Virgin ISA one year fixed transfer question

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A couple of weeks ago I opened a Virgin ISA one year fixed and I already paid into that Isa . Now I see that Virgin has risen the interest rate.

I'm unsure if I can open a new ISA with Virgin with this new rate and transfer the existing one into the new one.

this is what it says in Virgin and for me it's not clear, first it says a transfer is notnpermitted online and to complete a form (to be sent by post) but then it says to continue online if I still want to make the transfer ?

Virgin Money transfer

If funds are withdrawn from this account they will not benefit from their current ISA status.

Transferring funds to another ISA with Virgin Money is not permitted online therefore you must complete a Transaction Request form.

If you still wish to make a withdrawal to your nominated bank account please continue.

You have requested to transfer funds to another Virgin Money account. Please either select an online account from the dropdown box below, or enter an account number manually.

Isthisforreal99

Won't there be penalties for transferring within the fixed period?

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https://forums.moneysavingexpert.com/discussion/comment/81929431#Comment_81929431

I think it says 60 days penalty for taking money out.. I guess it's the same if you are transferring within accounts? I don't know

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/81929435#Comment_81929435

So is the transfer worth it?

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https://forums.moneysavingexpert.com/discussion/comment/81929438#Comment_81929438

from 4.15% to 4.22% interest.. I haven't worked it out yet.. probably not worth it if there is penalty

Isthisforreal99

You will get 4.52% with Moneybox

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https://forums.moneysavingexpert.com/discussion/comment/81929451#Comment_81929451

I have to open a new ISA on the new tax year, I was thinking of Trade212 . I opened the one with Virgin because I already had one there and I prefer a traditional bank.. but anyway this new tax year I'll go somewhere else like T212 or something else that pays more

flaneurs_lobster

You can cancel the first ISA if you are within 14 days of the first deposit, without penalty.

If you get charged 2 months interest for withdrawing then you get less back than you put in, don't think the extra 0.07% for a year will make that up (fag packet calc - subject to verification by someone with better calculator).

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https://forums.moneysavingexpert.com/discussion/comment/81929469#Comment_81929469

thank you. I have messaged Virgin to confirm . I only deposited the money ten days ago

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I went ahead and I opened the new cash ISA, it said no penalty , and I was able to transfer from my previous one this new one.. however on the account it says 4.15% and not 4.22%… why?

kipsterno1

https://forums.moneysavingexpert.com/discussion/comment/81929558#Comment_81929558

If you choose monthly interest it would be a rate of 4.14%.