Virgin 1 Year Fixed Rate Cash ISA Exclusive issue 11

RG2015

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

badger09

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

I’m not surprised @movingon is confused. I am too. 

BIB
Do you by any chance mean ‘lose it’s ISA flexibility’ rather than ‘lose its ISA protection’?

RG2015

badger09 said:

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

I’m not surprised @movingon is confused. I am too. 

BIB
Do you by any chance mean ‘lose it’s ISA flexibility’ rather than ‘lose its ISA protection’?

Okay.

I have £10,000 in an easy access flexible cash ISA at close of play 5 Apr 2024.

I withdraw £10,000 on 6 April 2024.

I can then replace this £10,000 at any time up to 5 Apr 2025 without affecting my 2024/2025 cash ISA allowance.

The only way I could add any of this £10,000 to a cash ISA that already had utilised the full 2024/2025 £20,000 cash ISA allowance would be to do a full ISA transfer.

Doing this would mean the amount transfered out of the easy access flexible cash ISA would lose its ISA protection.

PS. This assumes that partial ISA transfers are allowed. If not the easy access flexible ISA would be closed upon effecting the full ISA transfer.

RG2015

badger09 said:

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

I’m not surprised @movingon is confused. I am too. 

BIB
Do you by any chance mean ‘lose it’s ISA flexibility’ rather than ‘lose its ISA protection’?

Aside from my explanation in the post above, how would an ISA lose its ISA flexibility?

Surely a flexible ISA is always flexible.

badger09

RG2015 said:

badger09 said:

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

I’m not surprised @movingon is confused. I am too. 

BIB
Do you by any chance mean ‘lose it’s ISA flexibility’ rather than ‘lose its ISA protection’?

Okay.

I have £10,000 in an easy access flexible cash ISA at close of play 5 Apr 2024. Ok 

I withdraw £10,000 on 6 April 2024. Ok

I can then replace this £10,000 at any time up to 5 Apr 2025 without affecting my 2024/2025 cash ISA allowance. Agreed

The only way I could add any of this £10,000 to a cash ISA that already had utilised the full 2024/2025 £20,000 cash ISA allowance would be to do a full ISA transfer. Agreed

Doing this would mean the amount transfered out of the easy access flexible cash ISA would lose its ISA protection.  Wrong. You can replace the £10k WITHDRAWN from the flexible isa any time before 5/4/25 so the ISA protection is not lost. 

PS. This assumes that partial ISA transfers are allowed. If not the easy access flexible ISA would be closed upon effecting the full ISA transfer.

My comments inline in bold. 

Whichever way you look at it, you can pay only £20k of new money into an ISA per tax year. 

If you don’t have £20k new cash waiting to pay in tomorrow, then using the flexible ISA makes sense as 5.25% fixed is better than 4.76% variable & I am planning to do it. 

eskbanker

Seems to me that much of the above exchange is completely at cross purposes!

@movingon simply wants to transfer from one ISA (funded in prior years) to another (where transfers are permitted, as with the subject of this thread) and add the current year allowance, and the answer to whether that's allowed is undoubtedly a simple 'yes' rather than the 'no' initially stated above.

@RG2015 has a more complex proposition involving juggling money between three separate ISAs while endeavouring to retain the flexible status of some of the money.

Or perhaps I'm misunderstanding....?

RG2015

badger09 said:

RG2015 said:

badger09 said:

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

I’m not surprised @movingon is confused. I am too. 

BIB
Do you by any chance mean ‘lose it’s ISA flexibility’ rather than ‘lose its ISA protection’?

Okay.

I have £10,000 in an easy access flexible cash ISA at close of play 5 Apr 2024. Ok 

I withdraw £10,000 on 6 April 2024. Ok

I can then replace this £10,000 at any time up to 5 Apr 2025 without affecting my 2024/2025 cash ISA allowance. Agreed

The only way I could add any of this £10,000 to a cash ISA that already had utilised the full 2024/2025 £20,000 cash ISA allowance would be to do a full ISA transfer. Agreed

Doing this would mean the amount transfered out of the easy access flexible cash ISA would lose its ISA protection.  Wrong. You can replace the £10k WITHDRAWN from the flexible isa any time before 5/4/25 so the ISA protection is not lost. 

