ISA transfer procedure-does this seem ok

anotherquestion

Hi folks,

Just wondering if this ISA transfer procedure seems ok.

I have an existing ISA with Virgin, but because of better rates I have opened an ISA each with Natwest and RBS.

I have filled in an online ISA transfer form with both Natwest and RBS, specifying the exact amount to be transferred to each bank from the Virgin ISA

I intentionally didn't click the option to close the ISA on any of the online forms, as I felt that might lead to confusion if one form had a specific amount and the other to close the Virgin ISA with the remainder, as I am not sure which bank either Natwest or RBS would process the form first.

The amounts specified take into consideration Virgins penalty, and there will be a few hundred left in that Virgin account just to be on the sure side.

I can always take that out when both Natwest and RBS have got the money, does this seem the right way to have done these ISA transfers?

many thanks for any advice.

eskbanker

What you're suggesting should be OK, as long as the money relates to contributions in previous tax years - if there's any current year money in the Virgin ISA then that may complicate matters as it can't be split up....

anotherquestion

Thanks for reply, no that is old money from other years.

35har1old

anotherquestion said:

Thanks for reply, no that is old money from other years.

Are you sure you can make a partial  transfer from  the fixed rate ISA

Just had a look at the current Virgin ISA 1 year 5.76 terms and by the look of things you where lucky that you where with Virgin as if you where doing it ln reverse it would not be possible 

anotherquestion

Well hopefully I can transfer from the fixed rate Virginmoney fixed rate ISA, as you can partially withdraw with a penalty.
I found this on their site,

You can transfer between different Virgin Money ISAs or move an ISA from another provider to us. You're in control - you can request a full or partial transfer of your cash.

surreysaver

I've a 2 year fixed rate with Virgin. They've told me it's possible to do a partial transfer, and I've put the request in via secure message, so hopefully should all be fine

anotherquestion

I'm s little surprised that Virgin don't have a two year fixed at the moment just a one year at 5.76%, they must be betting that rates won't be anything like this in another years time.

At the same time its probably their loss, if enough people are pulling money out to a different bank, though with a penalty to pay.