Transferring Virgin cash ISA

Yorkie1

I'm looking around for transfer options on maturity at the end of the month; I have two questions I hope people might have opinions on:

1. My sort code for my Virgin ISA starts with 05. I know that some people have had issues when trying to transfer Virgin accounts elsewhere, owing to historical sort codes

(From someone else's post: some information here:  https://en.wikipedia.org/wiki/Sort_code
05 is Yorkshire
08 is Virgin Money, ex Northern Rock
82 is Clydesdale Bank)

My question is whether I put Virgin as the provider, or Yorkshire? I've never officially had a Yorkshire account.

2. I'm thinking of Shawbrook for the destination. Their 1 year Cash ISA rate is 4.5%, the 2 year rate is 4.36%. I'm unlikely to need the money in the next 2 years. Am I right in thinking that the general direction of travel for interest rates, all else being equal, is expected to be downwards over the next couple of years?

masonic

Yorkshire Bank is not a registered ISA manager, so you can cross that off the list. The registered ISA manager is Clydesdale Bank plc (trading as Virgin Money), but if you have the option to select Virgin Money then it would probably be better to do so.

Albermarle

. I'm thinking of Shawbrook for the destination. Their 1 year Cash ISA rate is 4.5%, the 2 year rate is 4.36%. I'm unlikely to need the money in the next 2 years. Am I right in thinking that the general direction of travel for interest rates, all else being equal, is expected to be downwards over the next couple of years?

That is the theory and as you can see fixed term rates are lower than easy access rates, when normally they pay a bit more for tying your money up.

Yorkie1

Thanks @masonic and @Albermarle for such speedy replies. Much appreciated.

35har1old

Yorkie1 said:

I'm looking around for transfer options on maturity at the end of the month; I have two questions I hope people might have opinions on:

1. My sort code for my Virgin ISA starts with 05. I know that some people have had issues when trying to transfer Virgin accounts elsewhere, owing to historical sort codes

(From someone else's post: some informationp00⁰ here:  https://en.wikipedia.org/wiki/Sort_code
05 is Yorkshire
08 is Virgin Money, ex Northern Rock
82 is Clydesdale Bank)

My question is whether I put Virgin as the provider, or Yorkshire? I've never officially had a Yorkshire account.

2. I'm thinking of Shawbrook for the destination. Their 1 year Cash ISA rate is 4.5%, the 2 year rate is 4.36%. I'm unlikely to need the money in the next 2 years. Am I right in thinking that the general direction of travel for interest rates, all else being equal, is expected to be downwards over the next couple of years?

Transferred with 82 to Shawbrook recently no issues from memory I think the drop down menu give you a choice from all the sort codes that apply to Virgin 

northernstar007

i'm in the same boat with everyone else with virgin isa, being lowered from mid may to 4.16% (locked in)
only thing i'm worried about i normally only use high street banks but being offered 4.5% is a big difference, how safe is our savings with shawbrook and cynergy, also ive noticed lloyds is offering 4.25%
i'm going to hold out untill mid may when the rate drops then move it even to lloyds if i have to

btw i can see virgin will be losing a fair bit cash from there funds, they better have it if everyone pulls out

t0rt0ise

northernstar007 said:

i'm in the same boat with everyone else with virgin isa, being lowered from mid may to 4.16% (locked in)
only thing i'm worried about i normally only use high street banks but being offered 4.5% is a big difference, how safe is our savings with shawbrook and cynergy, also ive noticed lloyds is offering 4.25%
i'm going to hold out untill mid may when the rate drops then move it even to lloyds if i have to

btw i can see virgin will be losing a fair bit cash from there funds, they better have it if everyone pulls out

Shawbrook and Cynergy are fine. Money is safe up to the usual £85,000.

35har1old

35har1old said:

Yorkie1 said:

I'm looking around for transfer options on maturity at the end of the month; I have two questions I hope people might have opinions on:

1. My sort code for my Virgin ISA starts with 05. I know that some people have had issues when trying to transfer Virgin accounts elsewhere, owing to historical sort codes

(From someone else's post: some informationp00⁰ here:  https://en.wikipedia.org/wiki/Sort_code
05 is Yorkshire
08 is Virgin Money, ex Northern Rock
82 is Clydesdale Bank)

My question is whether I put Virgin as the provider, or Yorkshire? I've never officially had a Yorkshire account.

2. I'm thinking of Shawbrook for the destination. Their 1 year Cash ISA rate is 4.5%, the 2 year rate is 4.36%. I'm unlikely to need the money in the next 2 years. Am I right in thinking that the general direction of travel for interest rates, all else being equal, is expected to be downwards over the next couple of years?

Transferred with 82 to Shawbrook recently no issues from memory I think the drop down menu give you a choice from all the sort codes that apply to Virgin 

Update 
Transfer took place the next day after the request being submitted 

Yorkie1

Thanks all - 2 year ISA application successfully made, to take place on maturity of the Virgin ISA

drob4

Yorkie1 said:

Thanks all - 2 year ISA application successfully made, to take place on maturity of the Virgin ISA

Hi Yorkie1 - just for clarity, which provider did you end up selecting when applying with Shawbrook for the transfer?

Yorkie1

drob4 said:

Yorkie1 said:

Thanks all - 2 year ISA application successfully made, to take place on maturity of the Virgin ISA

Hi Yorkie1 - just for clarity, which provider did you end up selecting when applying with Shawbrook for the transfer?

As another poster indicated earlier in the thread, when I was on the Shawbrook website, there was a drop-down menu with a choice of Virgin accounts, depending on sort code. I just selected the one with the 05 sort code.