Virgin 1 Year Fixed Rate Cash ISA Exclusive issue 11

movingon

simonsmithsays said:

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 

Thanks everyone for this debate. I thought I was being really thick until you guys joined in!
The thing I'm still not clear on is- can I simply 'transfer' the funds from the old isa in my account as in a normal account transfer, or which is what I thought RG2015 originally meant, or do I have to formally transfer.... well I am guessing not as after 20K has been deposited it will tell me that I have reached my limit. 

badger09

movingon said:

simonsmithsays said:

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 

Thanks everyone for this debate. I thought I was being really thick until you guys joined in!
The thing I'm still not clear on is- can I simply 'transfer' the funds from the old isa in my account as in a normal account transfer, or which is what I thought RG2015 originally meant, or do I have to formally transfer.... well I am guessing not as after 20K has been deposited it will tell me that I have reached my limit. 

If you want to pay £20k of new money into your FRISA 11, and add £xxxx to it from your Flexible ISA,  you will have to use the formal transfer process for that £xxxx

movingon

Thanks everyone for this debate. I thought I was being really thick until you guys joined in!
The thing I'm still not clear on is- can I simply 'transfer' the funds from the old isa in my account as in a normal account transfer, or which is what I thought RG2015 originally meant, or do I have to formally transfer.... well I am guessing not as after 20K has been deposited it will tell me that I have reached my limit. 

If you want to pay £20k of new money into your FRISA 11, and add £xxxx to it from your Flexible ISA,  you will have to use the formal transfer process for that £xxxx

Thank you. It is what I originally thought, but became confused. 

RG2015

Apologies for the confusion I caused.

BHouston12

Can I check - I opened this account in March and added £20k. I can now add another 20k and earn the 5.25% on 40k?

soulsaver

BHouston12 said:

Can I check - I opened this account in March and added £20k. I can now add another 20k and earn the 5.25% on 40k?

If the account terms don't say you can't then you can, assuming you've not contributed elsewhere this FY.

This account is no longer available but IIRC existing accounts can be funded until May 7th (or even a transfer-in requested).

BHouston12

soulsaver said:

BHouston12 said:

Can I check - I opened this account in March and added £20k. I can now add another 20k and earn the 5.25% on 40k?

If the account terms don't say you can't then you can, assuming you've not contributed elsewhere this FY.

This account is no longer available but IIRC existing accounts can be funded until May 7th (or even a transfer-in requested).

No problem. Some ISA's I have used before only allow one payment in so that's good to know. 

Money_Grabber13579

I’ve just tried to add money to issue 11 and it won’t let me because I have to sign an ISA declaration (even though I did pay money into an ISA with them last tax year). Might take until 7th May to get that all worked through the system…

DJSINGH

Money_Grabber13579 said:

I’ve just tried to add money to issue 11 and it won’t let me because I have to sign an ISA declaration (even though I did pay money into an ISA with them last tax year). Might take until 7th May to get that all worked through the system…

How are they enforcing that? Ive asked for a transfer and hope it doesn't get blocked..!

RG2015

Money_Grabber13579 said:

I’ve just tried to add money to issue 11 and it won’t let me because I have to sign an ISA declaration (even though I did pay money into an ISA with them last tax year). Might take until 7th May to get that all worked through the system…

I opened the VM FRISA V11 on 7 March but could not fund any more cash ISAs in 2023/2024.

I was always planning to fund it it soon after 6 April (and before their cut off date of 5:00 pm on 7 May 2024) as soon as my funds became available.

Following your post I thought I had better check and have just successfuly subscribed £1.00 from my VM M Plus current account.

I did though sign an ISA declaration and post it to them on 7 March. My concern here was that the declaration included the old rules of only one cash ISA per year. Anyway, this appears not to be an issue.