Virgin Money Exclusive ISA increasing from 3% to 3.75% on 1st June

RG2015

aaj123 said:

RG2015 said:

aaj123 said:

What_time_is_it said:

I've got an ISA with Virgin which is called "Exclusive Flexi ISA 2". Its has an interest rate of 3.03% AER.
Is that the same thing? Will the rate go up to 3.75%?

This is what stopped me from applying today. Not sure if they intend to launch a new issue or update the rate on Flexi ISA 2. We will know tomorrow. 

If you look at my link it does say new and existing customers. But banks often have curious issues on their accounts. I understand why you are being cautious.

It says new and existing current account customers. So not clear if it includes existing ISA customers.

You are correct as I missed that reference to current account customers.

I had issue 1 three or four years back and this got the interest increase to 3%

Strangely though VM have changed the issue number from 1 to 2, despite the account number remaining the same.

What_time_is_it

Thanks all.
I've also got an M Plus Current Account, so presumably if the 3.75% rate doesn't apply to my existing ISA (Exclusive Flexi ISA2) I'll be able to open one of the new ones and get the higher rate?

RG2015

Also from VM on the same page.

• Watch your savings grow

  Get access to a 3.00% AER Easy Access Cash ISA and watch your money grow tax-free. Good news! From 1 June 2023 we will be increasing our rate to 3.75% AER/ tax-free (variable). 

aaj123

RG2015 said:

Also from VM on the same page.

• Watch your savings grow

  Get access to a 3.00% AER Easy Access Cash ISA and watch your money grow tax-free. Good news! From 1 June 2023 we will be increasing our rate to 3.75% AER/ tax-free (variable). 

I'll put my money (no pun intended) on the product not getting withdrawn by tomorrow itself. So might as well wait a day for things to be clear without doubt.

CooperSF

Has anybody messaged VM to double check that current ISA holder rates will increase?

jimjames

aaj123 said:

RG2015 said:

aaj123 said:

What_time_is_it said:

I've got an ISA with Virgin which is called "Exclusive Flexi ISA 2". Its has an interest rate of 3.03% AER.
Is that the same thing? Will the rate go up to 3.75%?

This is what stopped me from applying today. Not sure if they intend to launch a new issue or update the rate on Flexi ISA 2. We will know tomorrow. 

If you look at my link it does say new and existing customers. But banks often have curious issues on their accounts. I understand why you are being cautious.

It says new and existing current account customers. So not clear if it includes existing ISA customers.

If you don't have a current account then it appears the ISA is not available to you.
https://uk.virginmoney.com/savings/products/easy_access_cash_isa_exclusive_issue_2/

• This ISA is open to customers with a current account from Virgin Money, Clydesdale Bank or Yorkshire Bank (apart from our Essential Current Account or any account opened with Northern Rock).

By having the current account it says you can "Get access to a 3.00% AER Easy Access Cash ISA and watch your money grow tax-free. Good news! From 1 June 2023 we will be increasing our rate to 3.75% AER/ tax-free (variable). "

Which suggests existing customers will also get the increase on their ISAs

aaj123

jimjames said:

aaj123 said:

RG2015 said:

aaj123 said:

What_time_is_it said:

I've got an ISA with Virgin which is called "Exclusive Flexi ISA 2". Its has an interest rate of 3.03% AER.
Is that the same thing? Will the rate go up to 3.75%?

This is what stopped me from applying today. Not sure if they intend to launch a new issue or update the rate on Flexi ISA 2. We will know tomorrow. 

If you look at my link it does say new and existing customers. But banks often have curious issues on their accounts. I understand why you are being cautious.

It says new and existing current account customers. So not clear if it includes existing ISA customers.

If you don't have a current account then it appears the ISA is not available to you.
https://uk.virginmoney.com/savings/products/easy_access_cash_isa_exclusive_issue_2/

• This ISA is open to customers with a current account from Virgin Money, Clydesdale Bank or Yorkshire Bank (apart from our Essential Current Account or any account opened with Northern Rock).

By having the current account it says you can "Get access to a 3.00% AER Easy Access Cash ISA and watch your money grow tax-free. Good news! From 1 June 2023 we will be increasing our rate to 3.75% AER/ tax-free (variable). "

Which suggests existing customers will also get the increase on their ISAs

Very mediocre comms on part of VM. Why couldn't they make a mention of the impending 3.75% rate on this page?

https://uk.virginmoney.com/savings/products/easy_access_cash_isa_exclusive_issue_2/

jaceyboy

Also they only pay interest yearly and not monthly....

aaj123

Huh..still says 3% on VMs product page.

Expotter

aaj123 said:

Huh..still says 3% on VMs product page.

It does, but online my exclusive Flexi ISA issue 2 now says 3.75%