Poor rate for Virgin ISA maturity transfer - workaround

Yorkshire_Pud

My VM isa matures in a few days and I was offered the 4.11% fix and derisory 0.10% easy access. 

I think they VM/Nationwide are trying to get folks on the ‘old’ VM log in to leave in droves rather than offer good rates to save work later when they inevitably phase it out as they’ve never migrated it to the new Current account VM site log in. 

Hence the current account log in Virgin Money has decent rates 4.61% fix but only to 30/9/2025 so not a one year fix and 4.51% easy access.

So I have opened a 4.61% ISA and asked to transfer all matured funds AFTER MATURITY.

They ain’t daft, the 08 account dinosaur log in side with no App will be getting the chop IMO so herd the existing customers over to their other site, then offer a few nuggets later on to the stragglers to move!? Of course I could be wrong or I could be right or I could be wrong, think I’ll write a song 🎶 by PIL

Northern_Wanderer

Yorkshire_Pud said:

Hence the current account log in Virgin Money has decent rates 4.61% fix but only to 30/9/2025 so not a one year fix and 4.51% easy access.

Last years one year fix offering didn't quite last a year either.....
I suspect it will be extremely difficult for them to merge all the systems they have. Perhaps Nationwide wil sort them out....or perhaps we will have an IT meltdown like TSB had a number of years ago....

dothenumbersaddup

Thanks for all the advice - please could I check if members have time to take a look at this. The ISA has circa 50k in it, and I’m not currently a Virgin money customer.  If I opened the 0.1 per cent one which I understand is flexible, withdrew the money to make a family gift, then replaced the money when other non ISA funds mature in Jan 25, could I then open a better non virgin  ISA and transfer it in Feb?  I also have a 2 year one circa 20k maturing next month - could I open a better non Virgin one for that too?  Many thanks for any help on this.

dothenumbersaddup

Yorkshire_Pud said:

My VM isa matures in a few days and I was offered the 4.11% fix and derisory 0.10% easy access. 

I think they VM/Nationwide are trying to get folks on the ‘old’ VM log in to leave in droves rather than offer good rates to save work later when they inevitably phase it out as they’ve never migrated it to the new Current account VM site log in. 

Hence the current account log in Virgin Money has decent rates 4.61% fix but only to 30/9/2025 so not a one year fix and 4.51% easy access.

So I have opened a 4.61% ISA and asked to transfer all matured funds AFTER MATURITY.

They ain’t daft, the 08 account dinosaur log in side with no App will be getting the chop IMO so herd the existing customers over to their other site, then offer a few nuggets later on to the stragglers to move!? Of course I could be wrong or I could be right or I could be wrong, think I’ll write a song 🎶 by PIL

Hi, did you open the 4.61% with new funds, or just asked them to transfer the matured ISA monies?  Did you do this before the isa matured, or did you have to put it in the 0.1%fund first?  Sorry, I’m struggling a bit with this.

Marmaduke123

I was in your position a couple of months ago. I opened a new Virgin ISA without funding it,  and asked them to transfer the maturing ISA in to it on the maturity date. They didn't do this, and when I checked (on the day) they had moved the funds into the 0.1% ISA. I sent them a secure message asking them to transfer the funds into the new ISA, which they did almost immediately.

When I checked the terms and conditions of the old matured ISA it did clearly state that on maturity the funds would be moved into the 0.1% ISA, which I hadn't appreciated.

I don't know why they had to make it so difficult. The 0.1% ISA was apparently a necessary step, even though I was staying with them!

Yorkshire_Pud

dothenumbersaddup said:

Yorkshire_Pud said:

My VM isa matures in a few days and I was offered the 4.11% fix and derisory 0.10% easy access. 

I think they VM/Nationwide are trying to get folks on the ‘old’ VM log in to leave in droves rather than offer good rates to save work later when they inevitably phase it out as they’ve never migrated it to the new Current account VM site log in. 

Hence the current account log in Virgin Money has decent rates 4.61% fix but only to 30/9/2025 so not a one year fix and 4.51% easy access.

So I have opened a 4.61% ISA and asked to transfer all matured funds AFTER MATURITY.

They ain’t daft, the 08 account dinosaur log in side with no App will be getting the chop IMO so herd the existing customers over to their other site, then offer a few nuggets later on to the stragglers to move!? Of course I could be wrong or I could be right or I could be wrong, think I’ll write a song 🎶 by PIL

Hi, did you open the 4.61% with new funds, or just asked them to transfer the matured ISA monies?  Did you do this before the isa matured, or did you have to put it in the 0.1%fund first?  Sorry, I’m struggling a bit with this.

