Virgin Money 1 Year FR ISA upgrade

liger

Virgin Money has a new 1Y FR ISA 708 4.77% and I recently opened the 707 4.73% about a week ago. Is it possible to upgrade to the newest one 708 without any withdrawal penalty? What is the process? Do I need to contact Virgin Money Customer Service or can I just open the latest issue and start a transfer?

eskbanker

I don't know whether they'd waive early access penalties (unlikely IMHO) but if you only opened the 707 within the past 14 days then you can cancel it during the cooling-off period and get your money back to start again…

sheslookinhot

if you want another £4 for every £10k in your isa then go ahead

kipsterno1

I have previously done this within the cooling off period. It was straightforward via the website transferring the balance to the new account.

It might only be £4 per £10k now but if they release another higher rate within the next cooling off period then you could transfer up again.

Scot_39

Yes you should be fine - but Virgin not one ive done before - taxable or non taxable.

Some banks can do it as a sort of in situ upgrade (cahoot taxable saver only one i have currently) - keeping same account numbers - but at most ive used, its as above open new isa, transfer under tax wrapper, close.

I'd give them a quick ring.

In notice periods, its perfectly standard to move.

Some might say foolish not to when rates upped.

(but and i risk being shamed here on MSE - I've been known to let small changes in the 0.1%+ range slip by on small balances in past - the few pounds not worth the admin hassle)

most banks are aware people dont like near time changes - they will expect many to move.

many for instance guarantee you the new rate if changes upwards during transfer in delay (upto 15 days in theory fior isas but e tranfers in as little as 1-2 days recently make that less likely).

i checked the first time by phone, but when needed to again at same banks just did myself.

retiredbanker1

A couple of years ago Virgin automatically upgraded my FRISA when interest rates changed from me giving them instructions to reinvest to the actual date of account opening.