Virgin money Double take ISA rate cut 2 June

MDMD

Had a message from them to say my double take ISA issue 7 dropping to 1.01% from 2 June. Probably doing that to all old issues, to bring them in line with the current issue on sale. Still 4x what I get in the Nationwide loyalty ISA.

Edit: changed thread title as it appears only affected products are the double take ISAs (for now) and oddly not the taxable equivalent 

chamelion

Got the same note just now  
Shucks. And no better alternative...

Growingold

Yes same email but Issue 9.  Must be doing it to all their old issues to make them the same rate as their current issue.  Still competitive though.

colsten

Best instant access ISA presently available is 1.11% expected profit rate at Al Rayan. They are an islamic bank which has, so far, always paid the expected profit rate on all their accounts, but they can modify the expected rate. They are a bit like marmite - you either love them or hate them. Must have a reasonably current smartphone to use their online or app banking. I have had an ISA with them a couple of years ago and was happy overall. As they are FSCS protected, I would have an ISA with them again but for 0.11% it might not be for the less adventurous ones.

pafpcg

colsten said:

Best instant access ISA presently available is 1.11% expected profit rate at Al Rayan. They are an islamic bank which has, so far, always paid the expected profit rate on all their accounts, but they can modify the expected rate. They are a bit like marmite - you either love them or hate them. Must have a reasonably current smartphone to use their online or app banking.

Apologies for taking this thread about Virgin Money interest rates off topic, but I should expand upon Colsten's comment about needing a smartphone to access Al Rayan accounts.  No, it's NOT absolutely necessary to have a smartphone to access online accounts - I'm using their "hard token", a Digipass770R keypad, to access my Al Rayan accounts via a PC.  Fiddly it may be, but getting the hard token device out of the filing cabinet, opening its box and pressing the tiny rubber keys is quicker for me that powering-on the wi-fi, starting-up my smartphone and then loading the Al Rayan app.  It may have taken months and much effort wasted on getting it all to work, but we do have a choice!

PS:  I love Marmite but detest Vegemite!

surreysaver

MDMD said:

Had a message from them to say my double take ISA issue 7 dropping to 1.01% from 2 June. Probably doing that to all old issues, to bring them in line with the current issue on sale. Still 4x what I get in the Nationwide loyalty ISA

I've got Issue 14 and had the same message - 1.31% going down to 1.01%

ColdIron

And Issue 6

Wheres_My_Cashback

Same for ManUre Double Issue 6.
Very consistent of them, but making it a bigger drop for some than others.
Double whammy today, Barclays also reducing ISA rates.

RG2015

Wheres_My_Cashback said:

Same for ManUre Double Issue 6.
Very consistent of them, but making it a bigger drop for some than others.
Double whammy today, Barclays also reducing ISA rates.

Nothing yet for my Issue 10 but when it comes it will drop from 1.50% to 1.01% so with all the restrictions there is no point in keeping it beyond 2nd June.

Speedbird676

I haven't received anything yet for my Issue 5.

Audaxer

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.