Virgin 2.5% ISA

RG2015

RobM99 said:

Why do they not just automatically increase the rate?

I believe that Ford Money give you 14 days to make your initial deposit and if they increase the rate before you deposit they will give you the higher rate.

Edit. This is for non ISAs but probably applies to ISAs as well.

steveksullivan

RobM99 said:

Why do they not just automatically increase the rate?

Well.... yes..... exactly..... but they don't !!

Serial complainer of Oxfordshire here .....

Although I completely trust the the posters on here I tried to call Virgin to confirm the process .....

Started calling at just after 12:40 ...... got an automated message saying 'call before 1:00 on a Sunday .....' (I've actually had this before but had forgotten ....) If they are going to shut lines down before 1:00 ....presumably to have time to answer calls ....then their published times should reflect that!!

Complaint message sent .....

So.... I called the 24 hour lost and stolen card number ..... she was actually able to confirm the process and that I was within the cooling off period (until tomorrow.....) She also agreed that I should complain about the first number being unavailable!

Second ISA opened and request to transfer, penalty free, sent by secure message......

steveksullivan

Yorkshire_Pud said:

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? 

I'm just a bit worried you may have missed the boat .... mine was opened on 4th, advisor on the phone just now said I had until tomorrow ...

If  yours was on 2nd and that is counted as 'Day 1' today is day 15 .... lets hope they interpret it as 14 working days 'after' day 1 ..... don't know if anyone else has cut it fine and can confirm? 

Guessing it wont have happened much yet as it's really only recently become likely to happen with such rapid rate rises ....

Yorkshire_Pud

steveksullivan said:

Yorkshire_Pud said:

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? 

I'm just a bit worried you may have missed the boat .... mine was opened on 4th, advisor on the phone just now said I had until tomorrow ...

If  yours was on 2nd and that is counted as 'Day 1' today is day 15 .... lets hope they interpret it as 14 working days 'after' day 1 ..... don't know if anyone else has cut it fine and can confirm? 

Guessing it wont have happened much yet as it's really only recently become likely to happen with such rapid rate rises ....

I’m a bit worried too but unless they want to be really pedantically mean, it’s up to them, and if they close and transfer with a penalty I will be even more unhappy but I’ve covered that in my message to consult with me if they don’t agree the 14 day no penalty date.
If someone was coming round in 14 days time to see me I wouldn’t  expect them to arrive on the 13th day! But who knows!

Did you get a confirmation of secure message sent or did it log you out straight after as happened to me?

steveksullivan

I did get the confirmation to my email account ....

If you're not sure I'd probably send the message again to make sure, with a prefix of 'sorry if you get this twice ......'

From other threads I think they have a bit of flexibility, so even if strictly the 2nd is day 1 hopefully it will work for you ....

Fingers crossed !!

(I too am annoyed that there's no 'sent' folder to check messages .... I wanted to check the wording on mine after I'd sent it .....)

Yorkshire_Pud

I’ve not received an email confirmation of message sent, only of account opening.
Better send another!

Yorkshire_Pud

I’ve just sent two secure messages and they both acknowledge that they were sent in online so clearly my earlier message wasn’t sent as I must have been logged out by lovely VM without telling me as I had applied for the new account and then composed the message and it must have decided I was not active without telling me so a wasted message which I had to THINK about 😡 and didn’t know at the time sent or not. It was or not.

In my favour re 14 days I opened the account on a Sunday the 2nd but the opening letter I received says opened on 3rd October so I expect to be OK.

savit4l8er

Yorkshire_Pud said:

I’ve not received an email confirmation of message sent, only of account opening.
Better send another!

I sent them a secure message, I received a reply by email confirming receipt within minutes.

THIS IS AN AUTOMATED RESPONSE. PLEASE DO NOT REPLY TO THIS MESSAGE, AS THIS E-MAIL ADDRESS IS NOT MONITORED.

Dear Customer

Thank you, we have received your message. We will respond as soon as we can, we aim for this to be within 3-5 working days. Our response will be posted to your secure message inbox which you can access using the ‘Messages’ facility.

Virgin Money

c_smith

steveksullivan said:

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....)

  I like your thinking, but somehow I doubt they'd allow that.  But if it happens, I'm sure someone will put it to the test and update us.  

savit4l8er

c_smith said:

steveksullivan said:

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....)

  I like your thinking, but somehow I doubt they'd allow that.  But if it happens, I'm sure someone will put it to the test and update us.  

Can't really see how they can't allow it, you have 14 days cooling off period and that's solid. If the product is not right for you, and the new one is, there is not much they can say. Apart from the admin, I don't think they will mind that much.