ISA questions and answers
Make sure your Virgin Money Cash ISA is open and able to receive deposits (some of our Cash ISAs only allow transfers for a limited time after opening).
From 1st July 2014, as well as being able to transfer an existing Cash ISA, you're also able to transfer a Stocks & Shares ISA in to a Cash ISA.
If you're looking to transfer your existing ISA to a Cash ISA with us, please complete the ISA Transfer Authority Form, entering details of your existing ISA in to section 2b, before sending the form to:
Virgin Money
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL
Sit back, relax - our ISA team will take it from here. We’ll contact your current provider within 5 business days, they will send us your ISA and a transfer history form within 5 business days, then within 3 business days, we'll deposit the funds into your ISA. Interest will be earned from the date of the cheque or day 16 of the process, whichever is earlier.
Unless your Key product information sheet states otherwise, you can add to your account in the following ways: Once we provide you with your account number you can arrange an electronic transfer (BACS, CHAPS, FPS or Standing Order) from your bank or building society account.
| Payment type | Online accounts, Save Direct | Accounts with 12 digits | Legal and General |
|---|---|---|---|
| FPS, BACS or Standing Order | Sort Code: 08-60-64 Account number: Your 8 digit account number | Sort Code: 08-61-15 Account number: 00000515 Reference: your 12 digit account number | Sort Code: 30-00-79 Account number: Your 8 digit account number |
| CHAPS | Sort Code: 08-02-65 Account number: 50048407 Reference: your 8 digit account number | Sort Code: 08-02-65 Account number: 50048407 Reference: your 12 digit account number | Sort Code: 08-02-65 Account number: 50048407 Account number: Your 8 digit account number |
International money transfer
- Sort code: 40-02-50
- Account number: 61333372
- Reference: your eight digit account number and your name
- BIC number: NRNBGB22XXX
- IBAN number: GB07MIDL40025061333372
Cash – Store only (as long as that Store accepts cash deposits). Virgin Current Account customers can also make cash deposits of up to £5,000 per day at most Post Office branches (some branches have a £1,000 limit).
Cheque (in the interests of security, please make your cheque payable to Virgin Money, for the account of "[insert account holder(s) name(s)]" and crossed "A/c Payee only"). Cheques drawn in foreign currency or drawn on a foreign address can’t be accepted.
Transfer from an existing Virgin Money account, subject to the terms and conditions of that account.If you know the type of account you have, you can view existing account information and download your Key product information.
With an ISA you can save money as cash (in a cash ISA), invest in the stock market (in a Stocks & Shares ISA), lend your money to other individuals or companies as a loan (in an Innovative ISA), save towards your first home and/or retirement (in a Lifetime ISA) or a combination of all four. This is based on HM Revenue and Customs UK taxation law and practice which may change.
On 6 April 2016, ‘ISA flexibility’ came into effect. All flexible ISAs allow you to withdraw money from your ISA and replace withdrawn funds within the same tax year without affecting your current year ISA limit of £20,000.
Some ISAs do not offer this flexibility, however you may still be able to make withdrawals. And if you replace withdrawn funds at a later date, this will use up more of your annual ISA allowance.
If you've opened an Easy Access ISA with us, you can deposit funds whenever you like.
If you've opened a Fixed Rate ISA, we will accept any deposit or ISA transfer providing we receive the funds or ISA transfer form within 30 days of the date you opened the account.
The interest rate on your account will show as 0.1% until your deposit clears in to your account. That will usually happen overnight on the day that you transfer the money to us, so if you check again the next day, your correct interest rate should show.