Do variable cash ISAs mature?

smpNWI

I've always had fixed term cash ISAs until recently, but now I have a defined access cash ISA that I opened about a year ago with Virgin Money (it's one of those accounts with sort code starting with 8)

I know this is a variable rate. And I've set up the ISA to accrue interest monthly. 

So I am confused - does this account reach maturity? is there a point where the ISA 'expires' in the same way as a fixed term ISA - and not getting any more interest if I leave hte money there?

I wasn't able to find this information in my account although it might be staring me in the facee. Any thoughts? 

Kim_13

No.

Maturity dates refer to a fixed rate product - where a penalty is likely to be payable if you close or transfer beforehand (as it is an ISA, providers have to allow you to do this.)

The account may have an introductory bonus interest rate that expires after a period of time, but it does not mature. It might also have an anniversary date, if the account is of a type that allows a set number of withdrawals per year only.

friolento

You can have fixed or variable rate accounts with a fixed duration. Though all fixed rate accounts will have a fixed duration.

The terms of your account will detail whether there is a fixed duration. If there is, the provider will notify you ahead of the maturity date of the maturity options. 

If there is no fixed duration, you have to monitor the interest rate as it can change at short notice. Some providers will notify you of all decreases, some will only notify you if the drop is of a certain size (see their T&Cs). Some will also notify you if rates go up.