Vigin cash ISA question

bucksman

I have a one-year fixed cash ISA maturing in a few day's time. Today, I tried to transfer to their 4.51%cash ISA issue 27, and there was a charge as a result of transferring it before the end of the existing ISA.  What is the best way please to transfer without a charge on the old account for closing it early. 

Rodders53

Usually there's a box to tick to accept any early termination fees.

Or another box to only transfer at the maturity/end of fixed term date.

Depending on how they word it on the forms.

Give Virgin a call to do it?

PeskyBlunder

I had a maturing ISA with Virgin last month - the only easy maturity options offered to me was either to transfer into a maturity cash ISA with a pathetic interest rate, or another fixed rate ISA. They did say I could choose another of their ISA offerings but it wasn't clear how to effect the transfer. In the end I opted for the maturity cash ISA and then transferred out to another provider with a higher rate (Santander in fact).

Northern_Wanderer

bucksman said:

I have a one-year fixed cash ISA maturing in a few day's time. Today, I tried to transfer to their 4.51%cash ISA issue 27, and there was a charge as a result of transferring it before the end of the existing ISA.  What is the best way please to transfer without a charge on the old account for closing it early. 

Didn't you get an email with the options at the end of your fixed period? They were rolling these into that 4.51% deal. If they aren't rolling it into the 4.51% deal, then as stated you'd have to wait till the ISA matures before it is tranferred (tick the box on ISA form). You can apply for the tranfer now but some ISA's need to be funded within 30 days of opening to get the advertsed rate.

bucksman

Thank you for your feedback; 4.11% appears to be the best from Virgin at the moment; they do have a fixed rate a little higher for those with their current account.  I could open one and chase the extra 0.5%.  Any suggestions on where else might be better? I am looking for a fixed-rate ISA that pays interest monthly 

refluxer

bucksman said:

Thank you for your feedback; 4.11% appears to be the best from Virgin at the moment; they do have a fixed rate a little higher for those with their current account.  I could open one and chase the extra 0.5%.  Any suggestions on where else might be better? I am looking for a fixed-rate ISA that pays interest monthly 

While I'm not normally a fan of opening current accounts solely to gain access to savings accounts with preferential rates, it would presumably not be too much hassle for you to do this as you're already a customer and it would give you the highest 1 year cash ISA rate currently available. You'd just need to be happy with them carrying out a credit check, as that will appear on your credit file/history.

Failing that, Charter aren't far behind for a 1 year fix, rate-wise. They have a monthly interest option and it can be paid away if that's what you're after. I've got a 2 year fix with them and haven't had any issues, although I did have to send them a paper statement as proof of my nominated account which, I suspect, was down to me having had the account since the mid 1990s (this account doesn't normally cause issues with other banks).

PeskyBlunder

You can do a full search on moneyfactscompare.co.uk and specify monthly interest. I've just done a quick search and it suggests Charter Savings Bank as the top rate - 4.55%. (I've used them for a number of years with no problems.)

bucksman

Thank you for your feedback. I have submitted an account application with Virgin and am awaiting the outcome. If not Charter is my next stop.