Virgin > Virgin ISA transfer

badger09

Neither the VM app or OLB were working for me around lunchtime yesterday. App kept giving error messages with different codes and OLB said something like ‘You can’t continue online. Please try later’
Mid pm I tried OLB which took me to the verify in app stage, which worked so I was logged in on both 

Bobblehat

Seems to be OK now, logged in online (which requires the app!). 

DavidAC

I also managed to log in late yesterday.

sausage_time

I'm in now, thanks.  Don't know what was going on.  

gele

Maybe just overwhelmed with people trying to secure 5.25% for a year. 

soulsaver

DavidAC said:

The annoying thing is in the application it says you can pay in up to 30 days from account withdrawal, while going through the application for the transfer it says 6 weeks. I was waiting for maturity to be within the 30 days. If I had known 6 weeks I probably could have got issue 9 at a higher rate.

It meant you can request a transfer in upto 30th day after withdrawal of sale of ac. So you can request a transfer  'in' of funds from a fixed Isa that matures within 6 weeks of the transfer request being made. Maturity after that and you'd incur early exit fees to catch the 30 day + 6 weeks window - which is unlikely to be advantageous.

It doesn't help now, but I pointed this out 20/12 here Cash ISAs: The Best Currently Available List - Page 703 — MoneySavingExpert Forum

In particular see the last para.

DavidAC

Does VM say anywhere that you can request to transfer into a fixed rate ISA up to 6 weeks after opening it, other than the message you get after you have opened it and start the transfer request? That is really my point.

If I had known, I would have opened the issue available 6 weeks before my ISA matures and requested to transfer at maturity. The issue I would have got would have had a higher interest rate than the issue 10 available 30 days before my ISA matures.

Aidanmc

The only place i see mention of 6 weeks is on transfer application form.

From my understanding, the maturity date of the original isa must be within 6 weeks from date of ISA transfer application.

This maturity date of this original isa would also need to be within 1 month from when Virgin stop selling the ISA you are transferring to.

soulsaver

DavidAC said:

Does VM say anywhere that you can request to transfer into a fixed rate ISA up to 6 weeks after opening it, other than the message you get after you have opened it and start the transfer request? That is really my point.

If I had known, I would have opened the issue available 6 weeks before my ISA matures and requested to transfer at maturity. The issue I would have got would have had a higher interest rate than the issue 10 available 30 days before my ISA matures.

It doesn't say that because it isn't the case -  it's much longer than 6 weeks from opening.

It's 30 days plus 6 weeks so 72 days from when it goes off sale and it could have been unfunded for months since opening before it went off sale. 

Aidanmc

soulsaver said:

DavidAC said:

Does VM say anywhere that you can request to transfer into a fixed rate ISA up to 6 weeks after opening it, other than the message you get after you have opened it and start the transfer request? That is really my point.

If I had known, I would have opened the issue available 6 weeks before my ISA matures and requested to transfer at maturity. The issue I would have got would have had a higher interest rate than the issue 10 available 30 days before my ISA matures.

It doesn't say that because it isn't the case -  it's much longer than 6 weeks from opening.

It's 30 days plus 6 weeks so 72 days from when it goes off sale and it could have been unfunded for months since opening before it went off sale. 

Oh, is that the way it is.

I would have thought the transfer would have to been completed within the 30days from going off sale.

Looks like some of us missed out at locking in higher rates