Virgin Money 1 Year Fixed Rate Cash ISA Exclusive Issue 7

RG2015

This account matures on 29 November 2024 and I recently received an email saying:

"After maturity, we’ll automatically switch your account to an Easy Access Cash ISA Exclusive Issue 3 in line with your Terms. It pays a variable interest rate of 4.51% Tax Free AER"

However, this account was withdrawn on 12 November 2024. As this maturity date is the same for everyone with this account, I guess there will be many on here keen to know if VM will give the 4.51%rate .

flaneurs_lobster

Are you suggesting that VM have made a mistake in this mailing? I guess that there is no reason why VM cannot make this product available to a specific group of customers (those with a specific maturing ISA) while it is no longer available to the wider public.

My Guess: They could have invented a new "Maturity Cash ISA" product just for this purpose but why bother when all the literature re Terms, Key Facts etc was exeunt albeit about a withdrawn product.

Has anyone queried this mailing with VM, perhaps by calling them?

I could wander into my local branch later and ask but, tbh, the last time I was in I had to explain the recent changes to ISA rules to their staff since they hadn't been told....

sausage_time

I'm in the same boat @RG2015.     My assumption is that they will honour, but of course the rate is variable.  So need to keep an eye on it.

southone

I would keep an eye on that I had a similar problem with Yorkshire Building Society with a one year fix ending they wrote to me saying they were gonna transfer it as per instructions to an easy access account however the rate I actually got was far less than they quoted in their letter (seems the rate dropped after it was sent but i wasnt told) I did raise a complaint and get the interest re compensated and closed the account at the time

RG2015

Thanks for the replies.

I have just realised that I can check on the VM online page where you can view the current rates for discontinued accounts.

The three Easy Access Cash ISA Exclusives currently have the following rates:

Issues 1 and 2 - 4.76%
Issue 3 - 4.51%

As the email is quite clear, I would expect to get the same rate as existing customers with Issue 3. Also I would expect to get 2 months notice of any rate reductions.

https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate/

sausage_time

Thanks.  I'll leave my maturing ISA there for now.  Decent rate for doing nothing I think.

RG2015

sausage_time said:

Thanks.  I'll leave my maturing ISA there for now.  Decent rate for doing nothing I think.

And it’s flexible.

flaneurs_lobster

sausage_time said:

Thanks.  I'll leave my maturing ISA there for now.  Decent rate for doing nothing I think.

Preferred "marrying", nice to have a goal when saving.

sausage_time

You spotted that autocorrect before I did @flaneurs_lobster!  That particular goal was achieved many years ago.

soulsaver

Transferring mine to Lloyds to get half of the 2nd year of a 2 year fixed ISA at 5.55%.

flaneurs_lobster

soulsaver said:

Transferring mine to Lloyds to get half of the 2nd year of a 2 year fixed ISA at 5.55%.

Fixed 2 year ISA allowing additions after a year? Very well spotted and anticipated a year ago!