Transferred Cash ISA to 2 Year Fixed Rate Virgin Money one but only getting 0.1% interest

paul_liverpoolfc

Hi

I recently transferred my Easy Access Cash ISA with Skipton BS to a 2 year fixed rate E-ISA with Virgin Money.

I opened the account and then did a transfer in.

My money has gone over now (it seemed to take a long time) but the interest rate on the E-ISA is only 0.1% (issue 517).

Does anyone know why I'm only getting 0.1% instead of the 3% on the account featured on Money Saving Expert a couple of weeks ago?

Is there any way I can upgrade my Cash ISA to a higher rate with Virgin Money?

Thanks

Paul

 

refluxer

If you only applied for the Fixed Rate ISA a few weeks ago, then 0.1% is obviously a mistake. If the funds have only just been transferred in, I would give it a day or so to correct itself and if it doesn't, then contact Virgin.

Peter999_2

Hi.  I applied a couple of days ago when the rate had gone up to 4.5%.      Mine also shows 0.10% at the moment, hopefully it will change.

dc_scotland

If the newly transferred funds are still showing as an uncleared transaction, the interest rate will show as 0.1%.  Once the funds show as a cleared transaction, the correct interest rate will be shown.

intalex

Peter999_2 said:

Hi.  I applied a couple of days ago when the rate had gone up to 4.5%.      Mine also shows 0.10% at the moment, hopefully it will change.

4.5% with Virgin? What term? Issue #?

Frogletina

paul_liverpoolfc said:

Hi

I recently transferred my Easy Access Cash ISA with Skipton BS to a 2 year fixed rate E-ISA with Virgin Money.

I opened the account and then did a transfer in.

My money has gone over now (it seemed to take a long time) but the interest rate on the E-ISA is only 0.1% (issue 517).

Does anyone know why I'm only getting 0.1% instead of the 3% on the account featured on Money Saving Expert a couple of weeks ago?

Is there any way I can upgrade my Cash ISA to a higher rate with Virgin Money?

Thanks

Paul

 

Issue 517 will give you 3.27% -  I am assuming that the rate shown has not yet been updated from 0.1% but that it will be in due course 

The 3% shown on MSE will have been a previous issue, Virgin have a habit opening lots of ISAs for only short periods of time. 

I currently have a 1 year ISA without funds in, as that gives me 30 days in which to deposit and during that time a higher ISA may become available. 

You need to check the terms and conditions to see if you are able to cancel that ISA and and open a new one. The current terms for the latest ISA say that you need to cancel in writing within 14 days of making your deposit. 

isasmurf

https://uk.virginmoney.com/savings/questions-and-answers/all-savings-accounts/#why-is-the-interest-rate-on-the-online-account-ive-just-opened-010

paul_liverpoolfc

Interest rate has been updated on account now - showing 3.22%.