Cash ISAs: The Best Currently Available List

Bigwheels1111

I switched my 5.2% Virgin isa to the new 5.5% Virgin isa.
To cut out an extra switch I think I will wait to take advantage of the new rate today.
If I move next Friday it should allow me to change again close to the BOE base rate change.
Then again afterwards if it moves again.

kipsterno1

For those of us playing the switching game with Virgin I personally don't like holding out the whole 14 days just incase there is an IT issue either with Virgin or at my end. 

Ocelot

Bigwheels1111 said:

I switched my 5.2% Virgin isa to the new 5.5% Virgin isa.
To cut out an extra switch I think I will wait to take advantage of the new rate today.
If I move next Friday it should allow me to change again close to the BOE base rate change.
Then again afterwards if it moves again.

I didn't realise you could do that. I funded the 5.2% one 10 days ago.

Bigwheels1111

Ocelot said:

Bigwheels1111 said:

I switched my 5.2% Virgin isa to the new 5.5% Virgin isa.
To cut out an extra switch I think I will wait to take advantage of the new rate today.
If I move next Friday it should allow me to change again close to the BOE base rate change.
Then again afterwards if it moves again.

I didn't realise you could do that. I funded the 5.2% one 10 days ago.

Login,
My account,
Scroll down the page and select new savings,
3 year isa at 5.55%
3 or 4 boxes to tick.
One is a drop down, fund with old isa.
Next etc, and your all done.
New rate and any interest will be added next day, May be by Monday at worst.

uk1

kipsterno1 said:

For those of us playing the switching game with Virgin I personally don't like holding out the whole 14 days just incase there is an IT issue either with Virgin or at my end. 

Indeed.  Important to note the difference between paid in date and cleared date.  They use paid in rather than cleared which in my case was a day later.  I thought I had two days but in fact I was just in time. I’ve now set up reminders for 12 days. 

Hal17

Thanks for all the information on the Virgin rate updates. I just wished I had transferred all my ISA funds to Virgin instead of splitting between them and Shawbrook. Should have read the T&C's more closely.

bristolleedsfan

Hal17 said:

 Should have read the T&C's more closely.

This is all Virgin appear to say in writing to all its customers/potential customers about 14 day cooling off period.

Last year Westbrom BS insisted funds were returned to source as opposed to transferring funds to instant access ISA which appears to replicate what Virgin say in writing

https://uk.virginmoney.com/savings/products/3_year_fixed_rate_cash_e_isa_issue_608/#complaints-and-cancellations

"if you are not happy with your choice of account within 14 days of depositing your ISA subscription, we will help you close your account and you will not lose your right to invest in another Cash ISA, Stocks and Shares ISA, Innovative Finance ISA or Lifetime ISA for that tax year. If you wish to take advantage of this 14-day rule, you must send your cancellation in writing to Savings Operations, Virgin Money, Jubilee House, NE3 4PL, when you close your account we will ensure that our reports to HM Revenue & Customs reflect the correct position. If you do cancel your account, the full amount of your investment, together with any interest earned will be returned to you"

Hal17

Thanks bristolleedsfan for your input and link.

Sorry if my post was misleading, I am really happy with the Virgin ISA and how they operate the updates to a new issue. This has worked really well.

The issue I had was with my Shawbrook ISA. When I called and asked some questions prior to doing a transfer to them, they said that the 14 day cooling period was 14 days from receipt of funds. This was important as I knew my S&S transfer from Vanguard was going to take more than 4 weeks. It transpires that their cooling off period is 14 days from when the account was opened, so should have read their T&C's. In hindsight should have transferred the whole amount to Virgin.

bristolleedsfan

Hal17 said:

The issue I had was with my Shawbrook ISA. When I called and asked some questions prior to doing a transfer to them, they said that the 14 day cooling period was 14 days from receipt of funds. This was important as I knew my S&S transfer from Vanguard was going to take more than 4 weeks. It transpires that their cooling off period is 14 days from when the account was opened, 

I recall some posts on that subject a few pages ago, I was going to reply at that time until I read a post which clarified that Shawbrook did indeed count 14 day cooling off period from date funds were received.

23 May transfer in funds arrived to my account, 5th June I transferred to another Shawbrook ISA fixed rate product which I counted to be exactly on 14th day.

silvermum

Regarding the switching of Virgin FRISAs within the 14 day cooling off period, would this also work if I was transferring in an ISA from another provider, as well as adding 'new money' for this tax year?
When would the 14 days start - when the first sum hits the account, irrespective of whether it's the transfer or the new payment?