Transferring soon to mature Virgin ISA to Moneybox

Rheumatoid

Just opened a Moneybox ISA and put 20k in.
I wanted to set up a transfer of a Virgin ISA maturing on 24 April whilst I was at it but it seems I can't do this until it has matured.
I presume the only way to do it is let the Virgin ISA mature into whatever ISA is the default and then set up the transfer?

JGB1955

You can set up the transfer before maturity - just instruct Moneybox to transfer upon maturity.

Rheumatoid

JGB1955 said:

You can set up the transfer before maturity - just instruct Moneybox to transfer upon maturity.

Thanks but I see no option for that. It actually says when going through the transfer process that you need to wait until the previous product matures 

PeskyBlunder

One of moneybox's FAQs:

https://www.moneyboxapp.com/faqs/i-want-to-transfer-in-an-isa-which-has-a-maturity-date/

I've got the same Virgin ISA and requested Vanquis to do a transfer upon maturity and nothing bad has happened yet since Sunday. I don't know - maybe moneybox just want to make things easy for themselves.

Albermarle

Rheumatoid said:

JGB1955 said:

You can set up the transfer before maturity - just instruct Moneybox to transfer upon maturity.

Thanks but I see no option for that. It actually says when going through the transfer process that you need to wait until the previous product matures 

Most providers allow you to say do not transfer until the maturity date, but as you have found out not all do.
In fact some people prefer to wait until maturity as less chance of a mess up.
One thing to watch though is a few ISA providers on maturity reinvest your money into a new fixed rate, rather than an easy access account.

where_are_we

My Virgin cash ISA recently matured into an easy access cash ISA paying 4.51% until May 19 when it goes down to 4.11%. perhaps yours will be the same. If you have to wait until 24 April before ininiating the transfer, frustrating as this might be because you want to make maximum use of the bonus rate, at least you are earning interest at a reasonable rate in the meantime.

Rheumatoid

It look like the Virgin's only easy access option is their Easy Access Online Cash ISA, which pays a variable interest rate of 1.25%!!

Will let it roll over and get it out pronto

clowning

As where_are_we says above, on maturity it goes into an easy access ISA paying 4.51% until May, so you are ok till then. Mine matured last week and I’m leaving it a week until I decide where to move it to

Rheumatoid

clowning said:

As where_are_we says above, on maturity it goes into an easy access ISA paying 4.51% until May, so you are ok till then. Mine matured last week and I’m leaving it a week until I decide where to move it to

Ok thanks but I don't see that option on my maturity options so will just leave it and see

friolento

JGB1955 said:

You can set up the transfer before maturity - just instruct Moneybox to transfer upon maturity.

You cannot do that at Moneybox.