Confused about Virgin ISA maturity

Auntyem

I have a 1 yr fixed issue 6, maturing, erm, today. 

I think they are saying if I do nothing it will roll into an easy access issue 3 at 4.51%

Or I can fill out a form to convert it to another 1yr fix issue 16 at 4.61%. 

Am I loosing the plot or are both of those options quite good? But I cant find them on the best buy tables on the main site. 

Also reading through here it doesn’t seem to match what other ppl are saying about Virgin, letting them lapse into 0.1 and then transferring.

35har1old

Auntyem said:

I have a 1 yr fixed issue 6, maturing, erm, today. 

I think they are saying if I do nothing it will roll into an easy access issue 3 at 4.51%

Or I can fill out a form to convert it to another 1yr fix issue 16 at 4.61%. 

Am I loosing the plot or are both of those options quite good? But I cant find them on the best buy tables on the main site. 

Also reading through here it doesn’t seem to match what other ppl are saying about Virgin, letting them lapse into 0.1 and then transferring.

As you may know there are two divisions in Virgin your ISA is on the platform(Clydesdale/Yorkshire) that has the current accounts. The one that has maturing ISA that only offer the 0.1 is the savings platform (old Virgin)
Issue 16 is on the Virgin website page along with the easy access 

thundyuk

I have a related question as funnily enough mine matures... also now

They've done the same and said they'll move it into Easy Access Cash ISA Exclusive Issue 3 at 4.51%
However underneath is also says:

"You can only subscribe to one Virgin Money Cash ISA per tax year."

The thing is, I opened an Exclusive ISA 13 this tax year with Virgin Money which matures next April or May. Does Virgin Money automatically moving me to another ISA product of theirs now mean it's taxable as it's the same year? Or is it just a VM policy thing not a tax thing that limits one account per bank?

First ISA Matures today & was taken out financial year 23/24
Second ISA matures next Apr/May & was taken out financial year 24/25
Third ISA I've been auto enrolled into today opened financial year 24/25 

Third one is tax wrapped but I'm not sure if it'll be a problem as I've effectively now opened two ISAs this FY with the same bank,

Thanks

jimjames

thundyuk said:

"You can only subscribe to one Virgin Money Cash ISA per tax year."

Subscribe means pay new money in. You haven't done that, previous years don't count

thundyuk

jimjames said:

thundyuk said:

"You can only subscribe to one Virgin Money Cash ISA per tax year."

Subscribe means pay new money in. You haven't done that, previous years don't count

Cheers, I thought that must be what it meant but the bit about only being able to have one ISA per year with VM made me think I'd misunderstood & I'd have to transfer it to another bank's ISA.

Appreciated. 

thundyuk

Well, I put the transfer to new one year fixed and it had "Subscribe" written all over the place, and I technically missed the end date of the 30/09 to issue transfer instructions as that's when it matured. Whoops.

I sent the request in anyway to see what happens.

Jollygardener

My ISA issue 6 also matured yesterday, which I have been trying to transfer over into a Cynergy Bank 3 year fixed ISA for the last 2 weeks, but I keep being presented with an email advising there is a mismatch with the details I have provided.  I have called both banks more than 3 times checking the details they have to try to identify the mismatch, each bank is blaming the other one, so I  still haven’t got to the bottom of this.  Has anyone else been experiencing similar woes?  Any advice very very welcome.  

SnowMan

I had money in the Virgin 1 year exclusive fixed rate ISA 6 which matured on 30th September.

I opened a Virgin 1 year exclusive fixed rate ISA 15 (4.75%pa) two weeks ago and set up a transfer request to take place from the maturing fixed rate ISA 6 at the same time. The fixed ISA 15 was subsequently withdrawn to new applications.

The maturity proceeds were moved by Virgin into the easy access cash ISA exclusive (4.51%pa) for 1 day and then the transfer completed this morning into the fixed rate ISA 15. I've had one days interest for 1st October credited at 4.51%pa rather than 4.75%pa but numerically the difference is completely trivial (about 7p). The opening balance at 2nd October 2024 of the fixed rate ISA 15 is the maturity amount plus the one days interest at 4.51%pa.

refluxer

thundyuk said:

Well, I put the transfer to new one year fixed and it had "Subscribe" written all over the place,

The wording in ISA declarations has always been geared more towards those paying in new subscriptions and can be confusing if you want to fund the account solely with a transfer containing funds from a previous tax year (or years), unfortunately. Questions relating to this on here are fairly common. A sound knowledge of the ISA rules is helpful in this situation because, provided you aren't breaking them, you should be fine to accept the declaration.

thundyuk said:

I technically missed the end date of the 30/09 to issue transfer instructions as that's when it matured. Whoops.

