Virgin Money Online E-ISA (ex Northern Rock ISA)

jeffc2121

Hello,
Please bear with me we are not up on this sort of thing.
I opened my first and only ISA back in August 2011 with Northern Rock. This as you will most probably be aware was then taken on by Virgin Money. The ISA with Virgin is an Online E-ISA. We are allowed (as far as I am aware) allowed to withdraw up to three times a year?? The paperwork we printed off says the interest paid is 1.01% AER if we don’t draw any money from the account more than three times per year.

You will note that the account was opened 8.5 years ago and we have not drawn any money from the account in this time. It was set up for a daughter with the original amount paid in being £1,000. The account is a couple of hundred short of doubling in amount. We have to be honest we had forgotten about it until going through our paperwork a few days ago!

My questions are - is it best that it stays in the Virgin account or should we look at moving it to a better account? We would still like to have access to it at least once or even twice a year just in case she needs it for an emergency. When would it be the best time to move it (if at all?)

Thank you in advance for any help you can give

Jeff

xylophone

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

You could do a little better on the interest rate.

silvermum

Hi Jeff
A couple of questions:
1) Is it an ISA in your name, which you invested the £1000 in with a view to giving it to your daughter in the future, or
2) Is it a Junior ISA (JISA) in her name?
If it's 2) a JISA then you/she will not be able to make any withdrawals until she is 18 (that's the JISA rule)

If it's in your own name, then withdrawals will depend on the original terms and conditions of the account when it was set up - perhaps call Virgin if you're not sure?

It's a relatively small amount, so it may not be worth moving it - especially if you're planning on withdrawing funds from it soon?
A quick and easy transfer into the current Virgin e-Isa: https://uk.virginmoney.com/savings/products/double_take_e_isa_issue_13/
would allow you slightly improve the interest rate however to 1.21% and you'd still be able to make two withdrawals a year.

If you have a Virgin Money store near you it might be easiest to pop in?

jeffc2121

Hi Silvermum,
The ISA is in my name. We don’t envisage withdrawing any funds from it but it is there if we need to give it to her.
Thank you so much for your valued info.

Jeff