Virgin Money Fixed Cash ISA Maturity

bigbars

Hi,
Just interested in peoples experiences with Virgin Money and Maturity options / Transfers.

I have a Fixed Rate Cash E-ISA due to mature on Saturday 24 August 2024. I received the notification from Virgin last Thursday 15th August 1233. Which as I've been away I didn't pick it. Totally my fault I know. But I recall, part of the T&C's is that Virgin are supposed to offer maturity options 14 days prior  or did I interpret that incorrectly as this isn't, as I have until 1800 Friday 23rd to make my choice. I know its being pedantic, but they have only afforded me 9 days to make a choice. Should I raise this or just suck it up and choose?

Secondly, I'm going to be above the 85K limit and will try and utilise this opportunity to get myself well below the limit it by making a partial transfer of some of the funds to another provider, If I can figure it all out in time. Most likely another fix and mature the remaining funds into another Virgin fix as I understand a transfer does not constitute a contribution for this years allowance.

Any advice or comments are gladly welcomed as I know from previous posts Virgin are a pain for processing transfers away from them.


From the Virgin website Help section:

What will happen to my account as it reaches maturity? 

We will send you an email no more than 14 days before the maturity date to remind you to submit your instructions.

When you sign in to your online profile after receiving the email, you will see a note above your account letting you know your account is approaching maturity. If you click on 'View account', you will see the alternative products we offer, and you will be able to tell us what you would like to do with your account when it matures.

If you don’t submit your instructions ahead of maturity, your account will automatically become an Access product.

How do I transfer my ISA to another provider on maturity? 

I want to transfer my full balance

Please contact your new provider and request an ISA Transfer Form. Simply complete and return the form to your new provider and they will complete the transfer on your behalf.

I want to reinvest part of my balance in a Virgin Money ISA and transfer part of my funds to another ISA provider

Please log in to your online account and select the Virgin Money ISA you would like to reinvest your funds into (your full maturing balance will be reinvested at maturity, and your account number will not change). You will also need to contact your new ISA provider to initiate your maturity partial transfer, which they will complete on your behalf.

Please note, if you choose to reinvest in a Fixed Rate Cash E-ISA, you will need to send us a secure message via the ‘message’ tab to let us know what’s happening. This will ensure you don’t incur a charge for transferring part of your balance from a Fixed Rate product to another ISA provider following your reinvestment at maturity.

badger09

bigbars said:

Hi,
Just interested in peoples experiences with Virgin Money and Maturity options / Transfers.

I have a Fixed Rate Cash E-ISA due to mature on Saturday 24 August 2024. I received the notification from Virgin last Thursday 15th August 1233. Which as I've been away I didn't pick it. Totally my fault I know. But I recall, part of the T&C's is that Virgin are supposed to offer maturity options 14 days prior  or did I interpret that incorrectly as this isn't, as I have until 1800 Friday 23rd to make my choice. I know its being pedantic, but they have only afforded me 9 days to make a choice. Should I raise this or just suck it up and choose?

Secondly, I'm going to be above the 85K limit and will try and utilise this opportunity to get myself well below the limit it by making a partial transfer of some of the funds to another provider, If I can figure it all out in time. Most likely another fix and mature the remaining funds into another Virgin fix as I understand a transfer does not constitute a contribution for this years allowance.

Any advice or comments are gladly welcomed as I know from previous posts Virgin are a pain for processing transfers away from them.


From the Virgin website Help section:

What will happen to my account as it reaches maturity? 

We will send you an email no more than 14 days before the maturity date to remind you to submit your 

When you sign in to your online profile after receiving the email, you will see a note above your account letting you know your account is approaching maturity. If you click on 'View account', you will see the alternative products we offer, and you will be able to tell us what you would like to do with your account when it matures.

If you don’t submit your instructions ahead of maturity, your account will automatically become an Access product.

How do I transfer my ISA to another provider on maturity? 

I want to transfer my full balance

Please contact your new provider and request an ISA Transfer Form. Simply complete and return the form to your new provider and they will complete the transfer on your behalf.

I want to reinvest part of my balance in a Virgin Money ISA and transfer part of my funds to another ISA provider

Please log in to your online account and select the Virgin Money ISA you would like to reinvest your funds into (your full maturing balance will be reinvested at maturity, and your account number will not change). You will also need to contact your new ISA provider to initiate your maturity partial transfer, which they will complete on your behalf.

Please note, if you choose to reinvest in a Fixed Rate Cash E-ISA, you will need to send us a secure message via the ‘message’ tab to let us know what’s happening. This will ensure you don’t incur a charge for transferring part of your balance from a Fixed Rate product to another ISA provider following your reinvestment at maturity.

BIB
No more than 14 days. So, by implication, it could be fewer than 14 days. 

The default option is an Access product so you can do what you like with the matured funds. 

If you want to split the matured funds, I suggest you do consecutive, rather than simultaneous transfers. 

EG you want to xfer £80k to provider X & the balance to provider Y. 

Open an  ISA with provider X and complete their xfer form, requesting £80k to be xferred after maturity. 

Once that xfer is complete, you can start the process for the balance. 

FWIW, the only time I have encountered a problem with ISA xfer away from Virgin, was when I tried to do 2 xfers simultaneously. 

bigbars

badger09 said:

bigbars said:

Hi,
Just interested in peoples experiences with Virgin Money and Maturity options / Transfers.

