ISA

ANDREWBRUMMELL

Have just merged 2 isa's together. The receiving bank being Virgin. The amount has exceeded the £85000 safety zone. Do I have to be worried? It's a 2 year fixed account with no withdrawals without penalty.

colsten

It’s a very bad idea to go over the FSCS limit. 

Albermarle

Exceeded by how much ? Having £90K with one bank is different from £150K .

Alexland

As you say it exceeds the FSCS protection so the additional money will be at risk but without knowing the full account balance or your circumstances then it's hard to determine if the risk you are taking is important enough to be concerned about.

If the balance is £85,000.87 then you are only risking 87p so who cares. If the balance is now £170,000 (2 x £85,000) and this is your only money in the world then yes that might be more concerning.

blue_max_3

Was that a surprise to you? Anyway, I had more than the limit too (after I opened a fixed rate isa with them) and decided to reduce my other account.
I do worry when his airlines are struggling and he's trying to borrow money. Probably all irrelevant, but if it plays on your mind, the minuscule amount of interest is not worth the exposure.

colsten

blue_max_3 said:

Was that a surprise to you? Anyway, I had more than the limit too (after I opened a fixed rate isa with them) and decided to reduce my other account.
I do worry when his airlines are struggling and he's trying to borrow money. Probably all irrelevant, but if it plays on your mind, the minuscule amount of interest is not worth the exposure.

The only connection between Richard Branson and Virgin Money is the brand name now - he gets an annual multi-million licence fee from Virgin Money Bank for it. He guarantees nothing - apart perhaps attracting the interest of people who mistakenly think Richard Branson will look after their money.

BTW, I am not one of the Richard Branson bashers. I actually admire the man for what he has achieved.

Eco_Miser

colsten said:

The only connection between Richard Branson and Virgin Money is the brand name now - he gets an annual multi-million licence fee from Virgin Money Bank for it. He guarantees nothing - apart perhaps attracting the interest of people who mistakenly think Richard Branson will look after their money.

I suspect he has a bigger interest than that - the owners of the previous Virgin Money got CYBG shares, not cash, when they sold their VM shares. 

wmb194

I don’t know how up to date this is but Branson did own 13% of the combined CYBG/Virgin Money.
https://www.marketscreener.com/VIRGIN-MONEY-UK-PLC-27113320/company/