Virgin ISA Question

The_Green_Hornet

Digital_Payback said:

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. 

To answer your original question, yes you can open it without funding it.

soulsaver

It's probably academic to this thread & I wouldn't bet my house it - but I suspect HMRC aren't going to allocate any resources to prosecuting an illegitimate £1.00 at the end of the FY... Or does anyone know differently?

Rich2808

soulsaver said:

It's probably academic to this thread & I wouldn't bet my house it - but I suspect HMRC aren't going to allocate any resources to prosecuting an illegitimate £1.00 at the end of the FY... Or does anyone know differently?

Personally I would be very wary of assuming Virgin money will get things right!

I would never have invested with them knowing the nightmare I have been through since doing a transfer late last year - which is still ongoing. I requested a prior year transfer via a paper transfer form (luckily I kept a copy) - they asked my provider for a current year transfer - and chaos has ensued.

They also debited over £7k from my ISA last week apparently relating to this - and I (or it seems they) have no idea where the money has gone! I have just spent an hour on the phone trying to resolve this - because they are so overwhelmed with calls and complaints no doubt - without being able to find out where my cash has gone. Delays have got worse since they decimated their branch coverage.

The rates are good - but if there is an issue (or they have made a mess up - they made an error on another ISA transfer I did late last year) its very hard to get it sorted.

Hopefully Nationwide will sort things out when they take it over - but I won't be investing a penny more with this outfit!

t0rt0ise

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.

Sorry, wrong assumption on my part. So yes, just open it. I often open ISAs for transfer into only, so just ignore a lot of what is said on the forms.