Virgin ISA Maturing, options to split

XzavierWalnut

I have a Virgin fixed rate Isa ending soon with over the £85K protected amount, and planned to put £75K in another Virgin fixed rate, then transfer the balance to another provider in a current variable rate ISA which I opened in 2024.
On the Virgin website there are no options to split the maturing balance into 2 ISAs. Is this correct?

"You can choose to reinvest all of your funds into a new Cash ISA, or split your funds between a Cash ISA and a variable rate account (non Cash ISA).

Please note

Selecting a variable rate account (non Cash ISA) will allow you to withdraw a proportion of your savings if required. However funds transferred to a non Cash ISA will lose their ISA tax free status."

mebu60

What is the default maturity option with VM, is it into an EA Cash ISA? If so, you could let that happen or select it as the maturity option then open the VM fixed rate and instruct them to transfer-in £75k to that from the EA. Once that's complete instruct the other provider to transfer in the VM EA Cash ISA with the remaining balance (assuming they accept transfers-in).  

XzavierWalnut

mebu60 said:

What is the default maturity option with VM, is it into an EA Cash ISA? If so, you could let that happen or select it as the maturity option then open the VM fixed rate and instruct them to transfer-in £75k to that from the EA. Once that's complete instruct the other provider to transfer in the VM EA Cash ISA with the remaining balance (assuming they accept transfers-in).  

Yes, below are the only options.

Cash ISAs

Select	Product name	More information

•  1 Yr Virgin Fixed Rate E-ISA Issue 648
 
•  E Access ISA Issue 2
Variable rate account (non Cash ISA) – charge-free, instant access to your fundsPlease note that funds transferred to a non Cash ISA will lose their ISA tax free status.
•  E- Access Issue 1

35har1old

XzavierWalnut said:

mebu60 said:

What is the default maturity option with VM, is it into an EA Cash ISA? If so, you could let that happen or select it as the maturity option then open the VM fixed rate and instruct them to transfer-in £75k to that from the EA. Once that's complete instruct the other provider to transfer in the VM EA Cash ISA with the remaining balance (assuming they accept transfers-in).  

Yes, below are the only options.

Cash ISAs

Select	Product name	More information

•  1 Yr Virgin Fixed Rate E-ISA Issue 648
 
•  E Access ISA Issue 2
Variable rate account (non Cash ISA) – charge-free, instant access to your fundsPlease note that funds transferred to a non Cash ISA will lose their ISA tax free status.
•  E- Access Issue 1

If you don’t give instructions I think it is transferred to the fixed rate and you have a small window to instruct them to change it.
You would be better to instruct them to tranfer to the E access ISA issue 2 then once complete transfer to the fix rate ISA and then ask the other provider to request a transfer for the remainder 

bigbars

I was in the exact same situation in August. I used it as an opportunity to manage my balance below the FCSC limit sufficiently. Basically,  I opened a new Cash Fix ISA with TSB a week or so before the Virgin maturity to lock in their rate with no funds, you have 28 days or so to furnish it. Then, I submitted the Maturity instruction prior to the Virgin FR Cash Isa Maturity with Virgin Money and submitted the Transfer Form with TSB to furnish it, selecting the option not to process until maturity, You then have to Send a Secure Message to advise Virgin Money of the impending transfer. It took a couple of days but the transfer was completed and funds are showing in my TSB FR Cash Isa. and Reflected appropriately in Virgin.


FYI
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.

XzavierWalnut

Thanks for all the information. First time I have had to do this so a bit of a learning curve.