Newly opened 1 year Virgin Money 4.25% ISA, when to pay money in?

dali21

Roughly about a week ago which is when I opened it.


pecunianonolet said:

Does anyone know when Issue 5 was launched?

RG2015

I have Issue 4 which states that you can continue to pay in (subject to ISA rules) up to 30 days after the product has been withdrawn from sale. It also says that they will send me a text notifying me when the 30 day period commences.

I have not received any texts so I assume that I can continue to contribute to Issue 4 despite it being superseded by Issue 5.

It does not however feel right especially as it matures 2 months before Issue 5, on 31 January 2024.

pecunianonolet

dali21 said:

Roughly about a week ago which is when I opened it.


pecunianonolet said:

Does anyone know when Issue 5 was launched?

Thanks and missed the release date, just opened current account and and part funded. Need to wait for funds from Coventry and YBS landing tomorrow to fill it up.

gele

So just to clarify, if issue 5 was released say on March 1st, would I still have until March 30th to add funds to issue 4 even though I opened it on 7th Feb. I ask because I will be able to add additional funds around 20th March. If adding funds was restricted to only 30 days from account opening, tomorrow would be my last opportunity.
Thanks

RG2015

gele said:

So just to clarify, if issue 5 was released say on March 1st, would I still have until March 30th to add funds to issue 4 even though I opened it on 7th Feb. I ask because I will be able to add additional funds around 20th March. If adding funds was restricted to only 30 days from account opening, tomorrow would be my last opportunity.
Thanks

I have just checked on the VM previous interest rate page and Issue 4 was actually withdrawn on 28 Feb 2023.

So much for me getting a text with the last date for adding to it.

Edit. Sorry, I forgot to answer your question. The answer is you have 30 days from 28 February, so you have until 30 March.

"You can pay money into your ISA as soon as it’s opened, right up until 30 days after we stop selling this account. After that you can’t pay in any more money. You can pay as much as you like into your account – up to the annual ISA allowance. Check your Terms for more details"


https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate/

jd84

I've not had a text either but did receive by email today...

We have now removed this account from sale, and so you only have until midnight on 30 March 2023 to add money to your account.

If you open issue 5 now you can fund on 6th April (beware 7th and 10th April are bank holidays) so best getting your funds lined up, ready and waiting in their current account.

I wouldn't be surprised if they withdraw issue 5 around the next BoE interest rate decision towards the end of March, so worth hedging your bets.