, perhaps something like the Big Home Saver ISA from Newcastle BS may be more suitable - essentially despite the name it's just a regular savings ISA where you can earn 3%.....
http://www.newcastle.co.uk/savings/big-home-saver.aspx

brewerdave

brewerdave wrote: »

We were only offered 1.6% for 1 year?? I decided to move mine elsewhere on maturity (27th March) but BM have cocked up and moved it a few days early EVEN THO' the transfer form had a box to tick for don't move til after date.
It's resulted in a loss of over £100 in interest (~ 3 months @4.05%):mad:
I have emailed BM this morning as the receiving bank are blaming them!!

Even more confusing -this morning in the post I've received a letter from BM saying that,as per MY instructions,they have moved it to a BM ISA Extra Issue 7 ?????

...after battling with both BM and Tesco over the lost interest, it turns out that it was Tesco's fault -had a phone call last night admitting that they hadn't followed the "wait til after maturity" instruction. They are going to compensate us for loss of interest:T

LilithsBrother

I'm in the process of transferring to Virgin but for some reason I cannot locate my BM sort code....it does not appear on any paperwork received from BM...am I the only one that doesn't have a BM sort code ?


LilithsBrother

hgt

BM don't use sort codes as such... though they do have a sort code (20-97-78) for their collection account - this is actually a Barclay's account for inbound BACS / FPS transfers only.

For the purpose of completing an ISA transfer form, you can leave the 'Sort Code' box blank if transferring from BM, as long as you've got your account number listed, that will be fine.

LilithsBrother

I thought it was odd no sort code appeared anywhere....thanks hgt.

Snowbelle

I'm thinking of transferring my BM to Halifax 2% 18mths. I went to apply for this and it says I am subscribing for 2014-2105 but I dont want to add new money to this account I just want to transfer in. Is it possible to do this and would it be possible to open an ISA account elsewhere later on in the year or will I have to put the new money in this account?