Virgin money Double take ISA rate cut 2 June

epm-84

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

MDMD

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

RG2015

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

d63

RG2015 said:

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

move the funds out to where tho?  1.01% is about the best you can get at the moment, only alrayan is a bit better but for an extra 0.1% i'm not sure i want to face all the horrors of their app again. 

RG2015

d63 said:

RG2015 said:

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

move the funds out to where tho?  1.01% is about the best you can get at the moment, only alrayan is a bit better but for an extra 0.1% i'm not sure i want to face all the horrors of their app again. 

The point is that only two withdrawals per calendar year are allowed,

Marcus allows unlimited access and pays slightly more with transfers out arriving in seconds. My Ford Money account pays more although transfers out are not faster payments. And the NS&I Income Bond pays 1.16% although I am not sure how quick transfers out will be.

There is no point in an account limited to two transfers out per calendar year that pays less interest than an unlimited access account.

d63

RG2015 said:

d63 said:

RG2015 said:

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

move the funds out to where tho?  1.01% is about the best you can get at the moment, only alrayan is a bit better but for an extra 0.1% i'm not sure i want to face all the horrors of their app again. 

The point is that only two withdrawals per calendar year are allowed,

Marcus allows unlimited access and pays slightly more with transfers out arriving in seconds. My Ford Money account pays more although transfers out are not faster payments. And the NS&I Income Bond pays 1.16% although I am not sure how quick transfers out will be.

There is no point in an account limited to two transfers out per calendar year that pays less interest than an unlimited access account.

ah! point taken! getting confused here alas. thought you were referring to the double-take E-ISA rather than the ordinary (non-ISA) double-take esaver account.

RG2015

d63 said:

RG2015 said:

d63 said:

RG2015 said:

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

move the funds out to where tho?  1.01% is about the best you can get at the moment, only alrayan is a bit better but for an extra 0.1% i'm not sure i want to face all the horrors of their app again. 

The point is that only two withdrawals per calendar year are allowed,

Marcus allows unlimited access and pays slightly more with transfers out arriving in seconds. My Ford Money account pays more although transfers out are not faster payments. And the NS&I Income Bond pays 1.16% although I am not sure how quick transfers out will be.

There is no point in an account limited to two transfers out per calendar year that pays less interest than an unlimited access account.

ah! point taken! getting confused here alas. thought you were referring to the double-take E-ISA rather than the ordinary (non-ISA) double-take esaver account.

I also confused this. I thought the double take e-saver was being reduced from 2nd June. If so, they have to send me an email within the next hour. 

kuepper

got my email for issue 9  that was 1.46%. Grim times indeed.

tg99

I’ve got a few issues of the Double Take (none ISAs) but no emails yet.

surreysaver

d63 said:

RG2015 said:

MDMD said:

epm-84 said:

Audaxer said:

I've also just seen my email showing that my Virgin Cash E-ISA Double Take Issue 2 (currently 1.35%) and Issue 5 (currently 1.45%) are both going down to 1.01% from 2nd June. These Virgin accounts had escaped recent reductions and I had even been considering moving some funds to these accounts after the recent cuts to Santander 123 and Marcus accounts, but no point now. 

Virgin finished up with so many different accounts and issue numbers that it's taken them a while to review the rates for all accounts - the oldest accounts had their rates reduced this month.  Unfortunately, the Virgin T&Cs allow them to reduce interest at 14 days notice, which is less than most providers.

If, as it appears, that they are all paying the same rate now I don’t quite understand why they don’t just remove all issue numbers.

The double take account will be pretty pointless come 2nd June and the majority of account holders will transfer their funds out. Many will close their accounts and if not will allow them to become dormant.

Hence there is no reason for VM to remove the issue numbers when they will just die of natural causes. 

move the funds out to where tho?  1.01% is about the best you can get at the moment, only alrayan is a bit better but for an extra 0.1% i'm not sure i want to face all the horrors of their app again. 

But that 1.01% is currently protected from the Tax Man, so no point taking it out unless its needed