Can I transfer my old Virgin ISA to better Virgin ISA

MrMrMr

Have a current Virgin ISA that I pay monthly into. Just checked it's 0.51%.

Just checked MSE and the best way access ISA is Virgin again with a 1.35%.

So can I just go online and do a transfer from original Virgin ISA to the new one? Or phone up and do it? Don't know too much about ISA tbh but think can only have one.

Thanks

ColdIron

It depends on exactly which ISA product you have and which one you want but generally Virgin are pretty good at this. If you logon and go to My Accounts you'll see an Open a savings account section below. If you start an application for a new ISA you will probably be offered the chance to transfer an existing one part way through the process. If it's allowed it's pretty easy. You are right in that you can only contribute to one ISA in any tax year but this will be fine if you transfer all this years subscriptions

Plus

Any ideas how long transfers between Virgin ISAs take?

There's some things you can do with the Double Take ISA (non-flexible, two penalty free withdrawals per year) and the Easy Access ISA (flexible, unlimited withdrawals) which involves transfers between them, and optionally closing and re-opening the Double Take. But I'm wondering how smooth this process is if you're making an internal ISA transfer.

Easy Access is branch/post only, so assume that I went into a branch to do it.

ColdIron

I've done it online 3 times between Defined Access, Easy Access and Double Take ISAs and it's been instant each time

datostar

ColdIron wrote: »

I've done it online 3 times between Defined Access, Easy Access and Double Take ISAs and it's been instant each time

And you keep the same sort code and account number. Handy if you're making regular payments in.

mersey

I have done it a few times,very easy usually shows balance nest day.

Plus

Thanks all. Another question - when I go to sign up by post, it makes me choose a 'Store Account' or a 'Post Account'. Does that mean if I open by post I can't use a branch, and vice versa?

Splonds

No you can manage your account via both post or store. That section where it says 'Choose the type of account you would like to apply for' is poorly worded and should say something more like 'choose how you would like to apply for this account'. I had this confirmed by Virgin Money and they advised that they would feedback the confusion to their web team.