Options with Virgin Cash ISA

35har1old

Yorkie1 said:

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.

Just treat it as any other ISA transfer from a outside provider at time of opening the NEW ISA fill out the online transfer form stating the date you want the transfer to take place on and from the drop down menu select Virgin Money

Yorkie1

Just to update for anyone coming across this thread:
I opened it online and transferred money from my existing Virgin saver.
I was also asked if I wanted to transfer an ISA in, so I put it was a Virgin ISA and put the date for maturity rather than immediately.
Got immediate confirmation that the new ISA was open.
Got a text and email today confirming the transfer of the old ISA into the new one.
Very easy - just need to remember to fund it further in the new tax year.