Poor rate for Virgin ISA maturity transfer - workaround

dothenumbersaddup

Hello, fixed rate Virgin ISA due to mature next week - need a flexible rate going forward.  Only one offered on Virgin screen is 0.1%. They have a much better rate for new ISAs but presume not open to us.  To get a higher rate do I need to move to that, and on same day open a better rate ISA with other company, and then transfer Virgin 0.1% ISA into the new company one?  Thankyou so much.

Rheumatoid

Open a new ISA (that accepts transfers in) with Virgin or someone else that meets your needs and tell them you want to fund it with a transfer but not to do it until the old Virgin one matures.

Bigwheels1111

Look here for rates.

https://moneyfactscompare.co.uk/isa/

Northern_Wanderer

Did you check these? https://uk.virginmoney.com/savings/find/results/online

If you have a Virgin Money current account you can get the exclusive deals of 4.61% 1yr fixed and 4.51% easy access ISA.

PeskyBlunder

I was in the same position as you last month - I took the pathetic interest rate ISA offered and opened a fixed rate ISA with Santander and did the transfer after maturity. It's almost as though Virgin don't want to keep savvy customers.

david72

Well, Virgin Money is a subsidiary of Nationwide now, so I guess that mostly mediocre savings interest rates, with perhaps the occasional gem, is going to be the way things go now…?

Northern_Wanderer

PeskyBlunder said:

 It's almost as though Virgin don't want to keep savvy customers.

Since Clydesdale took over Virgin, it's been the case that savvy customers should ditch the account as soon as the interest rates drop. VM seemed to want to give new customers better rates than old ones. There are some good exclusive rates now if you have their current account (don't need to actually use the current account though Who knows what the future holds with Nationwide, just an extra banking system to deal with on top of the 3 (?) they use at the moment?

Beddie

dothenumbersaddup said:

Hello, fixed rate Virgin ISA due to mature next week - need a flexible rate going forward.  Only one offered on Virgin screen is 0.1%. They have a much better rate for new ISAs but presume not open to us.  To get a higher rate do I need to move to that, and on same day open a better rate ISA with other company, and then transfer Virgin 0.1% ISA into the new company one?  Thankyou so much.

Don't presume you can't have the rates for new ISAs - you can! Open the one you want and set up a transfer from your old one. That's what I did, no problems at all. Or move to a new provider - up to you.

PeskyBlunder

Beddie said:

dothenumbersaddup said:

Hello, fixed rate Virgin ISA due to mature next week - need a flexible rate going forward.  Only one offered on Virgin screen is 0.1%. They have a much better rate for new ISAs but presume not open to us.  To get a higher rate do I need to move to that, and on same day open a better rate ISA with other company, and then transfer Virgin 0.1% ISA into the new company one?  Thankyou so much.

Don't presume you can't have the rates for new ISAs - you can! Open the one you want and set up a transfer from your old one. That's what I did, no problems at all. Or move to a new provider - up to you.

They don't make it easy though. I did think about doing this but if I had to open a new one i thought I might as well open one with a higher interest rate from another provider. I would have been tempted to stick with Virgin if they had made it easier to do so.

ToastLady

PeskyBlunder said:

Beddie said:

dothenumbersaddup said:

Hello, fixed rate Virgin ISA due to mature next week - need a flexible rate going forward.  Only one offered on Virgin screen is 0.1%. They have a much better rate for new ISAs but presume not open to us.  To get a higher rate do I need to move to that, and on same day open a better rate ISA with other company, and then transfer Virgin 0.1% ISA into the new company one?  Thankyou so much.

Don't presume you can't have the rates for new ISAs - you can! Open the one you want and set up a transfer from your old one. That's what I did, no problems at all. Or move to a new provider - up to you.

They don't make it easy though. I did think about doing this but if I had to open a new one i thought I might as well open one with a higher interest rate from another provider. I would have been tempted to stick with Virgin if they had made it easier to do so.

To be fair, many banks transfer a fixed ISA into a rubbish paying one on maturity as a matter of course. It's in the T's and C's what will happen. They are probably hoping that some are lazy and just leave it where it is, and presumably some do. Virgin's rate is very poor though at 0.1%. Just open a new one of your choice with whatever provider you want and request transfer on maturity date.

Dizzycap

Bigwheels1111 said:

Look here for rates.

https://moneyfactscompare.co.uk/isa/

I'd be looking through the rates above and then transfer your ISA to another provider. I was in the same position with Virgin in August & transferred to Trading 212. Has daily accured Interest, was easy to transfer and all done and dusted in 10 days.