moving old ISAs into Virgin Money ISA help

wallofbeans

badger09 said:

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?

It says "You may make unlimited withdrawals of your account balance. You do not need to provide notice and we will not charge you."

They also say that:
"If you want to transfer all of your Online ISA to another provider, we will transfer this in accordance with the ISA Regulations relating to transfers. Your current tax year subscriptions must be transferred in full.

You will need to contact your new ISA provider and complete their transfer request form. HMRC guidelines state that a cash ISA must be completed within 15 working days of receipt of an instruction from you.

On receipt of a transfer instruction from your new ISA provider, we will send the funds and accompanying information to the new ISA provider, within five working days from the date we receive notice."

And then:

"Can I withdraw money? Yes, you can make unlimited withdrawals from your Online ISA without notice, penalty or fees. This is not a Flexible ISA. This means that any money withdrawn cannot be replaced without counting towards your annual subscription limit. Withdrawals can only be made via Online Banking to your nominated account, or to another eligible Cynergy Bank account in your name.You can transfer your Online ISA funds to another ISA provider without affecting your overall subscription limit using your new provider’s ISA transfer process. If you hold more than one type of ISA, you must stay within the overall ISA limit."

badger09

You can go ahead &, using VM’s transfer process, transfer your Cynergy ISA. 

I don’t know how much is already in your ISAs or how much you are planning to add this year, but make sure you stay below the £85k FSCS limit. 

I’d keep it below £80k to account for interest. 

wallofbeans

badger09 said:

You can go ahead &, using VM’s transfer process, transfer your Cynergy ISA. 

I don’t know how much is already in your ISAs or how much you are planning to add this year, but make sure you stay below the £85k FSCS limit. 

I’d keep it below £80k to account for interest. 

It's well below 85k (unfortunately) but thank you!