Virgin money merge with yorkshire bank

TREVORCOLMAN

Eventually got the answer from CEO Office. They have given me the sum that I am over, and told me to give this figure to my new ISA provider to ask them to take from my ISA with YB. It is less than the figure I put in in April this year.

However when I got off the phone I realised this:

Quote from Gov.UK ref ISA:

If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it.

Arrrrrrrrrrrrrrrrggggggggggggghhhhhhhhhhhh

Tried to call them back but they had left for the day!!!

And so on it goes...............

TREVORCOLMAN

abz88 wrote: »

I get that its frustrating that they cannot you tell you how much over the 85k you are, but do you not know this yourself? Either through online access to them, or failing that, go into your local branch to get a statement?

My point was it was YB who stopped my transfer so how do they know I am over if they are asking ME to contact VM?

AndyPK

I feel your pain.

Clydesdale don't like you moving your ISA Out. (as I recall from a few years ago)


Usually I would do a rough calculation, to ensure that after 3 years (or whatever the fix is), I didn't have more than 85K with an organisation.

i.e leave some margin for the interest.

TREVORCOLMAN

I Always do that too - however did not envisage two companies merging into 1.

Decided I am going to take out the money over and above and invest it in a fixed rate bond higher than the YB ISA, as the VM ISA is paying 2%. Was happy with them!!!

TREVORCOLMAN

Tried to move the money out - will not load the ISA to move money out - 6th email sent to CEO.

Thrugelmir

TREVORCOLMAN wrote: »

6th email sent to CEO.

Will simply be rerouted by the secretarial team. The CEO isn't your personal banker.

eskbanker

TREVORCOLMAN wrote: »

Eventually got the answer from CEO Office. They have given me the sum that I am over, and told me to give this figure to my new ISA provider to ask them to take from my ISA with YB. It is less than the figure I put in in April this year.

However when I got off the phone I realised this:

Quote from Gov.UK ref ISA:

If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it.

Arrrrrrrrrrrrrrrrggggggggggggghhhhhhhhhhhh

Tried to call them back but they had left for the day!!!

And so on it goes...............

YB are entitled to offer a concession to savers that waives normal withdrawal fees, in recognition of the fact that their merger will in some cases have caused savers to exceed the £85K FSCS protection limit inadvertently.

However, they can't break the ISA scheme rules that mandate that all current year contributions (into the same type of ISA) must be kept together.

So, if you have multiple cash ISAs and wish to transfer money from one to bring you back under the £85K aggregate limit, then it would make sense to do so with funds from a previous year, rather than 2019/20 (unless you wish to move all 2019/20 money together, if this is allowed by the terms of the YB merger concession).

Ergates

TREVORCOLMAN wrote: »

I understand it fully it is YB who are saying you can move part of it not me.

No, they're saying you can move part of the ISA. not part of this year's subscription.

Given the FSCS limit is £85,000 and the maximum you can subscribe into an ISA in any given year is £20,000 it would take multiple years subscriptions to go over the limit.

The bit you would be moving would be coming from *previous year's* subscriptions. To quote the same regulations website:
"For money you invested in previous years, you can choose to transfer all or part of your savings."

Your bank are giving you the opportunity to move some of your previous years subscriptions to another provider without suffering an interest penalty. This offer only extends to the portion of your total savings with them that is over the £85,000 limit. You can move any other amount of your previous years subscriptions to any other provider too, but you will probably lose accrued interest, as you would if you moved it at any other time.
If you wish to also transfer your *current year's* subscriptions, you must transfer *all* of it at once, to a single provider. If you do this you will probably suffer an interest penalty.

TREVORCOLMAN

It was clearly THIS years ISA we were talking about (the one with YB) that is what was discussed all the way down the line.

eskbanker

TREVORCOLMAN wrote: »

It was clearly THIS years ISA we were talking about (the one with YB) that is what was discussed all the way down the line.

You obviously feel that it should be to clear to posters on here which ISAs you have with which parts of the newly expanded group, but then you probably feel that you're expressing yourself clearly when dealing with YB too!

If you're wanting to move things forward rather than continuing to rant, why not post a list of which products you have with the new group, together with balances, highlighting in particular the location and size of your 2019/20 ISA money?