Virgin > Virgin ISA transfer

bioboybill

AmityNeon said:

bioboybill said:

I have an Exclusive Fixed ISA 4 that I opened on 1st Feb 2023, and it matures matures on 1st February 2024. I also have an Exclusive Flexi ISA 2 that I opened in June 2023 and have been depositing into and withdrawing regularly.

Am I able to open the Exclusive Flexi ISA 10 and transfer the money from my maturing Fixed ISA? I assumed that is ok so long as I don't put any more money into it. Then I could continue to deposit money into my Flexi ISA for the rest of this financial year, as that would be the only new money I put into Cash ISAs this financial year?

If that is ok can I open the new ISA and arrange the transfer in advance, or should I open the new ISA and wait until the maturing one finishes and then transfer it (within the 30 day limit of course)?

Virgin has a dedicated process for Issue 4 > Issue 10 transfers. You get to keep the same sort code and account number as well.

https://uk.virginmoney.com/vmforms/savings/isa-product-switch

While this application process includes an ISA Declaration, it will only be used if you choose to subscribe additional money to your new ISA. If you are only transferring money from your 1 Year Fixed Rate Cash ISA Exclusive Issue 4 you are free to subscribe to another cash ISA in this tax year.

Thanks. I completed the dedicated form for Issue 4 to Issue 10 transfers about an hour ago. I expected at least an automated email to say they had received it, but nothing. Should I expect something in the next couple of days?

allegro120

badger09 said:

AmityNeon said:

bioboybill said:

I have an Exclusive Fixed ISA 4 that I opened on 1st Feb 2023, and it matures matures on 1st February 2024. I also have an Exclusive Flexi ISA 2 that I opened in June 2023 and have been depositing into and withdrawing regularly.

Am I able to open the Exclusive Flexi ISA 10 and transfer the money from my maturing Fixed ISA? I assumed that is ok so long as I don't put any more money into it. Then I could continue to deposit money into my Flexi ISA for the rest of this financial year, as that would be the only new money I put into Cash ISAs this financial year?

If that is ok can I open the new ISA and arrange the transfer in advance, or should I open the new ISA and wait until the maturing one finishes and then transfer it (within the 30 day limit of course)?

Virgin has a dedicated process for Issue 4 > Issue 10 transfers. You get to keep the same sort code and account number as well.

https://uk.virginmoney.com/vmforms/savings/isa-product-switch

While this application process includes an ISA Declaration, it will only be used if you choose to subscribe additional money to your new ISA. If you are only transferring money from your 1 Year Fixed Rate Cash ISA Exclusive Issue 4 you are free to subscribe to another cash ISA in this tax year.

I got that email from VM today. I’ve already opened an issue 10 & xferred in a recently matured VM ISA. I also posted form to xfer in my issue 4 on maturity. 

I’m reluctant now to confuse VM by completing the process above and possibly end up with 2 issue 10s, depending which process they deal with first. Decisions decisions

I'm in the same position.  My issue 10 is already opened and I've instructed to transfer the whole amount  from issue 4 on maturity.  In theory this should work and I am reluctant to confuse their system with another instruction.  I'm thinking of waiting until the 1st Feb and if the money is not in issue 10 I'll try to arrange it on the phone.  Good thing is that reincarnation of issue 4 will still pay a decent rate (4.75%) so if there is a few days delay with the process it is not much of a loss.

FishInGlass

bioboybill said:

AmityNeon said:

bioboybill said:

I have an Exclusive Fixed ISA 4 that I opened on 1st Feb 2023, and it matures matures on 1st February 2024. I also have an Exclusive Flexi ISA 2 that I opened in June 2023 and have been depositing into and withdrawing regularly.

Am I able to open the Exclusive Flexi ISA 10 and transfer the money from my maturing Fixed ISA? I assumed that is ok so long as I don't put any more money into it. Then I could continue to deposit money into my Flexi ISA for the rest of this financial year, as that would be the only new money I put into Cash ISAs this financial year?

If that is ok can I open the new ISA and arrange the transfer in advance, or should I open the new ISA and wait until the maturing one finishes and then transfer it (within the 30 day limit of course)?

Virgin has a dedicated process for Issue 4 > Issue 10 transfers. You get to keep the same sort code and account number as well.

https://uk.virginmoney.com/vmforms/savings/isa-product-switch

While this application process includes an ISA Declaration, it will only be used if you choose to subscribe additional money to your new ISA. If you are only transferring money from your 1 Year Fixed Rate Cash ISA Exclusive Issue 4 you are free to subscribe to another cash ISA in this tax year.

