If you wish to close your account you need to give us written notice. The address to write to is:
The team at Virgin Money
Sunderland
SR43 4JB
To ensure that you do not lose the tax benefits of your ISA, you must not close or withdraw funds from your account. To transfer funds between ISAs, you must complete a Transfer Authority Form with the provider that you want to transfer the funds to. Your new provider will then contact your existing provider to have the funds transferred for you.
For the Flexi Cash ISA and Help to Buy ISA we will issue you a statement annually on the 31st December or 13th Monthly depending on your preference.
Tessa only ISAs are now known as Cash ISAs and the same rules apply regarding transfers.
You can transfer all or part of the balance in your Cash ISA account that relates to previous tax year subscriptions (subject to terms and conditions of the products that you are transferring between). If you wish to pay into your Cash ISA in the current tax year and then transfer it, all of your current tax year subscriptions must be transferred in full, not part.
No, you may keep your account open and subscribe in subsequent tax years, subject to the terms and conditions of the products. You can also withdraw as much as you like, subject to the terms and conditions, but you can only subscribe up to the relevant annual ISA allowance limit.
Annually on 6th April you get a new ISA allowance, regardless of the present balance in your account, or subscriptions made during the previous year.
Upon the death of a spouse or civil partner the surviving party is entitled to an extra ISA allowance equal to the value of the ISA(s) held by the spouse/civil partner (even where they do not actually inherit the ISA). This is referred to as the Additional Permitted Subscription (APS), for more detailed information visit our Additional Permitted Subscriptions page Link opens in a new window.
Yes, as long as you don’t exceed the ISA allowance limit for that tax year and your ISA allows you to pay money back in. The annual tax year limits apply to the amount paid into your account in total that tax year, not the account balance.
Customers have the option to save all or some of their full allowance in cash, subject to the overall annual maximum amount of £20,000. You can pay into one of each type of ISA (Cash ISA and Stocks & Shares ISA) during the tax year, in any combination of amounts, provided you do not exceed the overall limit. For example:
- £7,500 to a Cash ISA and £12,500 to a Stocks & Shares ISA
- £20,000 to a Cash ISA and nothing to a Stocks & Shares ISA (or £20,000 to a Stocks & Shares ISA and nothing to a Cash ISA)
- £15,000 to a Stocks & Shares ISA and £5000 to a Cash ISA or vice versa
Yes. You can only pay into one Virgin Money Cash ISA in any tax year, however you can transfer the current tax year subscription between providers. Please check with your existing ISA provider for any restrictions.
If you have a Flexi ISA or a Help to Buy: ISA your interest will be paid annually on 31st December.
Further details can be found in the ISA Key Features document Link opens in a new window (terms and conditions of the account).
You can have as many ISAs as you want, but you can only put money into one Virgin Money Cash ISA and one Virgin Money Stocks & Shares ISA in any tax year.
If you have not subscribed to your Virgin Money Cash ISA in the previous Tax Year please download and complete a Reactivation Form Link opens in a new window. If it is not completed before the end of the tax year any deposits made may be returned.
You can keep saving into the ISA until 30 November 2029. The deadline for claiming the Help to Buy: ISA bonus from the government is on or before 1 December 2030.
You can pay in up to £1,200 in the calendar month of your first deposit, and up to £200 in each calendar month after that until November 2029.
You can take out money whenever you want. Just remember that making withdrawals means it will take longer to build up your savings, as you can only pay in up to £200 per month. Also, the bonus amount you receive from the government is based on the closing balance by the time you claim.
Yes, providing you ask us to reopen the account within 12 months of the date you closed it. You’ll need to provide a purchase-failure notice from your solicitor or conveyancer.
The government provides full details of the Help to Buy: ISA rules, including eligibility. You can also refer to your Help to Buy: ISA terms and conditions.