Switching between ISAs has never been easier and is becoming much more popular due to the various switching incentives and rewards offered by banks. While ISAs generally provide less incentives than their current account counterparts, there's still very good reason to shop around. Interest rates are continuously dropping and many people’s savings are languishing in accounts that were once lucrative due to a timed incentive but are now gathering dust instead of interest.
Managing your money is far easier if you have one account instead of several savings accounts. With these things in mind, transferring your funds could be the best option for you. See our comparison charts for latest interest rates.
Virgin Money ISA Transfer
Virgin Money offer a range of ISAs to choose from and a simple transfer facility which requires little effort from the customer. Voted the ‘Best Online Cash ISA Provider’ in 2015 by Direct Awards, Virgin offer excellent customer service and flexible ISA options. They allow partial transfers, transfers from several accounts or straightforward full ISA transfers. They also offer:
- Quick transfer of funds and interest is paid from the day the funds are sent over
- Easy access to your money with no closure fees
- £1 minimum deposits
- Online and telephone access to your accounts for easy management
They don’t offer any kind of fixed rate ISA at the moment but do offer free Lounge access and Virgin Product discounts with all of their accounts.
Making use of an ISA
ISA’s are an ideal way to save large amounts of money, particularly if you’re likely to go over the current £1000 interest limit (the limit of the Personal Savings Allowance for basic 20% rate taxpayers). They are also a sensible way for couples to save as two people can save over £30,000 without paying tax.
The recent increase in ISA flexibility has meant that ISAs now allow you to withdraw money and put it back within the same tax year without it affecting your annual allowance. As long as the account allows withdrawals then this should be fine but always check with your provider.
With the range of options available, including: Help to Buy, Stocks and Shares, Fixed and Variable Rate, and easy-access ISAs you can be sure to find one which meets your needs.