Thanks. I completed the dedicated form for Issue 4 to Issue 10 transfers about an hour ago. I expected at least an automated email to say they had received it, but nothing. Should I expect something in the next couple of days?

I completed the dedicated form yesterday late afternoon and received a text at 12.32 today saying the have my maturity instructions and the account will switch within 5 business days of my maturity date.

badger09

allegro120 said:

badger09 said:

AmityNeon said:

bioboybill said:

I have an Exclusive Fixed ISA 4 that I opened on 1st Feb 2023, and it matures matures on 1st February 2024. I also have an Exclusive Flexi ISA 2 that I opened in June 2023 and have been depositing into and withdrawing regularly.

Am I able to open the Exclusive Flexi ISA 10 and transfer the money from my maturing Fixed ISA? I assumed that is ok so long as I don't put any more money into it. Then I could continue to deposit money into my Flexi ISA for the rest of this financial year, as that would be the only new money I put into Cash ISAs this financial year?

If that is ok can I open the new ISA and arrange the transfer in advance, or should I open the new ISA and wait until the maturing one finishes and then transfer it (within the 30 day limit of course)?

Virgin has a dedicated process for Issue 4 > Issue 10 transfers. You get to keep the same sort code and account number as well.

https://uk.virginmoney.com/vmforms/savings/isa-product-switch

While this application process includes an ISA Declaration, it will only be used if you choose to subscribe additional money to your new ISA. If you are only transferring money from your 1 Year Fixed Rate Cash ISA Exclusive Issue 4 you are free to subscribe to another cash ISA in this tax year.

I got that email from VM today. I’ve already opened an issue 10 & xferred in a recently matured VM ISA. I also posted form to xfer in my issue 4 on maturity. 

I’m reluctant now to confuse VM by completing the process above and possibly end up with 2 issue 10s, depending which process they deal with first. Decisions decisions

I'm in the same position.  My issue 10 is already opened and I've instructed to transfer the whole amount  from issue 4 on maturity.  In theory this should work and I am reluctant to confuse their system with another instruction.  I'm thinking of waiting until the 1st Feb and if the money is not in issue 10 I'll try to arrange it on the phone.  Good thing is that reincarnation of issue 4 will still pay a decent rate (4.75%) so if there is a few days delay with the process it is not much of a loss.

I’m going to sit tight. There’s no reason to believe they won’t deal with the posted xfer form correctly. If they don’t, I’ll lodge a complaint. 

gele

I'm catching up as I was absent earlier in the week. I haven't had an email as such about issue 4 maturing but did get a reply to my secure message with a number to call. Not done anything yet. It seems that this dedicated form link a few posts above is only if adding extra funds and I wont be doing that. Am I understanding this correctly?

badger09

gele said:

I'm catching up as I was absent earlier in the week. I haven't had an email as such about issue 4 maturing but did get a reply to my secure message with a number to call. Not done anything yet. It seems that this dedicated form link a few posts above is only if adding extra funds and I wont be doing that. Am I understanding this correctly?

BIB There’s no suggestion of this in the email. It seems to be purely to tell VM that you want to xfer the matured issue 4 funds into whatever FR exclusive ISA is on sale @ 31/1/24. 

Some of us have already opened FR exclusive issue 10 & completed the postal xfer form. We don’t want to confuse VM by completing the link form. 

It’s also possible that VM might withdraw Issue 10 before 31/1 & replace it with a lower rate issue. That could open up another can of worms. 

gele

Thanks. So having opened an Issue 10 [its sat there empty] but not completed any transfer form yet, I could do it from the link that's been posted I presume or just phone them

gele

Well, wonders never cease! I called them. They answered almost immediately and its sorted. Someone is smiling down on me today.

badger09

gele said:

Thanks. So having opened an Issue 10 [its sat there empty] but not completed any transfer form yet, I could do it from the link that's been posted I presume or just phone them

You said on 3rd Jan that you’d arranged for Iss 4 to be xferred to your new Iss 10 
Why did you heed to send secure messages & phone them?  

badger09

gele said:

Well I did it this morning. Opened the fixed rate issue 10 and set up a transfer in for when my ISA4 matures. In the past I've waited to see what the maturity options were but as has been said, they're very likely to be less and almost certainly not more. Thanks for the advice. It'll be interesting to watch and see if the 5.25% rate is pulled soon.