I have a Fixed Rate Cash E-ISA due to mature on Saturday 24 August 2024. I received the notification from Virgin last Thursday 15th August 1233. Which as I've been away I didn't pick it. Totally my fault I know. But I recall, part of the T&C's is that Virgin are supposed to offer maturity options 14 days prior  or did I interpret that incorrectly as this isn't, as I have until 1800 Friday 23rd to make my choice. I know its being pedantic, but they have only afforded me 9 days to make a choice. Should I raise this or just suck it up and choose?

Secondly, I'm going to be above the 85K limit and will try and utilise this opportunity to get myself well below the limit it by making a partial transfer of some of the funds to another provider, If I can figure it all out in time. Most likely another fix and mature the remaining funds into another Virgin fix as I understand a transfer does not constitute a contribution for this years allowance.

Any advice or comments are gladly welcomed as I know from previous posts Virgin are a pain for processing transfers away from them.


From the Virgin website Help section:

What will happen to my account as it reaches maturity? 

We will send you an email no more than 14 days before the maturity date to remind you to submit your 

When you sign in to your online profile after receiving the email, you will see a note above your account letting you know your account is approaching maturity. If you click on 'View account', you will see the alternative products we offer, and you will be able to tell us what you would like to do with your account when it matures.

If you don’t submit your instructions ahead of maturity, your account will automatically become an Access product.

How do I transfer my ISA to another provider on maturity? 

I want to transfer my full balance

Please contact your new provider and request an ISA Transfer Form. Simply complete and return the form to your new provider and they will complete the transfer on your behalf.

I want to reinvest part of my balance in a Virgin Money ISA and transfer part of my funds to another ISA provider

Please log in to your online account and select the Virgin Money ISA you would like to reinvest your funds into (your full maturing balance will be reinvested at maturity, and your account number will not change). You will also need to contact your new ISA provider to initiate your maturity partial transfer, which they will complete on your behalf.

Please note, if you choose to reinvest in a Fixed Rate Cash E-ISA, you will need to send us a secure message via the ‘message’ tab to let us know what’s happening. This will ensure you don’t incur a charge for transferring part of your balance from a Fixed Rate product to another ISA provider following your reinvestment at maturity.

BIB
No more than 14 days. So, by implication, it could be fewer than 14 days. 

The default option is an Access product so you can do what you like with the matured funds. 

If you want to split the matured funds, I suggest you do consecutive, rather than simultaneous transfers. 

EG you want to xfer £80k to provider X & the balance to provider Y. 

Open an  ISA with provider X and complete their xfer form, requesting £80k to be xferred after maturity. 

Once that xfer is complete, you can start the process for the balance. 

FWIW, the only time I have encountered a problem with ISA xfer away from Virgin, was when I tried to do 2 xfers simultaneously. 

Thanks, with limited time, I’m thinking of maturing £65K into another Virgin 1 year 4.50 % fix, which will give me wiggle room for a few years in terms of the fscs limit, opening a tsb18 month 4.40% fix. As I have an account with them so should be pretty quick and painless to setup and transfer the remainder to that one, as I understand a transfer of previous years contributions do not count as new money it still leaves me with my 2024/25 20k allowance to utilise if I notice a better product pop up before April 25.

kipsterno1

Just out of interest why not the Virgin money exclusive 1yr fixed at 5.05%?

wetsummer

I'm going through same process now, as I only have a savings account, the transfers on offer are '1 Yr Virgin Fixed Rate E-ISA Issue 4.50% until 24/08/2025' or 'E Access ISA Issue 2 Rate 0.10%'

kipsterno1

wetsummer said:

I'm going through same process now, as I only have a savings account, the transfers on offer are '1 Yr Virgin Fixed Rate E-ISA Issue 4.50% until 24/08/2025' or 'E Access ISA Issue 2 Rate 0.10%'

For the sake of opening the Vmoney account, if eligible, you can get 5.05%.

bigbars

kipsterno1 said:

wetsummer said:

I'm going through same process now, as I only have a savings account, the transfers on offer are '1 Yr Virgin Fixed Rate E-ISA Issue 4.50% until 24/08/2025' or 'E Access ISA Issue 2 Rate 0.10%'

For the sake of opening the Vmoney account, if eligible, you can get 5.05%.

Thanks @kipsterno1. For the sake of another 0.5% I didn't want another current account, I currently have Lloyds, Nationwide, TSB and YBS current accounts due to higher interest rate linked promotions. I really should consolidate them as the promotional periods have ended on some, but just left them dormant passing money around each. I only actively use one account. I Just decided it was faff opening an M account that I couldn't deal with right now. But thanks for the reminder.

Wish they would just increase the FCSC limit as it has remained static for so long.. Tempted to just leave it as Virgin will be absorbed by Nationwide next year and the chances of them going under is remote. But also that reminds me that once that happens, I would have 2x accounts under the nationwide umbrella which will bring me back into probs in terms of the limit next year, so one of them will have to go to be compliant by next year as well...

But for common sense reasons I know I should get myself under the limit as I pretty much have been dodging this faff creating new ones and just left it well over the limit for years.

bigbars

Wow!! Fair play to both Virgin Money and TSB and I'm Actually pleasantly surprised. Credit where it's due I was pensive of it being done correctly.

Last Friday 23rd, I Submitted the Maturity instruction prior to the FR Cash Isa Maturity on 34th with Virgin Money and submitted the Transfer Form with TSB selecting the option not to process until maturity, Sent a Secure Message to advise Virgin Money of the impending transfer. This afternoon (28th) the transfer was completed and funds are showing in my TSB FR Cash Isa.

So I'm now sufficiently below the FCSC limit, leaving £65K in there and plenty of wiggle room for future potential interest payments.