Virgin 2.5% ISA

MiserlyMartin

It's pretty grim, these banks and Bsocs are taking us all for a ride. All of these accounts should have been raised by the full 0.5% within a week. There is no excuse. Martin MSE likes to champion energy costs, if he put as much time and appearances into savings rates as he does energy they would have nowhere to hide! They are dragging it out giving us a 0.25% here and there if we are lucky. Always slow to raise, but when rates go down down they are doing it the next day. Its really poor! Like us! Think of everyone living off savings being eroded by 10% soon to be 13% inflation with rates a measly 1.5% when the base rate is so low anyway! It looks as though all of them are colluding to keep their rates low.

skitskut

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

silvermum

skitskut said:

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

Yes, the customer agent said it could be done via secure message - I asked because another family member has the same issue.
Basically, you need to open the Issue 508 ISA but don't fund it then tell them in a secure message that you're closing your Iss 506 one under the 14 day cooling off period and want to transfer the funds from it to the new Iss508. Ask for confirmation that no withdrawal penalty will be applied.
She said that they are ridiculously busy and it might take several days to reply, but that as long as the request is made within the 14 days since opening it will be fine.

c_smith

silvermum said:

skitskut said:

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

Yes, the customer agent said it could be done via secure message - I asked because another family member has the same issue.
Basically, you need to open the Issue 508 ISA but don't fund it then tell them in a secure message that you're closing your Iss 506 one under the 14 day cooling off period and want to transfer the funds from it to the new Iss508. Ask for confirmation that no withdrawal penalty will be applied.
She said that they are ridiculously busy and it might take several days to reply, but that as long as the request is made within the 14 days since opening it will be fine.

I'm in a similar position.  Signed up to a fixed rate on issue 522 at 3.5%, transferred the money in from another ISA and within a few days, the rate goes up to 3.7% on issue 528.  So I secure messaged Virgin after 8 days of opening, asking if I could transfer to issue 528 penalty free as I am within the 14 day cooling off period. I got a response today advising me how to transfer to the latest issue through my online account, but on following the steps, I got a message telling me there will be a penalty of £493 because I was closing it early.  The 14 days is up tomorrow.  I've secure messaged them back so that the timeline is all recorded and asked them if they are able to transfer it for me to avoid any penalty.  I might need to try and phone them in the morning too, although it's a Sunday and no doubt it will be a long wait. 

What a complete headache!  There should be a rule that if it goes up within the 14 day cooling off period you are automatically transferred onto the latest rate. 

savit4l8er

c_smith said:
  I might need to try and phone them in the morning too, although it's a Sunday and no doubt it will be a long wait. 

It was around 45 minutes to get through on the phone yesterday. They are experiencing a high volume of calls. 🙄

Yorkshire_Pud

c_smith said:

silvermum said:

skitskut said:

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

Yes, the customer agent said it could be done via secure message - I asked because another family member has the same issue.
Basically, you need to open the Issue 508 ISA but don't fund it then tell them in a secure message that you're closing your Iss 506 one under the 14 day cooling off period and want to transfer the funds from it to the new Iss508. Ask for confirmation that no withdrawal penalty will be applied.
She said that they are ridiculously busy and it might take several days to reply, but that as long as the request is made within the 14 days since opening it will be fine.

I'm in a similar position.  Signed up to a fixed rate on issue 522 at 3.5%, transferred the money in from another ISA and within a few days, the rate goes up to 3.7% on issue 528.  So I secure messaged Virgin after 8 days of opening, asking if I could transfer to issue 528 penalty free as I am within the 14 day cooling off period. I got a response today advising me how to transfer to the latest issue through my online account, but on following the steps, I got a message telling me there will be a penalty of £493 because I was closing it early.  The 14 days is up tomorrow.  I've secure messaged them back so that the timeline is all recorded and asked them if they are able to transfer it for me to avoid any penalty.  I might need to try and phone them in the morning too, although it's a Sunday and no doubt it will be a long wait. 

