Virgin Money

Aged

Intending to transfer my ISA to Virgin Money in the next few weeks. Any reason why I shouldn't do this?

masonic

It's a minor reason, but perhaps because it might take longer than usual at the moment - both with it being 'ISA season' when providers are typically busier, and with current events. There seems to be a delay in postal services for example, and most businesses are reducing the number of staff on site.

I don't know if Virgin is one of the providers who backdates interest.

afis1904

I think the main questions are: What is your current interest rate and what is the interest rate you're switching too?

Aged

Let me rephrase my question. Is Virgin Money 'safe'? Feels like everything is crumbling around us at the moment, and that's making me even more wary than usual. I have to transfer as the current fixed rate ISA is about to mature. 

masonic

Aged said:

Let me rephrase my question. Is Virgin Money 'safe'? Feels like everything is crumbling around us at the moment, and that's making me even more wary than usual. I have to transfer as the current fixed rate ISA is about to mature. 

There's a simple way to determine this that applies for all providers... Does it have FSCS protection? If yes, then it is safe for up to £85k of your savings.

badger09

Virgin Money is as safe as anywhere else covered by FSCS.

FWIW, I've very recently transferred Santander cash ISA into 2 separate, newly opened Virgin cash ISAs. 
New accounts appeared immediately after I'd submitted applications (I am an existing Virgin customer).
Both sums appeared in the new Virgin cash ISAs on the day following submission of my transfer request.

(There was actually a delay caused by Santander  incorrectly rejecting one of the transfer requests, but transfer was made immediately when I resubmitted transfer request) 

Aged

badger09 yes I've dealt with Virgin before (ISAs) and I've always found them very efficient. I think they've been taken over since then though? Transfer is all set up ready to go, just having a touch of the collywobbles with all the uncertainty in the world right now.

newatc

Just transferred an ISA to Virgin and it was processed extremely quickly  ( a few days). 

margaretx9

Virgin are still paying good rates on fixed rate ISA which may not last for long - and all ISA transfers can be done online.
So no reason to worry about it - its part of the wider Clydesdale bank group now so has plenty of financial backing and the £85k FSCS protection applies.

dimple_pie

newatc said:

Just transferred an ISA to Virgin and it was processed extremely quickly  ( a few days). 

Do you know how many days ? I put a request in to transfer a Santander cash Isa to Virgin Money, I can no longer view the ISA on Santander mobile banking  (as in it’s been removed / disappeared) but the money is yet to reach Virgin. The account with Virgin is displayed but with zero balance. I’m probably panicking but just trying to get an idea of how long it generally takes. Thanks

badger09

dimple_pie said:

newatc said:

Just transferred an ISA to Virgin and it was processed extremely quickly  ( a few days). 

Do you know how many days ? I put a request in to transfer a Santander cash Isa to Virgin Money, I can no longer view the ISA on Santander mobile banking  (as in it’s been removed / disappeared) but the money is yet to reach Virgin. The account with Virgin is displayed but with zero balance. I’m probably panicking but just trying to get an idea of how long it generally takes. Thanks

badger09 said:

Virgin Money is as safe as anywhere else covered by FSCS.

FWIW, I've very recently transferred Santander cash ISA into 2 separate, newly opened Virgin cash ISAs. 
New accounts appeared immediately after I'd submitted applications (I am an existing Virgin customer).
Both sums appeared in the new Virgin cash ISAs on the day following submission of my transfer request.

(There was actually a delay caused by Santander  incorrectly rejecting one of the transfer requests, but transfer was made immediately when I resubmitted transfer request) 

See my post on 28 March
Both ISA transfers from Santander to Virgin appeared online in Virgin ISAs the day after I requested them