virgin 1 yr exclusive flexi

RedPen

Hi, I have a virgin 1 yr exclusive flexi. It was funded in Feb 2024. So I guessed it has now matured. Virgin has sent me an email saying the interest rate dropped to 4.1% in May. This is still a good rate. Shall I leave the cash in there? Also, this is called a "Flexi" account, what does that mean? MSE says that a flexible account means "You can take money out, and return it in the same tax year (by 5 April), without reducing your current year's ISA allowance, which is £20,000". Is this the case for this account? How do I find out? The virtual assistant was not help.

refluxer

'Flexi' does imply that it's flexible but if you're intending on making use of this aspect of the ISA, then you need to confirm exactly what this means in the account T&Cs. If you didn't save a copy when you opened it, I would check your emails and the documents section of your online banking account.

In terms of easy access cash ISAs, 4.1% can be beaten elsewhere, particularly if you don't need regular access to the money and would be happy with a limited number of withdrawals. 

See this list for the best rates currently available but be wary of the headline-grabbing rates at the top as those accounts all come with quirks and pitfalls that you'll need to fully investigate beforehand to ensure the account meets your needs.

Hattie627

I had this 1 year fixed rate ISA at 5.05% fixed.  It matured on 30 April and transformed into an easy access cash ISA. Below is copy of the email which I received in advance of maturity. I think you should also have received this? After maturity, I moved my funds (by ISA transfer, don't withdraw the funds) to a 2 year fixed rate ISA with Charter Savings Bank (4.20%).

"Hello (name) We’re getting in touch to let you know that your 1 Year Fixed Rate Cash ISA Exclusive Issue 12 paying 5.05% Tax Free‡/AER† will end on Wednesday 30 April 2025. This email details what happens when your account matures, and outlines your options. After maturity, we’ll automatically switch your account to an Easy Access Cash ISA Exclusive Issue 3 in line with your Terms.

About your new ISA Below is a summary of the new Easy Access Cash ISA Exclusive Issue 3: It pays a variable interest rate of 4.51% Tax Free‡/AER† up to 18 May 2025. This will reduce to 4.11% Tax Free‡/AER† from 19 May 2025. It’s flexible, so you can take money out and pay money back in, without affecting your annual allowance – although money can only be replaced in the same tax year. Each tax year, you can save up to your annual ISA allowance, which is £20,000 in the 2025/2026 tax year. You can only subscribe to one Virgin Money Cash ISA per tax year.

What happens next? From Friday 2 May 2025, you’ll see your money in the new Easy Access Cash ISA Exclusive Issue 3. You will be able to access your funds from Thursday 1 May 2025 in a way that suits you – in the app, online, via telephone banking or in Store. To see how you can sign up for these services (if you haven’t done so already), check out virginmoney.com/service/support-hub When your account moves to Easy Access Cash ISA Exclusive Issue 3 there’s nothing you need to do – your sort code, account number and log in details (if you’ve registered) will stay the same. If you are a UK resident and wish to add more funds to your Easy Access Cash ISA Exclusive as part of your annual ISA allowance, you may need to reactivate your account (if you did not make subscriptions to this ISA in the last tax year) and the easiest way to do this is by completing the online reactivation form at virginmoney.com/savings/isa-reactivation. You can use this form up to and including Wednesday 30 April 2025. Or you can visit virginmoney.com/savings/upload-your-documents/isa-reactivation-form at any time to download a form to reactivate your account. Please allow three business days following maturity or after submitting your reactivation form (if this is later) before you attempt to credit funds to your account."