Virgin 1 Year 4.25% - Transfer Glitch

gwapenut

ForumUser7 said:

soulsaver said:

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Deplorable service, probably heading for a formal complaint if the transfer doesn't process.

Good luck with that - my complaint from
July 2022 is still not resolved 😶

They'll probably get round to you this month. My complaint in May was allocated to a handler and then resolved just before New Year's Eve.

I won't be trusting this gang of clowns with any of my ISAs ever again.

silvermum

Just trying to get my head around the potential benefit of opening two separate 4.25% fixed rate isas...

I have two Virgin ISAs (one 2.4% fixed rate which has no 2022-3 money in it) and a 3% flexi ISA which has £10k of current year's allowance in it.
I'd planned on adding both into the new 4.25% FRISA, but had the 'something's gone wrong' message after adding details for the transfer of the 2.4% FRISA. so will have to see if that clears. Is there anything to be gained from just opening another 4.25% one to transfer this year's flexi ISA into?
e.g. is it better to keep it in separate 'pots' if I might want to transfer part of it again in the next 12 months?

Qyburn

Normally you can do partial transfers. But I don't know if you can do more than transfer into the Virgin 1 year. 

Aidanmc

silvermum said:

Just trying to get my head around the potential benefit of opening two separate 4.25% fixed rate isas...

I have two Virgin ISAs (one 2.4% fixed rate which has no 2022-3 money in it) and a 3% flexi ISA which has £10k of current year's allowance in it.
I'd planned on adding both into the new 4.25% FRISA, but had the 'something's gone wrong' message after adding details for the transfer of the 2.4% FRISA. so will have to see if that clears. Is there anything to be gained from just opening another 4.25% one to transfer this year's flexi ISA into?
e.g. is it better to keep it in separate 'pots' if I might want to transfer part of it again in the next 12 months?

The main benefit of opening seperate Fixed rate isa's is that it makes transfers in easier. When applying for the product you can request a transfer in from another ISA (inc Virgin). After that you must print off and return a form to transfer in another ISA.

According to the information you can fund the Fixed Isa up to 30days after product withdrawal.

Have/are you transferring a 2.4% Fixed rate ISA into the 4.25% Fixed Rate ISA? Wouldn't think you could do that without loss of interest until it matures?

silvermum

Aidanmc said:

Have/are you transferring a 2.4% Fixed rate ISA into the 4.25% Fixed Rate ISA? Wouldn't think you could do that without loss of interest until it matures?

Yes, there's a 60 day loss of interest penalty, but the 4.25% rate is so much better, and I still have 6 months left on the 2.4% one so I'll be £168 better off by transferring! 

Am so pleased to find the MSE calculator which makes it easy to work this out now!
https://www.moneysavingexpert.com/savings/isa-switch-calc/

silvermum

I opened the Exclusive Fixed ISA4 and want to transfer the whole of my existing Exclusive Flexi ISA2 into it. Can I do this just as a regular transfer between two accounts via online banking, and will this preserve the ISA status?

Or is there a different internal ISA transfer process (I can't find it).

(I had already used the transfer option on opening to request a transfer of another Virgin FRISA (ex-Clydesdale system) but have just received a message reply this morning that they have no record of this - aargh!)

fabsaver

silvermum said:

I opened the Exclusive Fixed ISA4 and want to transfer the whole of my existing Exclusive Flexi ISA2 into it. Can I do this just as a regular transfer between two accounts via online banking, and will this preserve the ISA status?

Or is there a different internal ISA transfer process (I can't find it).

(I had already used the transfer option on opening to request a transfer of another Virgin FRISA (ex-Clydesdale system) but have just received a message reply this morning that they have no record of this - aargh!)

No don't make the transfer yourself via online banking, as that will risk the ISA status.

There is an internal ISA process but they certainly don't make it easy to find or operate. https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/cash-isa-exclusive#how-do-i-transfer-a-virgin-money-isa-to-my-cash-isa-exclusive 
If you already opened the account the FAQ suggests the only way is to print and send off an ISA Transfer Form.

However what you could do is open another Exclusive Fixed ISA 4 and transfer the 3% Easy Access ISA 2 into that, as part of the account opening process. As long as you're moving all current year ISA contributions at once it should be ok.

silvermum

Just an update for anyone in the same boat - after opening this Virgin 1 year 4.25% on 2 Feb, and being told via secure message they had no record of my transfer request made at the time of opening, it has miraculously been transferred and appeared in my account today!
So for anyone who got the dreaded 'Something went wrong' message I'd suggest waiting a few days and it may resolve itself, without the need to send any paper forms in.

SirHugo

Just opened the Exclusive 1 year fixed ISA. Yes, also got the 'Something's gone wrong' message when I submitted the form to transfer my Flexi ISA.

I'll follow silvermum's advice and wait a few days before contacting them. Would have thought they'd have sorted this out by now.

silvermum

SirHugo said:

Just opened the Exclusive 1 year fixed ISA. Yes, also got the 'Something's gone wrong' message when I submitted the form to transfer my Flexi ISA.

I'll follow silvermum's advice and wait a few days before contacting them. Would have thought they'd have sorted this out by now.

Just to give you a time frame - I opened it on 2 Feb and it cleared 8 Feb. A second one I opened on 3 Feb also cleared later on 8 Feb.