Virgin ISA help please ....... 1 October 2022 at 2:56PM in ISAs & tax-free savings 24 replies 1.5K views

steveksullivan

Finally had enough waiting, so want to 'switch' my existing 2 year fixed with Virgin into their new rate and take the penalty .....

Just tried to phone them to find out the quickest way to do this ....started at about 2:40 PM ....... and got a recorded message asking me to call back between 8 and 3PM....errr....?!?!?

Has anybody else done this ? Is it easier by phone - when I can finally get through  - or is there an option online to switch an existing Virgin ISA?

Any help gratefully received as usual.....

savit4l8er

Going by what I did previously, as you work through the application form online, there was a section which asks you if you want to transfer funds in from another Virgin ISA and close it. If you don't want to close the existing ISA I believe you open the new one and send a message requesting how much you want to transfer.  The last time I did it, I kept the same account number as the one I closed. Sort of merged the two because I could see all the transactions for the previous ISA. 

You could try the application online and if it's no longer the case as above, I suppose at some point, you could quit. 
Even if you open it, to ensure you get it, I envisage there will be away to transfer later.

You have got beyond the "should I shouldn't I" dilemma then 😄. 

Which are you liking. If you would rather not say, that's absolutely fine, I understand, just curious as I am in the midst of it. 

steveksullivan

Thanks, that's very helpful..... I was just coming back on here to post that I thought I had found the answer by trawling through their FAQs and your post has confirmed it!

Quite happy to say what I'm doing .....!

I still have a good chunk in instant access - still waiting to decide what to do with that - but decided to jump on the ISA.

My existing fix was at 2.33%  ( I remember being happy with that at the time .... not that long ago !!) so switching to the new 2 year,with monthly interest at 4.04%. will generate just over £1000 more per year on my cash balance  - or about £666 after the penalty.

Glad I can stay with Virgin now their rate has increased to benefit from their low penalties just in case rates do sky-rocket !!

savit4l8er

Thanks, it helps a little to know what others thoughts are. I just moved my 1.36 2 year away from them but looks like it might go back or something else will in it's place, fscs etc.  I  was reasonably happy with the 1.36 and the .75 at NW at the time. Glad to see the back of the latter one 😄

steveksullivan

I actually had the .75 NW as well and ditched it and took the penalty to part-fund the original 2.33% Virgin ISA !

I know what you mean about picking other peoples brains..... you've probably seen me doing the same on here over the last couple of months....!!

steveksullivan

All done .... nice and easy in the end!

savit4l8er

steveksullivan 

I know what you mean about picking other peoples brains..... you've probably seen me doing the same on here over the last couple of months....!!

Never visited here so much myself but it helps find who is offering what during these times especially.  Pleased it worked out as I described, Virgin do make it easy. 

Might see you around a bit yet. 🙏

steveksullivan

......having said that .......

the issue number changed immediately in my online banking, the penalty was deducted (to the last penny, exactly what I had calculated.....) BUT the interest rate on the account is still showing as 2.33%

The only thing I can see is that the penalty is still showing under 'uncleared transactions' for some reason - even though it has been deducted from the capital amount .....

Guess it will sort itself out........

savit4l8er

steveksullivan said:

......having said that .......

the issue number changed immediately in my online banking, the penalty was deducted (to the last penny, exactly what I had calculated.....) BUT the interest rate on the account is still showing as 2.33%

The only thing I can see is that the penalty is still showing under 'uncleared transactions' for some reason - even though it has been deducted from the capital amount .....

Guess it will sort itself out........

Don't worry about that, it always seems to happen with a new account at Virgin until they get it fully established. Somewhere it may even tell you the rate could be wrong until it is set up fully. Might be just by the interest rate "rate wrong" or something like that. I can't say exactly because I haven't opened one for a few months but I have seen it numerous times. When I have opened an account it might quote.25% at the top but a day or so later it gets adjusted to the correct one. 

codetown2

I am also interested in the 2 year fixed Virgin ISA.
But I have my ISA money with Coventry at the moment.

Do you know how is a ISA transfer made nowadays?
Is it electronic, or do you still need to find a paper form, fill it and post it to Virgin?

Albermarle

codetown2 said:

I am also interested in the 2 year fixed Virgin ISA.
But I have my ISA money with Coventry at the moment.

Do you know how is a ISA transfer made nowadays?
Is it electronic, or do you still need to find a paper form, fill it and post it to Virgin?

No, you open an account with Virgin, and ask them to transfer the ISA money over from Coventry. 
Suggest you spend some time reading through the forum, as every question about ISA's has been asked and answered numerous times.