What a complete headache!  There should be a rule that if it goes up within the 14 day cooling off period you are automatically transferred onto the latest rate. 

Snap. How nauseating they don’t automatically update the isa rate if it goes up within the 14 day cooling off period.

Ive read both that the 14 days starts from 1. Date of account opening and 2. Date of first deposit being received?

For me that’s Sunday 16th in case of 1 and Wednesday 19th in case of 2. and I’ve done nothing as yet. So may miss the deadline.

Re the interest penalty are you sure you should be transferring the funds yourself? That’s their job and how isa transfers work regardless of if it’s the same provider. I notice you have realised this yourself. The way you are being advised to do it is to close one isa with an interest penalty and then fund the new one as if the funds come from anywhere/new money? I think you have been given advice that is to your financial disadvantage and shows a lack of understanding or care on VM’s part.

c_smith

Yorkshire_Pud said:

c_smith said:

silvermum said:

skitskut said:

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

Yes, the customer agent said it could be done via secure message - I asked because another family member has the same issue.
Basically, you need to open the Issue 508 ISA but don't fund it then tell them in a secure message that you're closing your Iss 506 one under the 14 day cooling off period and want to transfer the funds from it to the new Iss508. Ask for confirmation that no withdrawal penalty will be applied.
She said that they are ridiculously busy and it might take several days to reply, but that as long as the request is made within the 14 days since opening it will be fine.

I'm in a similar position.  Signed up to a fixed rate on issue 522 at 3.5%, transferred the money in from another ISA and within a few days, the rate goes up to 3.7% on issue 528.  So I secure messaged Virgin after 8 days of opening, asking if I could transfer to issue 528 penalty free as I am within the 14 day cooling off period. I got a response today advising me how to transfer to the latest issue through my online account, but on following the steps, I got a message telling me there will be a penalty of £493 because I was closing it early.  The 14 days is up tomorrow.  I've secure messaged them back so that the timeline is all recorded and asked them if they are able to transfer it for me to avoid any penalty.  I might need to try and phone them in the morning too, although it's a Sunday and no doubt it will be a long wait. 

What a complete headache!  There should be a rule that if it goes up within the 14 day cooling off period you are automatically transferred onto the latest rate. 

Snap. How nauseating they don’t automatically update the isa rate if it goes up within the 14 day cooling off period.

Ive read both that the 14 days starts from 1. Date of account opening and 2. Date of first deposit being received?

For me that’s Sunday 16th in case of 1 and Wednesday 19th in case of 2. and I’ve done nothing as yet. So may miss the deadline.

Re the interest penalty are you sure you should be transferring the funds yourself? That’s their job and how isa transfers work regardless of if it’s the same provider. I notice you have realised this yourself. The way you are being advised to do it is to close one isa with an interest penalty and then fund the new one as if the funds come from anywhere/new money? I think you have been given advice that is to your financial disadvantage and shows a lack of understanding or care on VM’s part.

I managed to get through to them today and got it resolved.  If you're still within the 14 day period, here's what you need to do:  

• Log into your online account and scroll down to the bottom to look at other savings accounts.  
• Apply for issue 528 and select the box that says it will be funded from savings account.
• Say no to the option to fund it from an existing Virgin ISA then proceed to open the new account with a zero balance.
• You will then notice in your online account that you have two ISA's sitting, your existing one and a new one issue 528 with a zero balance.
• Send them a secure message telling them that as you are in the 14 day cooling off period, you wish to have funds transferred from issue 522 to 528 without penalty. 

I was assured that as long as you do this within the 14 day cooling off period they will then pick up the secure message and transfer the funds to the new issue that you have just opened. You're right, I had done it wrong in selecting to transfer the funds myself.  Do it today and you won't lose out, the whole process takes less than 5 minutes through your online account.  

steveksullivan

c_smith said:

I was assured that as long as you do this within the 14 day cooling off period they will then pick up the secure message and transfer the funds to the new issue that you have just opened. You're right, I had done it wrong in selecting to transfer the funds myself.  Do it today and you won't lose out, the whole process takes less than 5 minutes through your online account.  

