moving old ISAs into Virgin Money ISA help

wallofbeans

Hi All,

I've just got a Virgin Money current account so I can open the 1 year fixed ISA with them. I've already got another ISA with them from last year (opened in March last year) and a second ISA with Cynergy that I opened in August last year. 

I will move the Virgin Money ISA from last March into a new ISA with them. But should I move the cynergy one as well? It's not on a fix, so can I just put them both into one account now?

And how do I go about doing this? Should I open the new ISA first - and then move the money from the other(s) over? Or should this happen all in one go as it opens?

This is my first time moving ISA money around and I am nervous about it!

eskbanker

The VM account seems to have a 30 day funding window, so if you're not offered the option of transferring as part of the application process itself then you should initiate it as soon as possible once it's open.  Up to you how many accounts you transfer in....

Beddie

You'll be fine. As part of the process for opening the ISA with Virgin, it asks would you like to transfer in. Give them the details of your Cynergy ISA and they will move it in a few days. I've done it myself, but from Yorkshire BS not Cynergy.

If you do it after it's opened, the process is more laborious with a separate form to fill in, so do it on opening for an easier transfer if you can.

wallofbeans

Ah, so I can transfer in both from the old Virgin one and the Cynergy when I'm opening the new ISA?

Money_Grabber13579

wallofbeans said:

Ah, so I can transfer in both from the old Virgin one and the Cynergy when I'm opening the new ISA?

Yes, when opening the new virgin isa, I was given the option to transfer in multiple different ISAs - I used the transfer in form to transfer in 2 ISAs from Leeds and 1 from Virgin.

wallofbeans

Money_Grabber13579 said:

wallofbeans said:

Ah, so I can transfer in both from the old Virgin one and the Cynergy when I'm opening the new ISA?

Yes, when opening the new virgin isa, I was given the option to transfer in multiple different ISAs - I used the transfer in form to transfer in 2 ISAs from Leeds and 1 from Virgin.

That's very helpful - thanks!

wallofbeans

Just FYI - Virgin can't do an online transfer from Cynergy Bank (it's not on their list) so I have to fill out a form and post it to them instead...

Which is odd, as Cynergy FAQ's say that I can transfer into their ISAs from Virgin Money, so it's surprising that the opposite isn't also possible...

wallofbeans

I'm not sure of the specifics anymore, and the t&c document I have doesn't make it clear (to me anyway) if I can transfer my Cynergy ISA without penalty. I think it's fine, but am nervous so hoping someone can clarify for me... It's an 'Online ISA Issue 42' and I opened it last August/September.

Beddie

As mentioned above, you might not be able to transfer from Cynergy using the fast method, but it can still be done. Virgin Money will tell the right course of action, if that provider is not listed in the banks you can transfer as part of the application process. But basically you just do it after the account is open instead using their online form - 

https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/get-started/

badger09

wallofbeans said:

I'm not sure of the specifics anymore, and the t&c document I have doesn't make it clear (to me anyway) if I can transfer my Cynergy ISA without penalty. I think it's fine, but am nervous so hoping someone can clarify for me... It's an 'Online ISA Issue 42' and I opened it last August/September.

The current Online ISA issue 45 is instant access but you really need to check the T&Cs of yours. 

Does it mention instant access? 

Does it mention withdrawal penalty?

wallofbeans

Beddie said:

As mentioned above, you might not be able to transfer from Cynergy using the fast method, but it can still be done. Virgin Money will tell the right course of action, if that provider is not listed in the banks you can transfer as part of the application process. But basically you just do it after the account is open instead using their online form - 

https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/get-started/

They just say that anything not on the list needs to be done via the PDF form they link to, filled in, signed, and posted to them.