Poor rate for Virgin ISA maturity transfer - workaround

Jaunty

Eco_Miser said:

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.  

Thanks for the clarification! I missed they intended to put it into (or already have) a flexible ISA before withdrawing 

Qyburn

Sorry for a basic question at the stage, but are these maturing fixed ISAs the "Exclusive" ones, with 82 sort code? The other half has one maturing late Nov and I need to plan for it. I certainly don't want it stuck on 0.1%.

silvercar

Qyburn said:

Sorry for a basic question at the stage, but are these maturing fixed ISAs the "Exclusive" ones, with 82 sort code? The other half has one maturing late Nov and I need to plan for it. I certainly don't want it stuck on 0.1%.

Mine was an 82 sort code. I logged in on the day the fix ended, opened a new virgin money defined access ISA and transferred all the money that was in the old account, that had become a 0.1% account overnight into the new account. The new e-ISA has exactly the same sort code and account number as the old. 

Beddie

Qyburn said:

Sorry for a basic question at the stage, but are these maturing fixed ISAs the "Exclusive" ones, with 82 sort code? The other half has one maturing late Nov and I need to plan for it. I certainly don't want it stuck on 0.1%.

My 82 code exclusive matured a couple of weeks ago and the default account they paid it into was over 4%, so not bad. I moved it after a week or 2 anyway, so the actual amount involved is small.

Qyburn

silvercar said:

Qyburn said:

Sorry for a basic question at the stage, but are these maturing fixed ISAs the "Exclusive" ones, with 82 sort code? The other half has one maturing late Nov and I need to plan for it. I certainly don't want it stuck on 0.1%.

Mine was an 82 sort code. I logged in on the day the fix ended, opened a new virgin money defined access ISA and transferred all the money that was in the old account, that had become a 0.1% account overnight into the new account. The new e-ISA has exactly the same sort code and account number as the old. 

Thanks. Looking at what's available right now, why did you choose the "Defined access" rather than "Easy access exclusive" given that the interest rate is the same and it's a flexible ISA as a bonus?

silvercar

Qyburn said:

silvercar said:

Qyburn said:

Sorry for a basic question at the stage, but are these maturing fixed ISAs the "Exclusive" ones, with 82 sort code? The other half has one maturing late Nov and I need to plan for it. I certainly don't want it stuck on 0.1%.

Mine was an 82 sort code. I logged in on the day the fix ended, opened a new virgin money defined access ISA and transferred all the money that was in the old account, that had become a 0.1% account overnight into the new account. The new e-ISA has exactly the same sort code and account number as the old. 

Thanks. Looking at what's available right now, why did you choose the "Defined access" rather than "Easy access exclusive" given that the interest rate is the same and it's a flexible ISA as a bonus?

‘Easy access exclusive’ requires a VM current account that I don’t have. ‘defined access’ doesn’t need a current account and the only restriction is 3 withdrawals a year, I can’t see myself making more than 1 (to close the account if anything better comes along).