With rates moving as they are at the moment ......just to take this to its logical conclusiion .....

Presumably this means that the new ISA you have just opened has its own 14 day cooling off period ..... and if Virgin up the rates again you could repeat the process?

(I'm just about to test the first step .... I'm still within my ' first' cooling off period....)

Yorkshire_Pud

c_smith said:

Yorkshire_Pud said:

c_smith said:

silvermum said:

skitskut said:

silvermum said:

Just an update for anyone interested, and it might help others:

I (eventually - 50 mins on hold!) got through to Virgin who confirmed that it IS indeed possible to close a fixed rate ISA within the 14 day cooling off period and transfer it to a higher rate one without any penalty.

Thanks silvermum. I am in the same boat as you having opened the ISA on Fri. I'm going to send them a secure message, can't be doing with waiting 50 mins on the phone!

Yes, the customer agent said it could be done via secure message - I asked because another family member has the same issue.
Basically, you need to open the Issue 508 ISA but don't fund it then tell them in a secure message that you're closing your Iss 506 one under the 14 day cooling off period and want to transfer the funds from it to the new Iss508. Ask for confirmation that no withdrawal penalty will be applied.
She said that they are ridiculously busy and it might take several days to reply, but that as long as the request is made within the 14 days since opening it will be fine.

I'm in a similar position.  Signed up to a fixed rate on issue 522 at 3.5%, transferred the money in from another ISA and within a few days, the rate goes up to 3.7% on issue 528.  So I secure messaged Virgin after 8 days of opening, asking if I could transfer to issue 528 penalty free as I am within the 14 day cooling off period. I got a response today advising me how to transfer to the latest issue through my online account, but on following the steps, I got a message telling me there will be a penalty of £493 because I was closing it early.  The 14 days is up tomorrow.  I've secure messaged them back so that the timeline is all recorded and asked them if they are able to transfer it for me to avoid any penalty.  I might need to try and phone them in the morning too, although it's a Sunday and no doubt it will be a long wait. 

What a complete headache!  There should be a rule that if it goes up within the 14 day cooling off period you are automatically transferred onto the latest rate. 

Snap. How nauseating they don’t automatically update the isa rate if it goes up within the 14 day cooling off period.

Ive read both that the 14 days starts from 1. Date of account opening and 2. Date of first deposit being received?

For me that’s Sunday 16th in case of 1 and Wednesday 19th in case of 2. and I’ve done nothing as yet. So may miss the deadline.

Re the interest penalty are you sure you should be transferring the funds yourself? That’s their job and how isa transfers work regardless of if it’s the same provider. I notice you have realised this yourself. The way you are being advised to do it is to close one isa with an interest penalty and then fund the new one as if the funds come from anywhere/new money? I think you have been given advice that is to your financial disadvantage and shows a lack of understanding or care on VM’s part.

I managed to get through to them today and got it resolved.  If you're still within the 14 day period, here's what you need to do:  

• Log into your online account and scroll down to the bottom to look at other savings accounts.  
• Apply for issue 528 and select the box that says it will be funded from savings account.
• Say no to the option to fund it from an existing Virgin ISA then proceed to open the new account with a zero balance.
• You will then notice in your online account that you have two ISA's sitting, your existing one and a new one issue 528 with a zero balance.
• Send them a secure message telling them that as you are in the 14 day cooling off period, you wish to have funds transferred from issue 522 to 528 without penalty. 

I was assured that as long as you do this within the 14 day cooling off period they will then pick up the secure message and transfer the funds to the new issue that you have just opened. You're right, I had done it wrong in selecting to transfer the funds myself.  Do it today and you won't lose out, the whole process takes less than 5 minutes through your online account.  

Thanks, I’ve done that and should be within the 14 days, just having opened then522 on 2nd.
I think I sent a secure message but when I pressed send it reverted to the log in screen and I wonder if it’s been sent as there’s no sent messages folder? 

RobM99

Why do they not just automatically increase the rate?