Virgin Money Defined Access Cash ISA question

Hi people

I opened my first ever Isa this week and after looking at the best buy list on this website I chose The Virgin money easy access one as it was the only brand I'd actually heard of in the top 5, which I thought would give me piece of mind.
However since opening the account and making an initial couple of deposits I have read countless horror stories and bad reviews on websites such as this one and on trust-pilot and reddit claiming that Virgin Money are a nightmare to deal with especially when trying to take out money or transfer your Isa away?!
So am I overly panicking as I'm now scared to put anymore money in and am contemplating just removing all the money and wasting this years tax free allowance as I don't want any hassle later down the line with a significantly larger sum of money to worry about retrieving or moving. In this day and age I expect instant stress free money transfers and want to go with an Isa provider that can give me this.
Any advice appreciated.
Regards

Comments

  • Veteransaver
    Veteransaver Posts: 322
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    I've not had any problems with them and I've transferred money in and out over the years.
    It's Santander who wind me up. They block transactions for any reason and make you phone them up and give you the Spanish Inquisition.
    It's taken me an hour in the past to get a relatively small withdrawal out (to an account I'd paid out to previously) so not even a new account, and it was even in my own name!
  • boingy
    boingy Posts: 1,148
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    Hi people

    I opened my first ever Isa this week and after looking at the best buy list on this website I chose The Virgin money easy access one as it was the only brand I'd actually heard of in the top 5, which I thought would give me piece of mind.
    However since opening the account and making an initial couple of deposits I have read countless horror stories and bad reviews on websites such as this one and on trust-pilot and reddit claiming that Virgin Money are a nightmare to deal with especially when trying to take out money or transfer your Isa away?!
    So am I overly panicking as I'm now scared to put anymore money in and am contemplating just removing all the money and wasting this years tax free allowance as I don't want any hassle later down the line with a significantly larger sum of money to worry about retrieving or moving. In this day and age I expect instant stress free money transfers and want to go with an Isa provider that can give me this.
    Any advice appreciated.
    Regards
    Mostly, just relax and stop worrying. The problem with TrustPilot and, to a lesser extent, this forum is that most of the posts you see are from people who have problems. The vast majority of customers who don't have problems have no reason to post about it. Virgin are not perfect but they are a reputable brand. 

    Whoever the provider, ISA transfers tend not to be instant. Last week I transferred a cash ISA out from Virgin. The  new provider said it could take up to three weeks to complete but in the event the balance appeared as "pending" within hours at the new provider and two days later the transfer was complete. A couple of days later the closing statement from Virgin arrived through the post. No fuss, no nightmare and quicker than I expected. I can't promise all transfers will be that quick. The slowest I've had was two weeks (not with Virgin) but the new provider paid interest from day two of that period so I only lost one day of interest in the transfer.

    I do need to pick up on one thing. You titled the thread "Defined Access ISA" but then said "Easy Access ISA" in the thread. They are different products. The former has a limited number of withdrawals but pays a higher rate. Make sure you know which one you have and understand the restrictions. If you make more than three withdrawals from the Defined Access ISA the interest rate drops from "great" to "terrible". Of course, cash ISAs are designed for longer term savings so a withdrawal limit should not be a problem.


  • Qyburn
    Qyburn Posts: 2,074
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    I've had ISAs with both sides of Virgin, and still do with the "ex Clydesdale" part. That's the part that offers the "exclusive" ISAs.

    No problem with either. I transferred out of "Old Virgin" in 2022, then in 2023 transferred from Paragon into Virgin "exclusive" ISA. Then most recently my ever-loving transferred from Virgin instant access into their 5.85% 12 month fix. No problem with any of this.

    My only beef with Virgin is their split personality, with different logins for different products.
  • badger09
    badger09 Posts: 11,056
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    I’ve had & still have, multiple accounts with Virgin over the years. Both ISA & non ISA. I can only remember one major problem, when an ISA Xfer didn’t go as planned & that was largely my own fault. I commented about their lack of communication. They treated my comment as a complaint & paid a small amount of compensation, which I’d neither requested or expected. 
    I have a flexible ISA with them and withdrawals have been instant. 

  • Thanks for the replies guys, they have settled my nerves somewhat. I think I will just relax for now and go with this Virgin ISA and see what happens.
    Regarding the question about defined access or easy access yes, my bad it's the defined access one I opened which I believe gives me 3 withdrawals a calender year before dropping interest.
    Can anyone with any prior knowledge of Virgin ISAs inform me if these are considered 'flexible' as in if I were to remove some money say £100 could I put that back at a later date and still have that £100 as tax free?
  • refluxer
    refluxer Posts: 2,536
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    Can anyone with any prior knowledge of Virgin ISAs inform me if these are considered 'flexible' as in if I were to remove some money say £100 could I put that back at a later date and still have that £100 as tax free?
    The product page and summary box don't mention that this ISA is flexible, but I would check the T&C's to be sure. If it isn't mentioned, then it won't be flexible.
  • jimjames
    jimjames Posts: 17,493
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    I have an ISA with Virgin. No issues at all with moving money in and out. I've done both over the last 18 months and never had any issues. Not done a transfer but that's not something that's done very often anyway.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • BillTee
    BillTee Posts: 55
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    edited 14 January at 4:23PM
    I've had an EA ISA and FR ISA with VM - no problems. Just opened an Exclusive FR 5.25% for existing FR ISA maturing soon and will also transfer 20k for this year that I've not yet used. I second OP's comment about Santander troubles. Don't care what rate they offer, would never use them again.
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