Unfortunately, this deal is no longer available
252° Expired
50
Posted 2 days ago

2 Year Fixed Rate ISA at 4.22% Minimum to open £1 @ Virgin Money

£1
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Shared by P11D
Joined in 2022
11
122

About this deal

This deal is expired. Here are some options that might interest you:

Monthly interest available.

Low 90 days interest charge on any withdrawl

Everything you need is on the website through the link.

uk.virginmoney.com/sav…int
Virgin Money More details at Virgin Money
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50 Comments

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  1. Avatar
    Bugger, just signed up to their flexi isa at 3% a week ago.
    Would it be much of a hassle to switch to this?
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    Depends on your need. The Flexi ISA is instant access. This is locked in for 2y, with a penalty for early withdrawal.
    Best is split the money into both, with more in 2y lock-in and some in the Flexi ISA. Maybe, a 70:30 allocation.
  2. Avatar
    Anyone in the know, are we expecting rate rises still to come after the November BOE rise in interest rates?
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    One and two year fixed ISA rates have fallen slightly since the autumn statement and as rate peak predicted to be lower than previous predictions. Next BOE rate decision mid December. (edited)
  3. Avatar
    Not quite the best out there.
    48888839-xheA8.jpg
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    Author
    You're right ... ignoring SBI the Buckinghamshire is better. Someone shoud post here
  4. Avatar
    Stay away from State Bank of India.. Not stellar service according to some on this site.
  5. Avatar
    I could not get 2, 5 year fixed rate NON ISA deals at 5%, due to rates dropping after the 0.75% base rate rise.
    Definitely don’t expect to see 5% on any ISA.
    Avatar
    Get a stocks and shares isa. I’m up 12% since Rishi became PM
  6. Avatar
    Inflation increasing. Interest rates will hopefully go up another percentage point in December, so if hold off until Jan. Might see 5%+ cash isa rates
    Avatar
    Author
    Dream on
  7. Avatar
    What does this mean and where can I find more info?

    Low 90 days interest charge on any withdrawl
    Avatar
    Author
    In the terms and conditions. If you take out money within the 2 year period they will charge you 90 days interest. Most banks charge 120-180 days interest.
  8. Avatar
    You'll have almost £1.09 in 2 years if you invest as Wisely as this (edited)
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    This isnt an investment. It’s a savings account. Learn the difference before trying to be clever, it just makes you look like a numptie
  9. Avatar
    I already have a current account with virgin money. After login in the app I can't find option to opt in for this 2yrs account (edited)
  10. Avatar
    I currently have the santander easy access at 2.72% monthly as I always thought it best to be able to have easy access to a relatively large sum of cash quickly in case of an emergency (job loss, house emergency etc...).
    Do you guys think the same?
    Maybe put half in this and leave half in easy access?
    Avatar
    Exactly my thoughts. I do have same Santander account. I will be moving half to this.

    Even if you happened to withdraw the money after an year, the penalty is 90 days interest.
    So your effective interest would be (4.22/365) x (365-90) = 3.17 %

    Hope my math is correct (edited)
  11. Avatar
    I don't consider myself as expert but trying to understand from verbiage in terms and conditions.

    It's mentioned that "Any withdrawals made within the fixed rate period are subject to a charge equivalent to 90 days' loss of interest on the amount withdrawn."

    90 days interest of £10000 @ 4.22% is £104

    Say you invest £10000 today and withdraw after 100 day, you would get 10000 + 100 day interest(i.e. £115) - 90 day interest patently(£104)
    10000 + 115 - 104 = 100011

    Another way of thinking could be, if we withdraw before the 2 yrs, then for first 90 days no interest but 4.22 % for remaining period.
    Avatar
    Good work and I tend to agree. For each time you take money out, do they knock 90 days off? (edited)
  12. Avatar
    From my experience I would not recommend opening a Virgin Money account.
    They may have decent terms if you want to close early but their customer service is truly dreadful.
    In my experience they do not carry out agreed instructions correctly and if you try to contact them either by phone (forget it) or online message they just ignore you, for days and days.
    You cannot even transfer from one Virgin ISA to another Virgin ISA online. You have to fill in a paper form and send it to them!!! uk.virginmoney.com/savings/questions-and-answers/cash-isa-exclusives/
    Check out Trustpilot to see others have had the same bad experience. uk.trustpilot.com/review/uk.virginmoney.com
    Very sad to see them go this way after they were sold!!!!! (edited)
    Avatar
    Author
    I have multiple acocunts with them and I agree they are painful but they do get things sorted eventually and they are no worse than other firms. I have also done transfers online with them and it is actioned immedately without forms.
  13. Avatar
    I can't see myself locking my money away in this for 2 years, what's the best deal out there at the mo for a 1 year fixed rate?
  14. Avatar
    Author
    This has dropped to 4.11% so instead of expiring I am changing the rate in the title
    Avatar
    We wouldn't allow such a change so i've changed this back. As the rate has dropped a new post would be best
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