I sent the request in anyway to see what happens.

If you're saying that the default option appears to be an Easy Access Cash ISA on a decent rate, then it doesn't matter too much that you missed the deadline for submitting your maturity instructions. Your funds will presumably just sit at that slightly lower rate for a few days until your transfer request is processed.

Submitting maturity instructions before the deadline becomes much more important if your ISA provider's default is to automatically roll the money over into another fixed rate of the same duration (eg. Ford Money) and you don't want this to happen or if the default option is an Easy Access/'Maturity' ISA on a very low rate (eg. Shawbrook, Santander and many others), meaning that any subsequent transfer delays can lead to a loss of interest when compared with a seamless transfer on maturity.

refluxer

Jollygardener said:

My ISA issue 6 also matured yesterday, which I have been trying to transfer over into a Cynergy Bank 3 year fixed ISA for the last 2 weeks, but I keep being presented with an email advising there is a mismatch with the details I have provided.  I have called both banks more than 3 times checking the details they have to try to identify the mismatch, each bank is blaming the other one, so I  still haven’t got to the bottom of this.  Has anyone else been experiencing similar woes?  Any advice very very welcome.  

I was wondering if this could be the old Clydesdale Bank/Yorkshire Bank sort code issue but, had that been the case, I'd have presumed that Virgin would have been able to put you straight on that.

Virgin are one of the most complained-about ISA providers on here when it comes to ISA transfers, so it might be worth reading through some of the relevant threads to see if any of them give any answers that might be helpful.

If you google 'Virgin ISA transfer problem mse forum' you'll get many results - here are a few examples...

https://forums.moneysavingexpert.com/discussion/6533596/virgin-money/p1 

https://forums.moneysavingexpert.com/discussion/6401740/virgin-money-cash-isa-transfer/p1

https://forums.moneysavingexpert.com/discussion/6468122/yet-more-trouble-transferring-an-isa-from-virgin-to-rbs-and-natwest/p1 

thundyuk

refluxer said:

thundyuk said:

Well, I put the transfer to new one year fixed and it had "Subscribe" written all over the place,

The wording in ISA declarations has always been geared more towards those paying in new subscriptions and can be confusing if you want to fund the account solely with a transfer containing funds from a previous tax year (or years), unfortunately. Questions relating to this on here are fairly common. A sound knowledge of the ISA rules is helpful in this situation because, provided you aren't breaking them, you should be fine to accept the declaration.

thundyuk said:

I technically missed the end date of the 30/09 to issue transfer instructions as that's when it matured. Whoops.

I sent the request in anyway to see what happens.

If you're saying that the default option appears to be an Easy Access Cash ISA on a decent rate, then it doesn't matter too much that you missed the deadline for submitting your maturity instructions. Your funds will presumably just sit at that slightly lower rate for a few days until your transfer request is processed.

Submitting maturity instructions before the deadline becomes much more important if your ISA provider's default is to automatically roll the money over into another fixed rate of the same duration (eg. Ford Money) and you don't want this to happen or if the default option is an Easy Access/'Maturity' ISA on a very low rate (eg. Shawbrook, Santander and many others), meaning that any subsequent transfer delays can lead to a loss of interest when compared with a seamless transfer on maturity.

Thanks. I thought as the deadline to transfer to another fixed rate for a year had been missed as the email said I had to do it by the 30th, and I'd misread it. I sent instruction to transfer to Fixed Rate ISA 16 yesterday the 1st of October anyway as the form still worked so I thought WTH? Give it a go. They SMS'd me this morning to say that it'd been successfully submitted and would be moved to the new fixed rate ISA in the next five working days.

I guess I sneaked it over the line rather than having to wait for Fixed Rate 17 or shop about another provider.

Thanks for all the help