Virgin Money Easy Access Cash ISA Exclusive Issue 2

Qyburn

I'm impressed. Current account opened on 8th Nov, ISA opened and transfer requested on 9th Nov.  Transfer completed today with the balance visible in the Virgin account.

Expotter

Qyburn said:

I'm impressed. Current account opened on 8th Nov, ISA opened and transfer requested on 9th Nov.  Transfer completed today with the balance visible in the Virgin account.

Did you get any notifications at any point? I requested a transfer on the 7th and haven't heard anything.

Qyburn

I got an email from the old provider (Paragon) on the day I submitted the transfer request to Virgin. Then an email from Virgin today confirming transfer completed. 

[Deleted User]

If you're going to pay tax (which I will be after the interest rate rises) and you want instant access just in case of emergencies, this really is a no-brainer.

steveksullivan

Deleted_User said:

If you're going to pay tax (which I will be after the interest rate rises) and you want instant access just in case of emergencies, this really is a no-brainer.

unless of course you are already maxed out at the FSCS limit of 85k ..... which I am !

fabsaver

Deleted_User said:

If you're going to pay tax (which I will be after the interest rate rises) and you want instant access just in case of emergencies, this really is a no-brainer.

Is it though? All cash ISAs allow access in case of emergencies, with an interest penalty.

Currently Virgin are offering higher rates on their 1/2/3 year fixed term ISAs, with a 60/90/120 day interest penalty for access.

Say you were to put money in their 2 year 4.36% product and need to access the money after 1 year. The overall rate achieved, after the 90 day interest penalty, would still be higher than the 3% offered on this account.

andyhicks88

Speaking of the Virgin fixed ISA's, I'm thinking of taking one of them out but it's my first time opening an ISA so I'm wondering is a transfer out (which I assume you can still do with a fix?) to a different provider/account class as a withdrawal and therefore incur the interest penalty? 

kaMelo

andyhicks88 said:

Speaking of the Virgin fixed ISA's, I'm thinking of taking one of them out but it's my first time opening an ISA so I'm wondering is a transfer out (which I assume you can still do with a fix?) to a different provider/account class as a withdrawal and therefore incur the interest penalty? 

Whether the withdrawal is a simple withdrawal or ISA transfer is not relevant, the relevant bit is that they don't have your money any more. if this withdrawal/transfer happens within the fixed period then yes, you will incur the penalty as stated within the terms for the account you hold.

[Deleted User]

andyhicks88 said:

Speaking of the Virgin fixed ISA's, I'm thinking of taking one of them out but it's my first time opening an ISA so I'm wondering is a transfer out (which I assume you can still do with a fix?) to a different provider/account class as a withdrawal and therefore incur the interest penalty? 

Unfortunately the answer to your question is yes, a transfer of a fixed rate ISA to another provider within the term is a "withdrawal" and will incur an interest penalty. If it were not thus, everyone would put their money into the highest paying fixed rate ISA (which would normally be a 5 year one) and transfer their balance to another provider without penalty/loss of interest whenever a better cash ISA account comes along. With non ISA fixed rate accounts, you can normally never withdraw your money within the term, except in exceptional circumstances (eg death). With fixed rate ISA accounts, the government insists that there is an early escape route for savers, although a route which involves the saver losing some interest. 

andyhicks88

Thanks both, I did assume that but just wanted to double check.