Virgin ISA 1 year fix 24 January at 5:26PM in ISAs & tax-free savings 5 replies 200 views

Imvrasos

Interested in this one as I already hold their current account. Is there anything stopping me from opening two or more of these accounts, as long as only one is funded? Had a look in the detailed t&cs and no reference is given.

eskbanker

Since they have a limited initial funding window, what do you believe you'd gain by opening one without funding it?

Qyburn

One for next year's allowance?  Why don't you just try and see, open and fund the first, then try opening a second.

Aidanmc

If you are intending to transfer in to this Virgin fixed ISA from another existing ISA (inc Virgin) better to do it as part of the opening process, otherwise its necessary to send a paper form.

Imvrasos

eskbanker said:

Since they have a limited initial funding window, what do you believe you'd gain by opening one without funding it?

I opened one last week with the intention of transferring in towards the end of the month. Tried just that today, only to find out that triggering a transfer online is only possible at account opening (!), as fellow poster Aidanmc accurately indicated. So I opened a new fixed account earlier which went through as intended and transfer requested online. The 2 fixed accounts are showing as open and active in my online banking.

Incredible how these companies shoot themselves in the foot with their convoluted processes and their red tape paper labyrinths. So virgin money will not accept transfers requested online for an existing account, but they will happily open a new one for you to enable online transfers.

eskbanker

Imvrasos said:

eskbanker said:

Since they have a limited initial funding window, what do you believe you'd gain by opening one without funding it?

I opened one last week with the intention of transferring in towards the end of the month. Tried just that today, only to find out that triggering a transfer online is only possible at account opening (!), as fellow poster Aidanmc accurately indicated. So I opened a new fixed account earlier which went through as intended and transfer requested online. The 2 fixed accounts are showing as open and active in my online banking.

Incredible how these companies shoot themselves in the foot with their convoluted processes and their red tape paper labyrinths. So virgin money will not accept transfers requested online for an existing account, but they will happily open a new one for you to enable online transfers.

Ah right, got you - I'd formed the impression that you wanted to open two in future, rather than opening a second to correct an issue with a first!  It sounds like you've already established that it is indeed possible to open two, but even if they did object at a later stage, you could always request that the first one be closed, rather than the second.