Options with Virgin Cash ISA

Yorkie1

Hi all,

Just trying to get my thoughts in order and would be grateful for confirmation from others who know more than I do!

I have a 2-year fixed rate ISA with Virgin (but it starts with an 08 sort code and does not appear in  the Virgin Money App) which comes to maturity on about 24/03. Options I've been offered are to let it go to a paltry easy access ISA, or to opt to transfer to another fix rate of about 4.65% (from memory).

I have not yet filled my ISA subscription this year at all - but am aware I need to.

I have Virgin Money M Plus / Saver accounts (> £50K), so am eligible for the exclusive Cash ISA at 5.25%.

Can I do the following:
a) open up the new ISA at 5.25% now and fund it with £20K from the Saver; and
b) at the same time, ask to transfer in the maturing ISA when it does mature; and
c) in the new Tax Year (within the 30 day limit I've read about on others' posts) add another £20K to the new ISA?

If so, are there any pitfalls I need to be aware of? 

How do I go about transferring in the maturing ISA? I have read about identifying the maturing ISA correctly - if its sort code starts with 08, do I need to call it a Clydesdale ISA, for example?

Thanks for any thoughts / comments.

eskbanker

As you say, there have been plenty of reports of difficulties transferring out of Virgin to other providers, seemingly resulting from incomplete post-merger integration behind the scenes, but if you're planning an internal transfer within VM you ought to be OK to do all you plan to....

FredTrump

Sort code 08 would be a legacy VM, 05 would be legacy Yorkshire and 82 legacy Clydesdale. 
Not sure what mix of sort codes they're using these days.

BPauseMSE

If your existing cash ISA matures 24/03 (this tax year) you could apply to transfer it to the VM fixed cash issue 11 at 5.25% - the email from VM about your maturing cash ISA details this.  You can then add additional funds to the transferred 5.25% cash ISA by 05/04/24 (this tax year) to use up any unused ISA allowance for this tax year.  You can pay in for up to 30 days so may be able to add £20k for 2024/25 cash ISA allowance from 06/04/24, before the 30 days runs out.  VM can give help as per the information on your maturity e-mail - "If you have any questions, please call us on 0800 028 4836*. We’re here from 8am to 6pm Monday to Friday and 9am to 1pm on Saturdays (please note we are closed on Sundays and Bank Holidays)." 

Yorkie1

BPauseMSE said:

If your existing cash ISA matures 24/03 (this tax year) you could apply to transfer it to the VM fixed cash issue 11 at 5.25% - the email from VM about your maturing cash ISA details this.  You can then add additional funds to the transferred 5.25% cash ISA by 05/04/24 (this tax year) to use up any unused ISA allowance for this tax year.  You can pay in for up to 30 days so may be able to add £20k for 2024/25 cash ISA allowance from 06/04/24, before the 30 days runs out.  VM can give help as per the information on your maturity e-mail - "If you have any questions, please call us on 0800 028 4836*. We’re here from 8am to 6pm Monday to Friday and 9am to 1pm on Saturdays (please note we are closed on Sundays and Bank Holidays)." 

Thanks BPMSE; the email didn't specifically mention the issue 11 at 5.25%, just the lower rate one, hence being a little puzzled.

soulsaver

BPauseMSE said:

If your existing cash ISA matures 24/03 (this tax year) you could apply to transfer it to the VM fixed cash issue 11 at 5.25% - the email from VM about your maturing cash ISA details this.  You can then add additional funds to the transferred 5.25% cash ISA by 05/04/24 (this tax year) to use up any unused ISA allowance for this tax year.  You can pay in for up to 30 days so may be able to add £20k for 2024/25 cash ISA allowance from 06/04/24, before the 30 days runs out.  VM can give help as per the information on your maturity e-mail - "If you have any questions, please call us on 0800 028 4836*. We’re here from 8am to 6pm Monday to Friday and 9am to 1pm on Saturdays (please note we are closed on Sundays and Bank Holidays)." 

You can pay in for up to 30 days after it is withdrawn.  CASH ISAs | Virgin Money UK

MissHap

Are there enough issues with Virgin NOT to purchase this Isa??
The difference between Virgin and number 2 on the list at the moment is £36.

Two weeks after "opening" my account with then I've STILL not been able to access it!!

etienneg

MissHap said:

Are there enough issues with Virgin NOT to purchase this Isa??
The difference between Virgin and number 2 on the list at the moment is £36.

Two weeks after "opening" my account with then I've STILL not been able to access it!!

£36 is quite a significant amount - to me at any rate! I've seen comments like this against Virgin before, but my experience is quite different. I have ISAs with Virgin. I've transferred in, transferred out and subscribed (put in new money) without any difficulties. When I transferred out, for example, the money was received by the building society where it was going the day after I had requested the transfer!

I'm very pleased with Virgin and recommend their ISAs in particular - but also their current accounts. Of course, I can't say that others haven't had difficulties, but personally I think the bad press they receive is unjustified.

Do you have personal experience of "number 2 on the list" such that you can objectively say they are fine, when you claim Virgin are not?

MissHap

I don't have personal experience of the number 2 on the list etienneg but the experience I am having with Virgin is enough for me NOT to deal with them, whatever the cost.
I do of course accept that everyone's experience is different and in your case everything went smoothly.

Qyburn

Yorkie1 said:

Thanks BPMSE; the email didn't specifically mention the issue 11 at 5.25%, just the lower rate one, hence being a little puzzled.

Their default process probably doesn't mention the "Exclusive" accounts as not all holders of that two fix will be eligible. I think you have be prepared to treat them as two different banks.

The 5.25% Exclusive gives the option to request transfer in during the application and you can say to transfer on maturity. Then get your new money deposited. It doesn't matter if glitches delay the transfer past the year end.

BPauseMSE

MissHap said:

I don't have personal experience of the number 2 on the list etienneg but the experience I am having with Virgin is enough for me NOT to deal with them, whatever the cost.
I do of course accept that everyone's experience is different and in your case everything went smoothly.

Given your experience you would probably be best to go with another provider for your own peace of mind.