Virgin Money Cash ISAs from 6/4/24

RG2015

I have just read the following from Gov.UK.

1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year. 

Does anyone know if Virgin Money will be allowing subscriptions to more than one cash ISA from 6/4/24. Ideally this would be something on a Virgin Money website.

I would phone and ask them but previously I have found their customer service staff sadly lacking in basic ISA knowledge.

soulsaver

Can you try chat? 

RG2015

soulsaver said:

Can you try chat? 

Interesting thought. Are chat staff likely to be better informed than telephone staff though?

I am afraid that once trust is lost it is very difficult to regain.

I used to dislike chat but am more comfortable with it these days so this does sound like a good idea.

I am also happy that the subscription window is now at least 18/04/2024 (today + 30 days) so they may well have updated their literature by then.

eskbanker

RG2015 said:

1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year. 

Just to be clear, VM can choose to only allow one of their cash ISAs to be funded in any tax year, but have no power to stop you funding one or more elsewhere!

In other words, even if you find yourself in the position where you can't pay into a second VM ISA, you still have the rest of the market to choose from....

RG2015

eskbanker said:

RG2015 said:

1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year. 

Just to be clear, VM can choose to only allow one of their cash ISAs to be funded in any tax year, but have no power to stop you funding one or more elsewhere!

In other words, even if you find yourself in the position where you can't pay into a second VM ISA, you still have the rest of the market to choose from....

Indeed.

However the best 1 year fix is 5.25% at VM.

...... I have just realised that the 5.25% will be my first 24/25 subscription so there is no issue. My other VM ISAs are 23/24 and and 20/21.

It would only ever be an issue if I wanted to subscibe to another VM ISA in 24/25. And even if there was a good one VM would probably have cleared the issue on their literature by then.

soulsaver

Note for future: IIRC You don't get a transcript from VM chat (for certain on a complaint - they tell you it'll be included in their response letter.. including the reference - don't fall for that) be prepared to screen dump as it goes on or pics/video with yr phone to evidence responses.