PS. This assumes that partial ISA transfers are allowed. If not the easy access flexible ISA would be closed upon effecting the full ISA transfer.

My comments inline in bold. 

Whichever way you look at it, you can pay only £20k of new money into an ISA per tax year. 

If you don’t have £20k new cash waiting to pay in tomorrow, then using the flexible ISA makes sense as 5.25% fixed is better than 4.76% variable & I am planning to do it. 

Thanks for this @badger09.

But I am questioning the statement you say I got wrong. 

Doing this would mean the amount transfered out of the easy access flexible cash ISA would lose its ISA protection.  Wrong. You can replace the £10k WITHDRAWN from the flexible isa any time before 5/4/25 so the ISA protection is not lost. 


The scenario I was discussing was adding to a cash ISA that had the full £20k of the 2024/2025 cash ISA allowance.

The only way to do this would be to do an ISA transfer.

If I had £20k in the old flexiblie ISA and I did a £10k partial transfer to the new ISA with £20k, I would not be able to replace the £10k into the flexible ISA.


PS: My statement says transferred out and yours says WITHDRAWN. It looks like we are at cross purposes.

badger09

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

We may well be at cross purposes but neither of the actions in para 1 or para 3 above would result in any loss of ISA protection. 

RG2015

badger09 said:

RG2015 said:

movingon said:

RG2015 said:

movingon said:

RG2015 said:

I have a Virgin Money Easy Access Exclusive Flexible cash ISA v2 at 4.76% with £10k.

I also have just opened the VM Exclusive 1 year fixed ISA v11 at 5.25% which cannot be funded before 6 April as I have already subscribed to the 5.85% VM 1 year cash ISA v7 this year.

I plan to fund v11 with money from the easy access ISA. As the easy access is flexible the £10k ISA status will remain protected until 5 April 2025.

It just feels odd to me to move money from one ISA to another without doing an ISA transfer but still retain the ISA status of the first,

So from what you are saying, am I right in thinking I could move an old Flexi Isa with Virgin to this account as well as depositing £20K tomorrow?
Thanks

No.

Your annual ISA allowance is £20k. You would need to do an ISA transfer from any ISAs from previous years to add to the account above £20k from the 24/25 ISA allowance.

Still don't get it.
The Virgin Flexible Isa I am talking about is from a previous tax year.
I can't transfer it plus 20K to this Fixed Virgin?
Only transfer it to a completely different (new) ISA?
Sorry, my brain is fried.

You can do an ISA transfer to any ISA including the Fixed Virgin v11, which will remove the ISA protection from the old flexi ISA of the amount transferred.

My transaction will not be an ISA transfer from my flexi ISA, simply a withdrawal that could be returned any time in the next 12 months.

The difference is that I am not subscribing more than £20k to the VM v11 in 24/25.

If I wanted to put more than £20k into the VM v11, I would need to do an ISA transfer from my flexi ISA and hence lose its ISA protection.

We may well be at cross purposes but neither of the actions in para 1 or para 3 above would result in any loss of ISA protection. 

Are you saying that I can transfer money from a flexible ISA to another ISA and then replace it the same year?

simonsmithsays

eskbanker said:

Seems to me that much of the above exchange is completely at cross purposes!

@movingon simply wants to transfer from one ISA (funded in prior years) to another (where transfers are permitted, as with the subject of this thread) and add the current year allowance, and the answer to whether that's allowed is undoubtedly a simple 'yes' rather than the 'no' initially stated above.

@RG2015 has a more complex proposition involving juggling money between three separate ISAs while endeavouring to retain the flexible status of some of the money.

Or perhaps I'm misunderstanding....?

Absolutely as I see it too.

Hopefully @movingon sees your clarification