Standing order to Virgin Money Cash ISA keeps getting returned 15 December 2022 at 1:05PM in ISAs & tax-free savings 4 replies 118 views

paul_liverpoolfc

Hi,

I've noticed that my bank (Santander) have returned my last two standing orders to my 2 Year Fixed-Rate Virgin Money E-ISA (Issue 517).

The first standing order went through OK, so I'm not sure why the other two haven't.

I haven't reached my Cash ISA limit for this year.

Does the 2 Year Fixed-Rate Virgin Money E-ISA (Issue 517) only allow you to make one deposit at the time of opening?

Thanks

Paul

25_Years_On

paul_liverpoolfc said:

Does the 2 Year Fixed-Rate Virgin Money E-ISA (Issue 517) only allow you to make one deposit at the time of opening?

I believe you had 30 days to fund the account which is what would be expected of fixed rate accounts.

xylophone

Does the 2 Year Fixed-Rate Virgin Money E-ISA (Issue 517) only allow you to make one deposit at the time of opening?

Have you checked the terms and conditions?

I googled  "2 Year Fixed-Rate Virgin Money E-ISA (Issue 517)" 

• This account can be opened online by UK residents aged 16 or over.

• Only one account can be opened per customer per issue.

• Minimum to open £1.

• For your initial deposit you are able to pay money in with your debit card. Any money paid in will receive interest immediately but

cannot be withdrawn for six working days.

• Minimum additional deposit £1.

• Minimum operating balance £1.

• Each tax year you can pay in up to your annual tax-free allowance (subject to the terms and conditions of your account), which is

£20,000 in the 2022-2023 tax year. This annual allowance may change in future tax years. You will find this information on our

website, in our Stores and via our Contact Centre.

• To ensure money is accepted into your new account we must receive all money within 30 days from your account opening date.

Any deposits received after 30 days may be returned to you. Therefore if you wish to add to your ISA every tax year this product

will not be suitable. Fixed Rate Cash ISAs are not suitable for regular deposits.

• Each customer can save up to a total of £2 million with Virgin Money, across all accounts held.

• If a deposit results in your account going over the maximum deposit limit or the annual tax-free allowance we will return the

excess money to you. This does not include any interest you have asked to be added direct to your account.

• Deposits and instructions can be made by:

> Cash – Store† only.

> Cheque.

> Electronic transfer.

> Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.

savit4l8er

As pointed out above, can fund it for 30 days, they won't accept payments after that. The wording "may be returned" means they might if you are lucky I suppose. I managed it once with a genuine reason offered in advance if it made any difference.  But that is why your s/o is being returned.

phillw

savit4l8er said:

As pointed out above, can fund it for 30 days, they won't accept payments after that. The wording "may be returned" means they might if you are lucky I suppose. I managed it once with a genuine reason offered in advance if it made any difference.  But that is why your s/o is being returned.

They tend to put may, in case it goes through and then you complain and demand compensation.