Virgin money ISA - fixed rate

I took out a "2-year Virgin fixed rate E-ISA issue 482" in late March/ early April 2022, with an expiry date of 24 March 2024. My notes clearly indicate an interest rate of 4.11%, but on viewing the account today, it says interest rate of 1.52%.

(It's an account with a sort code of 08-, indicating not an original Virgin money account, I think).

This is obviously a very poor rate. Is this the sort of account which I can move, despite it being another 3 months until its expiry date? Would like to get a better return on my savings ... !

Comments

  • xylophone
    xylophone Posts: 43,877
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    This?

    https://uk.virginmoney.com/savings/pdf/2_Year_Fixed_Rate_Cash_E_ISA_Issue_482-key_product_info.pdf

    Can I withdraw money

    • You can withdraw money from your account but you cannot put money back in. Any withdrawals made within the fixed rate period are subject to a charge equivalent to 90 days’ loss of interest on the amount withdrawn.


  • The only piece of good news for you is that 90 days of 1.52% annualised interest is not very much! So get it somewhere more productive quickly. 
  • Yorkie1
    Yorkie1 Posts: 11,527
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    Thanks both for such speedy replies. Here I go to locate a new ISA fixed rate somewhere, where I can consolidate my other lower rate ISAs!
  • refluxer
    refluxer Posts: 2,539
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    Yorkie1 said:
    I took out a "2-year Virgin fixed rate E-ISA issue 482" in late March/ early April 2022, with an expiry date of 24 March 2024. My notes clearly indicate an interest rate of 4.11%, but on viewing the account today, it says interest rate of 1.52%.
    ISA fixed rates were around 4% in March 2023, but they weren't that as high as that in March 2022. According to my records, 1.52% was actually the correct rate for a Virgin 2 year fixed rate ISA taken out in March/April 2022.
  • Yorkie1
    Yorkie1 Posts: 11,527
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    refluxer said:
    Yorkie1 said:
    I took out a "2-year Virgin fixed rate E-ISA issue 482" in late March/ early April 2022, with an expiry date of 24 March 2024. My notes clearly indicate an interest rate of 4.11%, but on viewing the account today, it says interest rate of 1.52%.
    ISA fixed rates were around 4% in March 2023, but they weren't that as high as that in March 2022. According to my records, 1.52% was actually the correct rate for a Virgin 2 year fixed rate ISA taken out in March/April 2022.
    Many thanks for looking this up for me - I must have cross referenced inaccurately!

    As it happens, VM is the most competitive % rate at the moment for the banks I already use, so will look to transfer other ISAs into a new fixed rate ISA, and ask if I can transfer the not-yet-matured ISA within VM (it says it's OK to transfer out, but not clear about internal transfers before end of maturity).
  • Yorkie1 said:
    refluxer said:
    Yorkie1 said:
    I took out a "2-year Virgin fixed rate E-ISA issue 482" in late March/ early April 2022, with an expiry date of 24 March 2024. My notes clearly indicate an interest rate of 4.11%, but on viewing the account today, it says interest rate of 1.52%.
    ISA fixed rates were around 4% in March 2023, but they weren't that as high as that in March 2022. According to my records, 1.52% was actually the correct rate for a Virgin 2 year fixed rate ISA taken out in March/April 2022.
    Many thanks for looking this up for me - I must have cross referenced inaccurately!

    As it happens, VM is the most competitive % rate at the moment for the banks I already use, so will look to transfer other ISAs into a new fixed rate ISA, and ask if I can transfer the not-yet-matured ISA within VM (it says it's OK to transfer out, but not clear about internal transfers before end of maturity).
    I have previously transferred not-yet-matured ISAs within Virgin Money to a new fixed rate (after paying the penalty as a number of days of interest).  This has always been on the old legacy platform.  Just need to check the interest "lost" versus the increased rate (and that the new maturity date works for you).
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