Virgin Money Easy Access Cash ISA Exclusive Issue 2

badger09

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.

Expotter said:

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.

I'm also impressed at the speed (though the docs leave a lot to be desired - see other thread)

I applied as existing current account customer on Fri 4th @ 15.45. ISA account appeared immediately & email from Virgin Mon 7th @ 11.39 to say transfer complete.
By contrast, Santander sent letters about my xfer out, dated 5th & 7th, both of which arrived 10th. First letter was asking me to contact them if I hadn't requested xfer. 

redsockspugie

Apologies if this has been asked before - I’ve trawled the site and forums and couldn’t find this particular nuance clarified.

I am considering getting the Virgin Ease Access Cash ISA Exclusive as my first cash ISA. At 3% and pretty much as flexible as any easy access saving account, I’m not sure why this one isn’t talked about more but maybe I’m missing something!

I understand that the annual ISA limit is £20,000, and that with an easy access flexible ISA you can essentially add and withdraw anytime and the adding money that you previously withdrew doesn’t count towards the £20,000.

My question is this: does the “flexibility” of these ISAs only apply to the £20,000 limit within a single tax year? i.e. if I added £5k in this tax year (call this tax year 1), and added another £5k and the start of the next tax year (call this tax year 2) - if I withdrew the full £10k halfway through tax year 2, would I be able to replace the whole £10k in that tax year plus the remaining £15k tax year 2 allowance I hadn’t used (ie 25k)? Or could I only add a total of £20k in? I suspect it’s the latter, making the “flexibility” only apply to the £20k limit within the tax year but would be helpful if someone could clarify.

Thanks, and hope my question and example makes sense…

ColdIron

My understanding is that withdrawals have no impact on your ISA allowance so you could do the former

Worth a read

https://www.moneysavingexpert.com/savings/flexible-isas/

https://www.bestinvest.co.uk/isas-explained/what-is-a-flexible-isa

RG2015

redsockspugie said:

Apologies if this has been asked before - I’ve trawled the site and forums and couldn’t find this particular nuance clarified.

I am considering getting the Virgin Ease Access Cash ISA Exclusive as my first cash ISA. At 3% and pretty much as flexible as any easy access saving account, I’m not sure why this one isn’t talked about more but maybe I’m missing something!

I understand that the annual ISA limit is £20,000, and that with an easy access flexible ISA you can essentially add and withdraw anytime and the adding money that you previously withdrew doesn’t count towards the £20,000.

My question is this: does the “flexibility” of these ISAs only apply to the £20,000 limit within a single tax year? i.e. if I added £5k in this tax year (call this tax year 1), and added another £5k and the start of the next tax year (call this tax year 2) - if I withdrew the full £10k halfway through tax year 2, would I be able to replace the whole £10k in that tax year plus the remaining £15k tax year 2 allowance I hadn’t used (ie 25k)? Or could I only add a total of £20k in? I suspect it’s the latter, making the “flexibility” only apply to the £20k limit within the tax year but would be helpful if someone could clarify.

Thanks, and hope my question and example makes sense…

You can add up to £20,000 in the current tax year (6/4/22 to 5/4/23) and withdraw and re-deposit any amounts during this year as long is at is returned by 5/4/22.

In the the following tax year you can add a further £20,000 and repeat but now with up to £40,000.

If you only had £10,000 (for example) at the close of business on 5/4/22 then this is the only amount you can carry forward with ISA protection. In this case you can add your 2023:2024 ISA allowance but you will only have £30,000 with ISA protection to use in 2023:2024.

dingling68

In case you guys have missed it, there is a separate section at the top of the first savings and investment page that is specific to ISA and tax free savings accounts. There are lengthy discussions about the Virgin cash ISA on there and also the answers to lots of frequently asked questions relating to all things ISA that you may find useful 😊

CooperSF

I presume account interest is paid tonight or tomorrow morning?

ForumUser7

CooperSF said:

I presume account interest is paid tonight or tomorrow morning?

For my M Plus Current (if memory serves), After around 00:00 31/12/2022 the balance will include the interest but it won’t be reflected in the transactions list. After around 08:00 31/12/2022 interest will show in the transactions list, and be dated 30/12/2022. I assume the procedure will be the same for the exclusive cash ISA if interest is paid monthly.

CooperSF

ForumUser7 said:

CooperSF said:

I presume account interest is paid tonight or tomorrow morning?

For my M Plus Current (if memory serves), After around 00:00 31/12/2022 the balance will include the interest but it won’t be reflected in the transactions list. After around 08:00 31/12/2022 interest will show in the transactions list, and be dated 30/12/2022. I assume the procedure will be the same for the exclusive cash ISA if interest is paid monthly.

From their website:

”Interest is calculated on a daily basis and paid into the account on the last working day in December each year. Or, when you close your account if that's earlier.”

AmityNeon

CooperSF said:

ForumUser7 said:

CooperSF said:

I presume account interest is paid tonight or tomorrow morning?

For my M Plus Current (if memory serves), After around 00:00 31/12/2022 the balance will include the interest but it won’t be reflected in the transactions list. After around 08:00 31/12/2022 interest will show in the transactions list, and be dated 30/12/2022. I assume the procedure will be the same for the exclusive cash ISA if interest is paid monthly.

From their website:

"Interest is calculated on a daily basis and paid into the account on the last working day in December each year."

Which is technically incorrect. At no point during the last working day of December will you see interest paid into your account. In practice:

• Interest is paid into the account the day after the last working day (of the month/Quarter/December).
• The transaction is dated the last working day (of the month/Quarter/December).
• The value date of the interest payment is the day after the last working day (of the month/Quarter/December), so for the purposes of calculating interest, ignore the listed date of the transaction.