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
In addition, if you choose to close your Cash ISA Fixed Rate Bond before maturity, a charge will be payable. The charge is dependent on the number of days to Maturity and is detailed in the Terms and Conditions.
On maturity of your Cash ISA Fixed Rate Bond, unless you tell us otherwise, your account will be reinvested into a Flexi Cash ISA. We will write to you explaining the options available to you and the rate payable on the Flexi Cash ISA ahead of maturity.
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.
For Cash ISA Fixed Rate Bonds a statement will be issued annually after the anniversary of the maturity date.
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, but you must transfer all of the £1,000 of your current tax year subscriptions. If you transfer your current tax year subscriptions to another provider, you will not be able to pay into a Cash ISA with your old provider until the start of the next tax year, unless you transfer it back first.
You can only pay into one Cash ISA in any tax year, however you can transfer the current tax year subscription between providers. You can hold multiple Cash ISA products from previous tax years with different providers.
If you have a Flexi ISA or a Help to Buy: ISA your interest will be paid annually on 31st December.
If you have a Cash ISA Fixed Rate Bond please see table below:
31 May 2024
Annually at maturity
31 July 2024
Annually at maturity
30 August 2024
Annually at maturity
Further details can be found in the ISA Key Features document Link opens in a new window (terms and conditions of the account).
No. You may only make one subscription per tax year during the period the Cash ISA Fixed Rate Bond is available. If as part of your one-off subscription, you are utilising your current tax year allowance and you do not subscribe using your full allowance, you will be unable to utilise the remainder of your Cash ISA allowance for that current tax year.
There are limits on the number of ISA accounts you can subscribe to each tax year. You can put money into one Cash ISA and one Stocks & Shares ISA.
In different tax years, you can choose to save with different managers. There are no limits to the number of different ISAs you can hold over time.
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. This is a HM Revenue & Customs requirement and if not completed 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.