virgin money 1yr fixed cash ISA rate

A_Aardvarkie

Looks like virgin money 1yr fixed cash ISA rate has dropped 🤔

subjecttocontract

Thank heavens for that. This is a company that thinks offering 2.02% savings rate is competitively acceptable or that having 3 confusing isa platforms is manageable for their customers. Ive had accounts with them in the past but wouldnt touch Virgin with your bargepole. 

kev1744

i opened the isa fixed 5 at the rate of 4.25%...i havent as yet put any money into it as was waiting for the new tax year...i take it i will still get the 4.25% rate?

masonic

kev1744 said:

i opened the isa fixed 5 at the rate of 4.25%...i havent as yet put any money into it as was waiting for the new tax year...i take it i will still get the 4.25% rate?

Yes, the rate would be honoured if you fund it during the 30 day window, but I would second subjecttocontract's sentiments and go elsewhere if it just requires taking a small hit in the interest rate.

kev1744

to be fair ive never had an issue with virgin

spider42

I opened the issue 5 on 14 March, and made an ISA transfer from Paragon as part of the initial application. The ISA transfer funds arrived in the Virgin ISA the following day. Absolutely flawless service, although I appreciate others may not have had the same experience.

masonic

spider42 said:

I opened the issue 5 on 14 March, and made an ISA transfer from Paragon as part of the initial application. The ISA transfer funds arrived in the Virgin ISA the following day. Absolutely flawless service, although I appreciate others may not have had the same experience.

It's been the transfers out that many have complained about, largely as a result of them being unaware they needed to put YBS Yorkshire Bank or Clydesdale Bank as their ISA manager. Seemingly there are no internal systems at Virgin to cope with redirecting requests to the correct part of the business.

(Edit: Yorkshire Bank, not BS, thanks Frogletina)

JGB1955

I'm ditching Virgin in favour of Paragon....

subjecttocontract

Absolutely correct.
I've just had Virgin send me a satisfaction questionnaire........oh what fun I had telling them just how bad they are, what my problem with them is, where I think they need to improve and why I won't be considering using the tarnished Virgin brand again.
Good luck to those of you who have chosen them......let's hope it all goes smoothly for you when you want to transfer your funds on in the future.

spider42

I recently did a transfer out of Virgin's variable 3% exclusive ISA into the Yorkshire Loyalty Six Access ISA (about 10 days ago). That was very smooth too - took 5 calendar days, or 3 working days. Fingers crossed it is as good when I transfer out of the 1 Year ISA on maturity!

Frogletina

masonic said:

spider42 said:

I opened the issue 5 on 14 March, and made an ISA transfer from Paragon as part of the initial application. The ISA transfer funds arrived in the Virgin ISA the following day. Absolutely flawless service, although I appreciate others may not have had the same experience.

It's been the transfers out that many have complained about, largely as a result of them being unaware they needed to put YBS or Clydesdale Bank as their ISA manager. Seemingly there are no internal systems at Virgin to cope with redirecting requests to the correct part of the business.

Small correction to what you have written - it is Yorkshire Bank or Clydesdale, not YBS.