Virgin money Double take ISA rate cut 2 June

RG2015

Just realised that this thread just relates to cash ISAs so as previous posters have said the new rate is still good in the current climate.

MDMD

RG2015 said:

Just realised that this thread just relates to cash ISAs so as previous posters have said the new rate is still good in the current climate.

I’ve changed the thread title - originally I assumed that VM would be consistent with the double take ISAs and non ISAs. Clearly not, unless they are making those changes on 3rd June! 

intalex

I have both DT ISA and DT non-ISA and only received an email about rate reduction on the DT ISA so far.
Anyone know if the DT ISA is a flexible ISA? If so, obvious solution would be to switch the DT ISA balance into the DT non-ISA and switch it back by 5th April IF the DT non-ISA retains a superior rate.

soulsaver

intalex said:

I have both DT ISA and DT non-ISA and only received an email about rate reduction on the DT ISA so far.
Anyone know if the DT ISA is a flexible ISA? If so, obvious solution would be to switch the DT ISA balance into the DT non-ISA and switch it back by 5th April IF the DT non-ISA retains a superior rate.

It's not.

epm-84

MDMD said:

RG2015 said:

Just realised that this thread just relates to cash ISAs so as previous posters have said the new rate is still good in the current climate.

I’ve changed the thread title - originally I assumed that VM would be consistent with the double take ISAs and non ISAs. Clearly not, unless they are making those changes on 3rd June! 

In the past they've changed the interest rates for Double Take eISAs and eSavers on different dates within a couple of weeks of each other.

epm-84

intalex said:

Anyone know if the DT ISA is a flexible ISA? If so, obvious solution would be to switch the DT ISA balance into the DT non-ISA and switch it back by 5th April IF the DT non-ISA retains a superior rate.

The Double Take is not a flexible ISA, the Defined Access ISA was the flexible ISA option but that had a slightly lower interest rate as it allowed up to 4 withdrawals and even then you could make further ones but you would then get a lower interest rate from the date of the 5th withdrawal.

Audaxer

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.

I've also got a Marcus account, but I'm going to keep my Virgin Double Take Cash E-ISAs as well, as I want to retain them in the ISA wrapper, which ensures the interest won't be taxed and gives me the option of transferring this money to my S&S ISA if I decide to invest this money.

intalex

intalex said:

I have both DT ISA and DT non-ISA and only received an email about rate reduction on the DT ISA so far.
Anyone know if the DT ISA is a flexible ISA? If so, obvious solution would be to switch the DT ISA balance into the DT non-ISA and switch it back by 5th April IF the DT non-ISA retains a superior rate.

And now the DT non-ISA is also following suit on 16th June...

RG2015

intalex said:

intalex said:

I have both DT ISA and DT non-ISA and only received an email about rate reduction on the DT ISA so far.
Anyone know if the DT ISA is a flexible ISA? If so, obvious solution would be to switch the DT ISA balance into the DT non-ISA and switch it back by 5th April IF the DT non-ISA retains a superior rate.

And now the DT non-ISA is also following suit on 16th June...

Thanks. I also got an email this morning. It was good while it lasted.

Be_Happy

DT Issue 10 saver dropping from 1.5% to 1.01% on 16 June.  Still good in today's interest climate.