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Anyone have S&S ISA with Virgin Money?

modelreject
Posts: 703 Forumite


I have another thread explaining what I want to do with regards to opening a Virgin S&S ISA before tax year end, for allocating maximum £20000 funds. I will be investing approx £3000. Plan is to move this to Virgin Fixed Rate ISA.
The main question is, I see there are fees with regards to management, account holding etc.. If I were to open the account on, let's say 1st April, would I incur and charges before I moved the money to the Fixed Rate on April 6th?
Also, it asks to select investment type when setting up. Low/Medium/High risk. Can I not just shift the money in and decide later. That is, just have it sitting as cash for a few days, and not incur a fee?
Many thanks once again everyone. You've been really helpful in getting my saving/investment goals started.
The main question is, I see there are fees with regards to management, account holding etc.. If I were to open the account on, let's say 1st April, would I incur and charges before I moved the money to the Fixed Rate on April 6th?
Also, it asks to select investment type when setting up. Low/Medium/High risk. Can I not just shift the money in and decide later. That is, just have it sitting as cash for a few days, and not incur a fee?
Many thanks once again everyone. You've been really helpful in getting my saving/investment goals started.
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Comments
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modelreject said:I have another thread explaining what I want to do with regards to opening a Virgin S&S ISA before tax year end, for allocating maximum £20000 funds. I will be investing approx £3000. Plan is to move this to Virgin Fixed Rate ISA.modelreject said:So I have a cash ISA fully funded with£20000 for current year 23/24. I have £40000. Can I open a Stocks & Shares ISA this year, fully fund it, transfer to the Cash ISA in April and then add the other £20000?
So instead of just being able to fund £20000 into my cash isa and have £40000 in it, I would be able to have £60000 making interest in 24/25.And as was explained you can't do this as it would exceed the £20,000 annual allowance which pretty much makes the questions irrelevantYou can't subscribe any more money 2023/24. All you can do is wait until 06/04/20242 -
Surely you can invest in one Cash ISA and one S&S ISA, no? So £17000 in cash isa and I want to open S&S ISA this tax year to add £3000 to. "allocating maximum £20000 funds"
Then come 6th April, I can add another £20000 to Fixed rate ISA. I think I may have got this all wrong?
That previous thread you refer to, highlighted the fact that I couldn't do the option of adding more that £20000. This one https://forums.moneysavingexpert.com/discussion/6513493/set-up-s-s-isa-before-year-end-and-transfer-next-tax-year#latest0 -
If you have multiple threads relating to similar subjects it might be worth pointing out which one, or giving us a summary of the issues when creating a new thread, or perhaps just continuing the relevant threadmodelreject said:Surely you can invest in one Cash ISA and one S&S ISA, no? So £17000 in cash isa and I want to open S&S ISA this tax year to add £3000 to. "allocating maximum £20000 funds"Then come 6th April, I can add another £20000 to Fixed rate ISA. I think I may have got this all wrong?That should also be fine, Virgin sayhttps://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_isa_exclusive_issue_11/#how-do-i-open-and-manage-my-account
- You can pay money into your ISA as soon as it's opened, right up until 30 days after we stop selling this account. After that you can't pay in any more money.
To address you original questionThe main question is, I see there are fees with regards to management, account holding etc.. If I were to open the account on, let's say 1st April, would I incur and charges before I moved the money to the Fixed Rate on April 6th?
Also, it asks to select investment type when setting up. Low/Medium/High risk. Can I not just shift the money in and decide later. That is, just have it sitting as cash for a few days, and not incur a fee?I'm not familiar with Virgin's charging structure but this is what they say:- Our charges are 0.75% in total each year, based on the value of your account. So, if your account had a value of £10,000 for a whole year that would be £75.
Most (all?) S&S providers allow you to keep uninvested cash and usually only charge for investments, it's not clear whether "value of your account" would include cash- The 0.75% is made up of:
- 0.30% per year (that’s £30 of the £75 total charge above) is an Account Charge for running your account. We collect this charge by selling a small amount of your investment units each month.
- 0.45% per year (that’s £45 of the £75 total charge above) is an Annual Management Charge for managing your investments. We allow for this charge by adjusting your daily unit price.
It's not clear how these could apply to cash, they can't sell what you don't have or adjust its unit pricePerhaps just open the account and plough through the questions. In the unlikely event that they can find a way to charge you it would be minimal as they are annual percentages and not fixed amounts. It beats not being able to use your whole allowanceGood luck1 -
@ColdIron Thanks for the detailed response. Duly noted about the thread referencing0
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