Virgin ISA Question

begbeer

I have opened one, but will not be funding it until after April 6th as have already used all my 23/24 allowance, will wait and see if it is accepted

The_Green_Hornet

ColdIron said:

That's just restating the ISA rules and has no bearing upon how Virgin operate their account

OP wants to open the account now to secure the rate but wait until 2024/25 before making a deposit so is asking if Virgin (not HMRC) will allow that without making a deposit at the time of opening

The rate is variable so there is nothing to secure 

The_Green_Hornet

begbeer said:

I have opened one, but will not be funding it until after April 6th as have already used all my 23/24 allowance, will wait and see if it is accepted

I have also opened one and will fund it from 6th April. I'm struggling to understand what the problem is here.

etienneg

What puzzles me is why the OP (and other people) want to do this. I could understand it for a fixed-interest account, where you lock in the rate on offer at the time of opening. But this is a variable rate account, so what do you gain by opening it before you are ready to fund it? Why not just wait so that you can open and fund at the same time? Am I missing something here?

RG2015

etienneg said:

What puzzles me is why the OP (and other people) want to do this. I could understand it for a fixed-interest account, where you lock in the rate on offer at the time of opening. But this is a variable rate account, so what do you gain by opening it before you are ready to fund it? Why not just wait so that you can open and fund at the same time? Am I missing something here?

I imagine that they want to ensure that they have the account in case it is withdrawn before 6 April.

Digital_Payback

RG2015 said:

etienneg said:

What puzzles me is why the OP (and other people) want to do this. I could understand it for a fixed-interest account, where you lock in the rate on offer at the time of opening. But this is a variable rate account, so what do you gain by opening it before you are ready to fund it? Why not just wait so that you can open and fund at the same time? Am I missing something here?

I imagine that they want to ensure that they have the account in case it is withdrawn before 6 April.

Since I started this thread it has veered off a bit!
I’m not chasing a rate. As RG2015 correctly suggested, I just wanted it open and ready for April 6th. Nothing else. Saves time on the day and any problems opening it can be sorted in advance. 

Actually as I began an application, although already a Virgin customer, because my account sort code starts with 82-, I need to apply as a new customer!
But I still don’t know if I need to fund it with £1. 

I opened a CHIP ISA instead, although with the new ISA rules I may also open the Virgin one later and just half fund each. 

t0rt0ise

It says you need to open with £1 so I'd do that. Then you can top up when you like.

RG2015

t0rt0ise said:

It says you need to open with £1 so I'd do that. Then you can top up when you like.

I assumed that they had already subscribed to another Cash ISA this year. Hence this one cannot be subscribed to this year.

If not, then your point is valid.

Digital_Payback

RG2015 said:

t0rt0ise said:

It says you need to open with £1 so I'd do that. Then you can top up when you like.

I assumed that they had already subscribed to another Cash ISA this year. Hence this one cannot be subscribed to this year.

If not, then your point is valid.

RG2015, you are correct. 

I have already subscribed to an ISA this year, so cannot open a new one this tax year with even £1.00. 

That was the point of my original question asking if I could open it WITHOUT funding it. 

xylophone

so cannot open

Open does not necessarily mean subscribe?