Funding period query

koops

Hello...I started funding my Virgin fixed ISA exclusive issue 12 in May 2024 and have been adding right up to now..I recently tried to transfer another ISA in online,but received a letter saying I couldn't do this as the funding period for this ISA ended 29th June. Virgin have accepted deposits since then and added to my account..I shot down to my local branch today to see the 'isa guru' who said this shouldn't have happened, but gave me no answers as to whether my tax free deposits (post 29th June )were valid..She was going to contact head office for clarification and promised to ring me.....no call yet!!! Any thoughts?

eskbanker

The product could be funded until 30 days after withdrawal from sale, which was on 30 May 2024, so 29 June 2024 was indeed the last date they should have accepted contributions.

If they continued to allow deposits after that, then I don't see how they can legitimately assert these not to be valid ISA deposits, so if they decide that they can't stay where they are, they should arrange for them to be moved to another ISA and ensure that there's no loss of interest in doing so.

However, they're not obliged to accept a transfer into the account, so you'll need to find another home for that, now that they've alerted you to the fact that the funding window is long since closed....

koops

Yes.. thanks for that......the transfer in is not important but the additional deposits obviously are..I have scoured the T and Cs and can find no mention of the closing date for funding 

eskbanker

koops said:

Yes.. thanks for that......the transfer in is not important but the additional deposits obviously are..I have scoured the T and Cs and can find no mention of the closing date for funding 

The date itself isn't specified up front (it won't be known in advance), but the principle is explained in the summary box under 'how do I open and manage my account':

You can pay money into your ISA as soon as it’s opened, right up until 30 days after we stop selling this account. After that you can’t pay in any more money.

https://uk.virginmoney.com/savings/pdf/1_year_fixed_rate_cash_isa_exclusive_issue_12-key_product_info.pdf

Product sales and withdrawal dates are then listed at https://uk.virginmoney.com/savings/helpful-information/find-your-interest-rate/

koops

Thanks, and I fully understand, but surely account holders would be notified of the 'stop selling 'date.. plus of course,you'd presume they would reject and return any further deposits made after that date?

eskbanker

koops said:

Thanks, and I fully understand, but surely account holders would be notified of the 'stop selling 'date.. plus of course,you'd presume they would reject and return any further deposits made after that date?

Not sure there's actually any obligation to notify as such, but yes, you'd expect them to do what they say they would!  If you weren't advised of the 'closing date' and deposits continued to be accepted, then that certainly strengthens your position if they try to pull any stunts now....

glennevis

koops said:

Thanks, and I fully understand, but surely account holders would be notified of the 'stop selling 'date.. plus of course,you'd presume they would reject and return any further deposits made after that date?

My welcome email for the Virgin fixed ISA at the time stated:

"Even when we stop selling this account, you'll have another 30 days to top up. If we have your mobile number, we'll text you the closing date for adding money to your account. If we receive any money after that date, we may have to return it so don't delay."

I do recall receiving that txt message. Having said that, I agree they should have dealt with the further deposits.