Virgin cash isa missed deadline

Gobigorgohome

My virgin cash fixed isa was maturing on 24th aug but I missed the deadline and now it is maturing. What does it mean? Ideally I’d like to transfer to another cash isa. Not opened yet as I haven’t seen which one is the best at the moment 

clairec666

Did Virgin send you details of "maturity options"? If so, there will be a default option if you haven't picked one of their choices. With most banks it's an easy access ISA with a much lower rate than the fixed rate. Once you've got confirmation of the details of your matured ISA (it may still have the same account number as before) you can instigate a transfer to another ISA of your choice.

masonic

It makes little difference, and is sometimes easier to transfer out after maturity as no notice is required. You should check whether you'll be rolled into an easy access product or another fix. If the latter, then you'd typically have 14 days to transfer out or change to easy access penalty free, after which exit penalties may apply.

surreysaver

Gobigorgohome said:

My virgin cash fixed isa was maturing on 24th aug but I missed the deadline and now it is maturing. What does it mean? Ideally I’d like to transfer to another cash isa. Not opened yet as I haven’t seen which one is the best at the moment 

It'll likely have matured into an easy access flexible ISA. Mine matures on 29th August (are you sure your's doesn't - Virgin tend to have maturity dates at the end of the month?). I got maturity information a few days ago - far too late to make a decision, as I'd already arranged a transfer to another ISA about a month ago.
Mine would mature into an easy access flexible ISA paying 4.11%, which I would have let it mature into had Virgin sent the maturity pack in a timely fashion (which they sent by post, even though I'm signed up for paperless everything)

Ch1ll1Phlakes

Gobigorgohome said:

My virgin cash fixed isa was maturing on 24th aug but I missed the deadline and now it is maturing. What does it mean? Ideally I’d like to transfer to another cash isa. Not opened yet as I haven’t seen which one is the best at the moment 

Don't panic over it as it will most likely be moved to an easy access ISA account. As it still has it's ISA wrapper it can be transferred to a new fixed rate ISA or an easy access ISA paying a better rate. 

As mentioned above the maturity instruction you have received will give the default option of what happens if you haven't informed Virgin Money. Please note, don't withdraw your funds from the ISA yourself BUT use the ISA transfer process to move them.

xylophone

Please note, don't withdraw your funds from the ISA yourself and use the ISA transfer process to move them.

Ambiguous....?

...don't withdraw your funds from the ISA yourself but use the ISA transfer process to move them....

Ch1ll1Phlakes

xylophone said:

Please note, don't withdraw your funds from the ISA yourself and use the ISA transfer process to move them.

Ambiguous....?

...don't withdraw your funds from the ISA yourself but use the ISA transfer process to move them....

Fixed now my bad. Thanks for the correction.

nomorekids

Don't panic, some providers only take transfer in instructions once the existing ISA has matured so you haven't lost out. You can move the ISA now to any provider that accepts "transfer in"'s  and tick the box to transfer in immediately. 

Gobigorgohome

surreysaver said:

Gobigorgohome said:

My virgin cash fixed isa was maturing on 24th aug but I missed the deadline and now it is maturing. What does it mean? Ideally I’d like to transfer to another cash isa. Not opened yet as I haven’t seen which one is the best at the moment 

It'll likely have matured into an easy access flexible ISA. Mine matures on 29th August (are you sure your's doesn't - Virgin tend to have maturity dates at the end of the month?). I got maturity information a few days ago - far too late to make a decision, as I'd already arranged a transfer to another ISA about a month ago.
Mine would mature into an easy access flexible ISA paying 4.11%, which I would have let it mature into had Virgin sent the maturity pack in a timely fashion (which they sent by post, even though I'm signed up for paperless everything)

For some reason mine matured on 24th and I haven’t noticed the email that they sent. It automatically transferred to their easy access isa which is 1.24% so I definitely need to transfer it

Gobigorgohome

Thanks everyone. I need to find a new isa. Where best to check for the best rates. There is one with virgin at 4.14% but that allows new money only within 30days. I will be getting a big payout in November so I need isa that will allow me to add money later even if I open it now. I don’t want to leave it in easy access isa they automatically Transferred to because that is only 1.24%

wmb194

Gobigorgohome said:

Thanks everyone. I need to find a new isa. Where best to check for the best rates. There is one with virgin at 4.14% but that allows new money only within 30days. I will be getting a big payout in November so I need isa that will allow me to add money later even if I open it now. I don’t want to leave it in easy access isa they automatically Transferred to because that is only 1.24%

Make sure to change the 'sort' filter to by rate.

https://moneyfactscompare.co.uk/savings-accounts/