Virgin 1 Year Fixed Rate Cash ISA Exclusive Issue 11 - Maturity

Marcoos

Got an email earlier to remind me maturity is on 31/03/25. 

It will switch to an Easy Access Cash ISA Exclusive Issue 3 @ 4.51%

Which is also flexible.

TheSpectator

Marcoos said:

Got an email earlier to remind me maturity is on 31/03/25. 

It will switch to an Easy Access Cash ISA Exclusive Issue 3 @ 4.51%

Which is also flexible.

But variable rate.

Hal17

Also received an email today. Not too unhappy with the 4.51% variable rate. I was looking for a Flexible option as I didn't want to fix for another year. 

The Virgin rate currently beats Coventry and Ford Money with their Flexible options.

where_are_we

Yes, I got the email. I will wait and see what the best offer going is. As there is no access to the money until 1/4/25, do I have to wait until this date to initiate an ISA transfer if I decide that is the best option?

pecunianonolet

where_are_we said:

Yes, I got the email. I will wait and see what the best offer going is. As there is no access to the money until 1/4/25, do I have to wait until this date to initiate an ISA transfer if I decide that is the best option?

You can initiate a transfer before Virgin maturity and tell the new provider to wait until maturity before they transfer so you don't have to pay a penalty. Note, not all providers offer this service so check before or just wait and see what's available. The rate of 4.51% is not bad so no risk of being pushed into a 0.01% account like some other providers. 

BOE meeting on the 20th so maybe wait and see what the market is like. If you have specific accounts/rates that you think may disappear, you can open them now and just provide these providers with transfer in instructions using the minimum payment. Virgin allows partial transfers out.

Growingold

No email but good to hear what it will switch into.  Rate not bad for a variable.  Better than Zopa with which I  will soon lose the bonus.

Lumiona

I've not received the email, does it say the new ISA is monthly or annual interest?

dc_scotland

Lumiona said:

I've not received the email, does it say the new ISA is monthly or annual interest?

Interest is paid on the last working day in December, or on account closure.
https://uk.virginmoney.com/savings/pdf/easy_access_cash_isa_exclusive_issue_3-key_product_info.pdf

RG2015

Growingold said:

No email but good to hear what it will switch into.  Rate not bad for a variable.  Better than Zopa with which I  will soon lose the bonus.

Yes, much better, with Zopa falling to 3.80% soon. Also, VM will give 60 days notice of any rate decrease.

Yorkie1

Interesting that they do not seem to be specifically offering a fixed rate ISA for those whose current ISAs are coming to maturity to move to.

dc_scotland

Marcoos said:

Got an email earlier to remind me maturity is on 31/03/25. 

It will switch to an Easy Access Cash ISA Exclusive Issue 3 @ 4.51%

Which is also flexible.

The Virgin Money Easy Access Cash ISA Exclusive Issue 3 rate will now reduce to 4.11% from 19 May.