virgin money 1yr fixed cash ISA rate

Beddie

spider42 said:

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!

I did the same - a partial transfer - and it took a couple of days with no hassles at all.

I think the issues people are having is with products connected to their legacy brands and IT systems, Yorkshire Bank and Clydesdale.

masonic

Beddie said:

spider42 said:

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!

I did the same - a partial transfer - and it took a couple of days with no hassles at all.

I think the issues people are having is with products connected to their legacy brands and IT systems, Yorkshire Bank and Clydesdale.

The legacy brands and IT systems are what is being used today. Virgin itself isn't registered with HMRC as a cash ISA manager, so it cannot lawfully offer its own cash ISA products.

PloughmansLunch

spider42 said:

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!

What happens to the interest built up in this situation? If Virgin pay every December and an ISA with maximum subscription has been moved to a new provider in the meantime, does the current tax years accrued interest get transferred too for compounding, or does the interest get paid to a current account and lose its ISA wrapper?

masonic

PloughmansLunch said:

spider42 said:

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!

What happens to the interest built up in this situation? If Virgin pay every December and an ISA with maximum subscription has been moved to a new provider in the meantime, does the current tax years accrued interest get transferred too for compounding, or does the interest get paid to a current account and lose its ISA wrapper?

Accrued interest is paid upon closure in the same way it would be paid normally, to calculate the closing balance for transfer.