Virgin 1 Year Fixed Rate Cash ISA Exclusive issue 11

where_are_we

I have just opened the Virgin Cash ISA issue 11 with a fixed rate for 1 year of 5.25% and maturity date of 31/3/25, which at the moment is top of the 1 year fixed cash ISA tables. You need a Virgin current account. T&C`s state that no minimum is required to open and maintain this account and that you have up to 30 days after we stop selling this account to fund it. This seems generous and my plan is to wait until the end of March to see if any better equivalent comes along. If not I will fund it before the end of this tax year 23-24. I have not funded another cash ISA this year but have funded part of my £20K allowance in a S&S ISA and will use the remainder of my allownace to fund the VirginCash ISA.

My question is - will I be able to fund this same Virgin Cash ISA @5.25% in the next tax year 24-25 if I do so before the up to 30 day expiry stipulated in the T&C`s?

mebu60

Should be able to if that's the funding window which seems to be the case.

Maturity date is 31/03/25 not 31/4 (30 days hath September, April .... )

RG2015

where_are_we said:

I have just opened the Virgin Cash ISA issue 11 with a fixed rate for 1 year of 5.25% and maturity date of 31/4/25, which at the moment is top of the 1 year fixed cash ISA tables. You need a Virgin current account. T&C`s state that no minimum is required to open and maintain this account and that you have up to 30 days after we stop selling this account to fund it. This seems generous and my plan is to wait until the end of March to see if any better equivalent comes along. If not I will fund it before the end of this tax year 23-24. I have not funded another cash ISA this year but have funded part of my £20K allowance in a S&S ISA and will use the remainder of my allownace to fund the VirginCash ISA.

My question is - will I be able to fund this same Virgin Cash ISA @5.25% in the next tax year 24-25 if I do so before the up to 30 day expiry stipulated in the T&C`s?

Yes, you can fund it from this year's allowance and also next year's allowance. And even if they withdrew it today you would until Saturday 13/04/2024 to fund it.

Virgin Money are usually good for allowing transactions over weekends and bank holidays. Nevertheless, I would ensure I transferred any subscriptions from the VM current account on a working day to ensure it met the tax year criteria.

PS: I have this account which I intend to fund after 5th April as I have already funded a cash ISA this year.

soulsaver

If they haven't changed their processes, also build this into your options: You can INITIATE (request) a transfer-in within the 30 days window, to take place up to 6 weeks after the initiation/requested date.

Note: IIRC you won't find the 6 weeks mentioned anywhere until you try to do it for later than 6 weeks.

gele

soulsaver. I wasn't aware of this. Very handy if you have a fixed ISA maturing in May as I do. Thanks.

DJSINGH

I didnt realise that either. I may have to open another one and fill in the transfer form with it.
Otherwise its paper based iirc for an already open one. Will just leave the current one open and not fill

soulsaver

DJSINGH said:

I didnt realise that either. I may have to open another one and fill in the transfer form with it.
Otherwise its paper based iirc for an already open one. Will just leave the current one open and not fill

See here: 
https://forums.moneysavingexpert.com/discussion/comment/80579835/#Comment_80579835

DJSINGH

soulsaver said:

DJSINGH said:

I didnt realise that either. I may have to open another one and fill in the transfer form with it.
Otherwise its paper based iirc for an already open one. Will just leave the current one open and not fill

See here: 
https://forums.moneysavingexpert.com/discussion/comment/80579835/#Comment_80579835

I know. I just forgot I had an old ISA maturing in may :P

soulsaver

gele said:

soulsaver. I wasn't aware of this. Very handy if you have a fixed ISA maturing in May as I do. Thanks.

Yes - note though that the downside is you won't have a full year in the receiving ISA with the fixed maturity date - you'd get ?May to 31/03/25 (IIRC)

DJSINGH

Not sure if this is new, but posting incase it helps anyone.

Previously, I am sure if you didnt do the ISA transfer as part of opening a new exclusive ISA, then you had to do via post (pdf to complete).

Looks like if you have an existing account, you can now request the ISA transfer all online:

https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa

soulsaver

DJSINGH said:

Not sure if this is new, but posting incase it helps anyone.

Previously, I am sure if you didnt do the ISA transfer as part of opening a new exclusive ISA, then you had to do via post (pdf to complete).

Looks like if you have an existing account, you can now request the ISA transfer all online:

https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa

You could/can do it by phone. Make sure you keep a note time, agents name and get the transfer reference which they don't volunteer so you have to ask for it, and they DON'T confirm by email.
Bit suspect IMO.
It appears VM screw up quite often, so have theses details for correction/recovery/complaint.