Virgin fixed rate ISA's cooling off period, help please

sparkiemalarkie

Hi could someone please help me with the Virgin Money ISA cancellations please.
It seems I have mis understood the cooling of period.

I opened a Virgin 1 year fixed rate saver on 28th August, funded it on 30th August and contacted Virgin in writing on 12th September to transfer it to a different Virgin ISA better suited to me.

The transfer was completed on the same day as asking, but 60 days of interest has been deducted from my capital.
I understood that the 14 days started from the day it was funded and not the day it was opened.

Where have I gone wrong?

tia
sx

35har1old

sparkiemalarkie said:

Hi could someone please help me with the Virgin Money ISA cancellations please.
It seems I have mis understood the cooling of period.

I opened a Virgin 1 year fixed rate saver on 28th August, funded it on 30th August and contacted Virgin in writing on 12th September to transfer it to a different Virgin ISA better suited to me.

The transfer was completed on the same day as asking, but 60 days of interest has been deducted from my capital.
I understood that the 14 days started from the day it was funded and not the day it was opened.

Where have I gone wrong?

tia
sx

Within 14 days of opening as per summary 

savit4l8er

This page suggests your thinking may have been correct but perhaps it really is to close it rather than transfer it.

https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p655


Not sure if it goes against what others have experienced though. 🤔

sparkiemalarkie

savit4l8er said:

This page suggests your thinking may have been correct but perhaps it really is to close it rather than transfer it.

https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p655


Not sure if it goes against what others have experienced though. 🤔

Thank you for the link.
I messaged Virgin about the the penalty being charged and was told that my message would be passed onto the Isa team. Late this afternoon, the penalty and a bit of interest appeared in the 'old' closed ISA. I'm not sure if that's where it will stay or if it will be sent across to join the bulk of my ISA.


sx

savit4l8er

@sparkiemalarkie

It's of interest to me because I have a fix about to expire at 30 days and was about to fund it with a a lower rate one internally.
I expected to have the 14 days to switch if something came up.

So it appears they took the interest penalty by accident.  🤔

Thank you for the update. 👍

sparkiemalarkie

I'm not sure what happened to be honest.
I did leave the switch right up to the last minute...day 13 or 14 depending on whether you count funding day as day 1.

This last minute rush caused part of the problem for me I think.

I was moving my ISA  from the Virgin savings site to the old Yorkshire Bank current account site. There seems to be quite different teams of staff on each platform with no sort of joined up thinking.
(I understand that there is a way of moving ISA's using a drop down menu if you are moving your ISA to another one on the same platform.)

Because of the short window I sent a secure message on each platform - stating that I want to transfer my ISA and stating the 14 day rule. I also submitted an ISA transfer form at my local branch, who scanned it and email it to the savings team.
The transfer was completed on the same day that I requested it.

When the penalty was taken I sent a secure message stating that the penalty had been taken by mistake and that before requesting the transfer I had checked with a number of their staff about the 14 day rule and that I had followed the correct procedure.

I now have 2 ISAs - one with the bulk of my ISA in and one with the refunded penalty!
TBH I'm ok with this and thought about fussing but then wondered if I might be charged a penalty on the penalty!!

good luck

sx

savit4l8er

@sparkiemalarkie,

Thank you again.  I have found a way round my situation but the ultimate process may well prove to be the same at a later date so it's good to know how things worked for you.

Think I would be fine with the split of interest as they have done it for you as well. We can't complain at everything 😂