Virgin 1 Year 4.25% - Transfer Glitch

SirHugo

silvermum said:

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.

Thanks for this info silvermum. However about an hour ago I received both text and email messages from Virgin telling me that my ISA transfer has completed. Checked the App and yes, all good. Wasn't expecting that so soon - particularly over the weekend.

I'd actually received a signature request from them in the post yesterday and I was intending to include the ISA transfer form with that but I've been saved that hassle now.

soulsaver

Gave up trying to get them to transfer Flex Isa to Exclusive FT ISA A - so opened Ex FT ISA B online. Stiil got the 'Something's Gone Wrong' tosh... so printed the transfer request and sent it in the post, today.

Based on my experience on this, VM are useless.
I'm being tenacious as 4.25% is worth more than a taxed 5% to me - and that level of return is looking less likely. 

soulsaver

And finally they transferred the funds from the Flex Isa to the first of the 2 Exclusive fixed terms Isa 4.25%... so only c.4 weeks for an internal transfer. 

davefrombristol

I am about to open a 1 year fixed cash ISA with Virgin at 4.25%. I currently have an inactive easy access Cash ISA with the Coventry Building Society having not used my ISA allowance for this tax year.  Can I just open the Virgin account and deposit £20,000 for this year or do I have to transfer the inactive ISA over to virgin first and then deposit £20,000 ?  Which is the correct way to go about it as I read that your not allowed to have two Cash ISA's open in one tax year.

soulsaver

davefrombristol said:

I am about to open a 1 year fixed cash ISA with Virgin at 4.25%. I currently have an inactive easy access Cash ISA with the Coventry Building Society having not used my ISA allowance for this tax year.  Can I just open the Virgin account and deposit £20,000 for this year or do I have to transfer the inactive ISA over to virgin first and then deposit £20,000 ?  Which is the correct way to go about it as I read that your not allowed to have two Cash ISA's open in one tax year.

Yes: From HMRC perspective, you've not opened an Isa until you've funded it - so in your described circumstances, you can just deposit your £20k 22/23 allowance into the VM Fix.

35har1old

soulsaver said:

davefrombristol said:

I am about to open a 1 year fixed cash ISA with Virgin at 4.25%. I currently have an inactive easy access Cash ISA with the Coventry Building Society having not used my ISA allowance for this tax year.  Can I just open the Virgin account and deposit £20,000 for this year or do I have to transfer the inactive ISA over to virgin first and then deposit £20,000 ?  Which is the correct way to go about it as I read that your not allowed to have two Cash ISA's open in one tax year.

Yes: From HMRC perspective, you've not opened an Isa until you've funded it - so in your described circumstances, you can just deposit your £20k 22/23 allowance into the VM Fix.

Yes deposit £20,000 you could also request to transfer the Coventry ISA at the same time.
The transfer Glitch referred  to is only when trying to make transfers from ISA held with Virgin.

35har1old

35har1old said:

Qyburn said:

Hi,

I know it's a new account but just wondered how people are getting with opening and transferring.  I just opened mine this morning, and went to transfer from the existing Virgin 3% easy access.  I expected that to just be point and click, as I have found with internal transfers with other providers.  Not so, you have to fill in all your details from scratch, just as if it was a transfer from an unrelated bank. Then it comes up with an error "Something's gone wrong at our end and we can't complete this transfer.".  You then have to either print,  complete and post a paper transfer form, or phone and wait ages to speak to someone.

I called, and after all the wait and security stuff they then said my transfer request was in fact on the system, and will be completed with 10 working days.

Anyone else found similar?

Happened to me as well. Apparently its because they have two web platforms Namely one that was Clydesdale and other Virgin and they are not allowed to merge. When you get the error message you are told to print out a ISA Transfer form And send it to Glasgow. Not having a prepaid envelope for this address and dozens of envelopes addressed to a Newcastle address. I decide to make a phone call to Virgin and was told that the ISA Transfer request had been received. I was told 5 working days but it completed in 24Hr

 Update to the above

i had submitted a complaint between applying and making the phone call just received letter confirming a goodwill  payment of £30

35har1old

bioboybill said:

I have just over £16K in the Virgin Easy Access ISA at 3% that I only opened a month ago, but I'm about to get a tax free lump sum, so was wanting to put another £4K in, but now I could do with having this new 4.25% fixed account. Would I be allowed to transfer over to the fixed account?

Yes but be prepared for the transfer glitch print the transfer form off but don't complete it until you have phoned Virgin as the request has been received by them. When I phoned i was told it would take 5 working days to complete but it only took 24hr

ForumUser7

I think it’s to do with complaints requiring investigation (lots of investigation), and those not.

They must try and resolve those requiring  very little investigation in 3WD, but unfortunately just stack up the ones requiring investigation.