VIRGIN MONEY - is it safe?????

ecraig

The VM you know today isn’t even related to the VM of the northern rock buyout. The VM you know today is actually a rebrand of the Clydesdale bank.
Very reputable. 

friolento

h1n1 said:

refluxer said:

h1n1 said:

amanda1024 said:

You know you can open two different ISAs now, you don’t have to wait until April? That way you can put c. £80k in the top interest one, the rest in the next best

thanks for your suggestion; I was thinking of doing this.. 
I can only open 1 ISA each financial year and whilst I can for 2023/24, I will have to wait until April 2024 before I can open another. 

That's not correct - there is no limit to the number of cash ISAs you can open each tax year if you're funding them with transfers from ISAs containing subscriptions from previous tax years.

The 'one cash ISA' restriction only applies to cash ISAs funded by subscriptions from the current tax year - it doesn't limit the number of cash ISAs you can open but does mean that you can only pay new subscriptions into one cash ISA at any one time. That is due to change from 6th April, after which you'll be able to pay new subscriptions into as many different cash ISAs as you like.

oh that is interesting to know - thank you! 

So, if I were to transfer 85K into a virgin money account at 5.25% , I can also open another ISA with another provider who also has a good rate of fixed interest and transfer the rest of the money held in the current ISA from previous years?

Would I be able to continue to top-up the second ISA?

It would depend on what type of ISA you choose.

If it's a fixed term one, it usually has got a short funding window. The exception is Shawbrook Bank, and may be one or two others, who allow additional deposits on some of their fixed term ones.

If it's an easy access one, you could add to it in the new tax year.

You should also check whether Barclays allow partial transfers out, and whether your new ISA provider will support partial transfers in.