Virgin ISA help please .......

savit4l8er

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?

It's pretty much electronic these days, I don't know if there are any left that operate old way but for the Coventry you will just fill in the details during the online application and leave it to Virgin.
Have all the necessary details to hand, any sort codes, account / roll numbers ( if applicable), NI number and it will be a reasonably quick process.  🙂

refluxer

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?

Both the Coventry BS and Virgin Money are signed up to the 'BACS electronic transfer service', which normally means that no paper forms are required and the funds should be transferred electronically. As humans are still involved in the transfer process, this still doesn't mean it's instant but it should (in theory) be quicker than a transfer that involves posting paper forms and funds being sent by cheque.

Cynergy provide a useful list of banks and building societies who are signed up to this service here. While most of the banks and building societies you'll come across are part of the scheme, there are still some who aren't. The Principality BS and NS&I are two that spring to mind. 

As mentioned above, you would open the ISA with Virgin and request the transfer as part of the application process. If you currently have an Easy Access or Limited Access ISA with the Coventry then a transfer out is likely to be penalty-free, but if you have a Fixed Rate ISA, then you'll need to work out whether the transfer penalty is worth paying. As always, be sure to check your Coventry ISA T&Cs so you know where you stand.

Malchester

savit4l8er said:

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?

It's pretty much electronic these days, I don't know if there are any left that operate old way but for the Coventry you will just fill in the details during the online application and leave it to Virgin.
Have all the necessary details to hand, any sort codes, account / roll numbers ( if applicable), NI number and it will be a reasonably quick process.  🙂

Sadly not all are electronic. Just opened Virgin 2 year ISA at 4.12% (now gone). UBLUK transfer to Virgin being done  electronically but Buckinghamshire Building Society transfer has to be a paper one. Principality Building Society are the same 

silvermum

I have various accounts with Virgin and have done some transfers into their fixed rate ISAs over the last month, but they are SO SLOW to update my account on the website! An account opened on 12 Aug still hasn't had the funds from another Virgin ISA showing as transferred across. I've messaged them several times and they keep replying that because of 'higher than usual' numbers of applications things are delayed. I also found a mistake in the way they applied their interest penalty for early closure of a former account, so do check your accounts after transfer!

savit4l8er

silvermum said:

I also found a mistake in the way they applied their interest penalty for early closure of a former account, so do check your accounts after transfer!

Could you comment on how they made their error.  I appreciate you did not post your comment with a view to explaining to people how to work out penalties, I am fully aware how to work out 30, 60, 90 day penalties etc. and have recently worked out a 180 day to more a less the penny quoted by phone elsewhere.  However, to know what they did wrong would be useful. Did they provide an explanation?

silvermum

savit4l8er said:

silvermum said:

I also found a mistake in the way they applied their interest penalty for early closure of a former account, so do check your accounts after transfer!

Could you comment on how they made their error.  I appreciate you did not post your comment with a view to explaining to people how to work out penalties, I am fully aware how to work out 30, 60, 90 day penalties etc. and have recently worked out a 180 day to more a less the penny quoted by phone elsewhere.  However, to know what they did wrong would be useful. Did they provide an explanation?

It was basically a series of debits and credits for the interest penalty - charged me what I thought was the correct amount, then credited it back as I think they got confused about whether I had redeemed early or done a transfer within the first 14 days (I'd done both!).
Also credited my old account with interest due, then removed it and applied a different amount to my new account, even though the full balance hasn't yet been transferred to my new account.

No explanation yet, but I only noticed yesterday, so no reply to my email yet (I asked for an explanation in case I had misunderstood something).

I sense that at the moment with people switching/ transferring/closing within the 14 day period etc that there is greater scope for human error in the calculations.

savit4l8er

silvermum said:

It was basically a series of debits and credits for the interest penalty - charged me what I thought was the correct amount, then credited it back as I think they got confused about whether I had redeemed early or done a transfer within the first 14 days (I'd done both!).
Also credited my old account with interest due, then removed it and applied a different amount to my new account, even though the full balance hasn't yet been transferred to my new account.

No explanation yet, but I only noticed yesterday, so no reply to my email yet (I asked for an explanation in case I had misunderstood something).

I sense that at the moment with people switching/ transferring/closing within the 14 day period etc that there is greater scope for human error in the calculations.

😔 That's a lot to keep track of, more than just a simple calculation error by the look of it.  Thank you for your full response. I have had a few accounts with them myself, if anything, I think they were maybe a bit better before the takeover but I have been relatively pleased with them compared to some. 

Good luck, hope it's sorted out swiftly. 

cricidmuslibale

Any advice on the following would be greatly appreciated!

I have very recently opened and deposited new money into the exclusive Virgin Money easy access ISA, and I am very grateful to be able to have money in this account at the moment. However, if before the end of this tax year Virgin Money release a Fixed Rate ISA that has a high enough interest rate over the right length of time to seriously tempt me into saving into it, would it be possible for me to transfer the whole of my new easy access ISA money into this chosen V M Fixed Rate ISA, please? Also does anyone know whether, if such a transfer is permitted, the exclusive easy access ISA would be closed as part of the internal transfer or whether it would remain open with a zero balance, please?

kuepper

cricidmuslibale said:

Any advice on the following would be greatly appreciated!

I have very recently opened and deposited new money into the exclusive Virgin Money easy access ISA, and I am very grateful to be able to have money in this account at the moment. However, if before the end of this tax year Virgin Money release a Fixed Rate ISA that has a high enough interest rate over the right length of time to seriously tempt me into saving into it, would it be possible for me to transfer the whole of my new easy access ISA money into this chosen V M Fixed Rate ISA, please? Also does anyone know whether, if such a transfer is permitted, the exclusive easy access ISA would be closed as part of the internal transfer or whether it would remain open with a zero balance, please?

It can be done but I kept getting an error message when I tried to switch from one fixed to another and I was told I'd have to fill out transfer form and send it. I did that and waited but nothing happened so I phoned again and was told they hadn't received it. So what was point in sending another form as they might not receive that either....Ended up complaining to FO and got some comp as well as the transfer being done and old account closed, I just opened their easy access ISA thinking same as you and when I tried to transfer my existing fixed one I got an error message, so deja vu. I phoned and was told there's noone in that department til Monday ......

skitskut

cricidmuslibale said:

Any advice on the following would be greatly appreciated!

I have very recently opened and deposited new money into the exclusive Virgin Money easy access ISA, and I am very grateful to be able to have money in this account at the moment. However, if before the end of this tax year Virgin Money release a Fixed Rate ISA that has a high enough interest rate over the right length of time to seriously tempt me into saving into it, would it be possible for me to transfer the whole of my new easy access ISA money into this chosen V M Fixed Rate ISA, please? Also does anyone know whether, if such a transfer is permitted, the exclusive easy access ISA would be closed as part of the internal transfer or whether it would remain open with a zero balance, please?

I did this. It took over 6 wks though and the exclusive easy access ISA was closed with accrued interest also transferring across.