Virgin Money E ISA transfers

nufc_fan

I transfered my lloyds isa to Virgin money but it has still not appeared in my account 10 days later. THe money has left the lloyds account last week.

How long do transfers in take to complete?

badger09

nufc_fan wrote: »

I transfered my lloyds isa to Virgin money but it has still not appeared in my account 10 days later. THe money has left the lloyds account last week.

How long do transfers in take to complete?

Depends on the provider, time of year etc, but the target is within 15 working days. Many providers pay interest from receipt of transfer application (assuming funds are available to transfer).

bigfreddiel

nufc_fan wrote: »

I transfered my lloyds isa to Virgin money but it has still not appeared in my account 10 days later. THe money has left the lloyds account last week.

How long do transfers in take to complete?

how did you instigate the transfer?

fj

innovate

It is still quite normal that money temporarily 'vanishes' in the process of ISA transfers - some of the banks seem to still be using cheques for these transfers. Your sending bank will remove the money from your account the day they write the cheque. The receiving bank will credit the money into your account when the cheque has cleared. Just like cheque processing has been working for decades.

All good banks will backdate the deposit into the new ISA to the date on the cheque, and the really good ones will pay you interest from the date of receipt of your ISA transfer form (e.g. Halifax)