I opened it asking for  a transfer of all the maturing funds, ON MATURITY, no new funds at all as I already paid into another isa this year. AFAIK transfers do not count as a SUBSCRIPTION so I should be ok. Basically just open a new isa with VM online and choose the option to wait to maturity. No need to open the 0.1%. There’s nil balance in my new VM ISA and won’t be until VM transfer the matured ISA funds. It was a bit confusing at the end of the application as it seemed to want me to commit to move funds before maturity but there’s another question soon after with the all important box to tick to wait until maturity.

Hope that helps. It is all a bit confusing!🫤 

silvercar

I have just transferred my maturing ISA (now paying 0.1%) to a virgin e-isa Defined Access Cash E-ISA Issue 31 paying 4.51%. The defined access part means a restriction of 3 withdrawals a year or the rate drops to 2%. I did it online by opening the new e-ISA first and funding it from the matured ISA. No VM current account required. 

Yorkshire_Pud

Yorkshire_Pud said:

dothenumbersaddup said:

Yorkshire_Pud said:

My VM isa matures in a few days and I was offered the 4.11% fix and derisory 0.10% easy access. 

I think they VM/Nationwide are trying to get folks on the ‘old’ VM log in to leave in droves rather than offer good rates to save work later when they inevitably phase it out as they’ve never migrated it to the new Current account VM site log in. 

Hence the current account log in Virgin Money has decent rates 4.61% fix but only to 30/9/2025 so not a one year fix and 4.51% easy access.

So I have opened a 4.61% ISA and asked to transfer all matured funds AFTER MATURITY.

They ain’t daft, the 08 account dinosaur log in side with no App will be getting the chop IMO so herd the existing customers over to their other site, then offer a few nuggets later on to the stragglers to move!? Of course I could be wrong or I could be right or I could be wrong, think I’ll write a song 🎶 by PIL

Hi, did you open the 4.61% with new funds, or just asked them to transfer the matured ISA monies?  Did you do this before the isa matured, or did you have to put it in the 0.1%fund first?  Sorry, I’m struggling a bit with this.

I opened it asking for  a transfer of all the maturing funds, ON MATURITY, no new funds at all as I already paid into another isa this year. AFAIK transfers do not count as a SUBSCRIPTION so I should be ok. Basically just open a new isa with VM online and choose the option to wait to maturity. No need to open the 0.1%. There’s nil balance in my new VM ISA and won’t be until VM transfer the matured ISA funds. It was a bit confusing at the end of the application as it seemed to want me to commit to move funds before maturity but there’s another question soon after with the all important box to tick to wait until maturity.

Hope that helps. It is all a bit confusing!🫤 

Just received an email notifying me my isa transfer has gone through today. Checked VM online and funds there in full, so arranged online last Sunday and arrived today on maturity as requested. Also got a letter yesterday asking for my signature to be returned in prepaid envelope. Now no accounts on the ‘old’ VM log in which suits me fine and expect it to be phased out in time.

Jaunty

dothenumbersaddup said:

Thanks for all the advice - please could I check if members have time to take a look at this. The ISA has circa 50k in it, and I’m not currently a Virgin money customer.  If I opened the 0.1 per cent one which I understand is flexible, withdrew the money to make a family gift, then replaced the money when other non ISA funds mature in Jan 25, could I then open a better non virgin  ISA and transfer it in Feb?  I also have a 2 year one circa 20k maturing next month - could I open a better non Virgin one for that too?  Many thanks for any help on this.

Hi not sure anyone has commented on this. Do NOT take all the funds out of the ISA wrapper as they will lose then ISA tax free protection. If you need some money,  just leave behind that amount with Virgin and then withdraw it. Transfer the balance in to whatever new ISA you charge. 

Eco_Miser

Jaunty said:

dothenumbersaddup said:

Thanks for all the advice - please could I check if members have time to take a look at this. The ISA has circa 50k in it, and I’m not currently a Virgin money customer.  If I opened the 0.1 per cent one which I understand is flexible, withdrew the money to make a family gift, then replaced the money when other non ISA funds mature in Jan 25, could I then open a better non virgin  ISA and transfer it in Feb?  I also have a 2 year one circa 20k maturing next month - could I open a better non Virgin one for that too?  Many thanks for any help on this.

Hi not sure anyone has commented on this. Do NOT take all the funds out of the ISA wrapper as they will lose then ISA tax free protection. If you need some money,  just leave behind that amount with Virgin and then withdraw it. Transfer the balance in to whatever new ISA you charge. 

That used to be the case, but with flexible ISAs that no longer applies. You can take money out, and pay it back into the same ISA, within the same tax year, without it counting as a new subscription.