ISA transfer/reinvest problem.

Happy_Minion

My plan this April 6th was to collect all my ISA cash in a Virgin ISA at 4.22%.

I transferred my old Virgin ISA in immediately and have initiated the transfer of my maturing Nationwide one to go once it matures on the 6th.

Today I got an updated interest rate from Nationwide of 4.35% if I reinvest with them.

My question is, if I chose to reinvest with Nationwide will that cancel the transfer to Virgin by changing the maturing date to 6th April 2027? Or do I have to contact Virgin to cancel the transfer?

flaneurs_lobster

Contact Virgin and ask them to cancel the transfer - get that process confirmed ceased before issuing further instructions against the maturing ISA.

eskbanker

It's likely to depend on how Nationwide processes such reinvestments, in terms of whether they retain account numbers or create new accounts. If the account to be transferred no longer exists then that should prevent a transfer, but if it exists then the transfer should proceed even though it's well before maturity, although you may be contacted to verify that you're OK to pay the penalty for premature access.

Safest thing would be to contact Virgin to see if the transfer can be cancelled from their end…

born_again

As of 2nd April 26 Virgin are Nationwide.

https://www.nationwide.co.uk/news-and-stories/bringing-nationwide-and-virgin-money-together/