Virgin Money Cash ISA Question

ukbootlegs

Received an email from VM stating;

We wanted to let you know on Sunday 24 March 2024, your Fixed Rate Cash E-ISA will mature.

If we haven’t heard from you by 6pm on Saturday 23 March 2024, we’ll move your savings into our E-Access ISA, in line with your Savings Terms. This account pays a variable interest rate of 0.10% Tax-free

They are offering me another 12 month fixed Cash ISA at 4.86%

This seems a fairly decent rate, so I fundamentally have 2 questions about possibly moving. (Though at 4.86%, I’ll probably remain)

1) if I open another ISA now, I can transfer my ISA across now or after the date above I assume?

2) if I move it now, do I lose the pending interest to be applied? It’s a bit over 1k more to be applied


Thanks folks

35har1old

ukbootlegs said:

Received an email from VM stating;

We wanted to let you know on Sunday 24 March 2024, your Fixed Rate Cash E-ISA will mature.

If we haven’t heard from you by 6pm on Saturday 23 March 2024, we’ll move your savings into our E-Access ISA, in line with your Savings Terms. This account pays a variable interest rate of 0.10% Tax-free

They are offering me another 12 month fixed Cash ISA at 4.86%

This seems a fairly decent rate, so I fundamentally have 2 questions about possibly moving. (Though at 4.86%, I’ll probably remain)

1) if I open another ISA now, I can transfer my ISA across now or after the date above I assume?

2) if I move it now, do I lose the pending interest to be applied? It’s a bit over 1k more to be applied


Thanks folks

I assume you don't have a current account with Virgin as you can get a 1 Yr fixed ISA at 5.25%

amanda1024

As well as there being slightly better rates available - you’d be best off initiating the transfer now, but with a transfer date as the date after maturity. You wouldn’t lose all the pending interest, but there’s usually a penalty if you transfer out before maturity 

badger09

ukbootlegs said:

Received an email from VM stating;

We wanted to let you know on Sunday 24 March 2024, your Fixed Rate Cash E-ISA will mature.

If we haven’t heard from you by 6pm on Saturday 23 March 2024, we’ll move your savings into our E-Access ISA, in line with your Savings Terms. This account pays a variable interest rate of 0.10% Tax-free

They are offering me another 12 month fixed Cash ISA at 4.86%

This seems a fairly decent rate, so I fundamentally have 2 questions about possibly moving. (Though at 4.86%, I’ll probably remain)

1) if I open another ISA now, I can transfer my ISA across now or after the date above I assume?

2) if I move it now, do I lose the pending interest to be applied? It’s a bit over 1k more to be applied


Thanks folks

1 You can open another ISA now ready for the transfer. 
You can arrange for existing ISA  to be xferred now, but you’ll face an interest penalty. Check your T&Cs but typically 90 days. 

Or have it xferred after maturity on 24 March & lose nothing

2 You wouldn’t lose all the interest accrued so far, but as above, there would be a penalty applied. 

ukbootlegs

Ended up going for their isa that’s paying 5.06% if no more than 3 withdrawals 

d63

ukbootlegs said:

Ended up going for their isa that’s paying 5.06% if no more than 3 withdrawals 

umm,  did  i miss something here? the only two cash ISA's i can currently see  they have on offer are an easy access cash ISA exclusive variable rate 4.76% and a 1 year fixed rate cash E-ISA also at 4.76%
i can see they also have a defined access E-saver with 3 free withdrawals but that is at 5.01% and not an ISA type account)

is the ISA account you found at 5.06% only for maturing accounts perhaps?

ukbootlegs

d63 said:

ukbootlegs said:

Ended up going for their isa that’s paying 5.06% if no more than 3 withdrawals 

umm,  did  i miss something here? the only two cash ISA's i can currently see  they have on offer are an easy access cash ISA exclusive variable rate 4.76% and a 1 year fixed rate cash E-ISA also at 4.76%
i can see they also have a defined access E-saver with 3 free withdrawals but that is at 5.01% and not an ISA type account)

is the ISA account you found at 5.06% only for maturing accounts perhaps?

Last week, they had the following account. I transferred my maturing isa into this. And had my wife move her isa i
from Santander into another 

Defined Access Cash E-ISA Issue 25