I opened a Virgin Cash ISA but did not fund within 30 days limit. Am I still OK to open another one before 6th April 2023?
30 January 2023
Question by IAN
I opened a Virgin Cash ISA but did not fund within 30 days limit so haven't paid any money into an ISA this year. Am I still OK to open another one before 6th April 2023?
Answered by Rachel Efetha
Hi Ian
I've had a look at Virgin's website and it looks like you were applying for a 'limited issue account' which has now been replaced with a new issue, possibly with a different interest rate, hence the 30 day rule. I would give Virgin a ring to see if you can place the money in the latest issue as the rules are ambiguous around opening a cash ISA but not paying in, i.e. some companies say 'you can only OPEN one ISA per tax year' and others say 'you can only PAY INTO one ISA per tax year'.
I hope that helps!
Rachel
Answered by
Rachel Efetha
Chartered Financial Designer
Rachel has nearly 30 years’ experience in Financial Services, with the last 21 years advising clients. She advises on a holistic basis but particularly enjoys Cashflow Planning to see when her clients can afford to retire, and has reduced grown men to tears twice by telling them they could afford to resign right now. As a divorcee herself, Rachel loves coaching women going through divorce to take financial control, and has successfully argued with solicitors to gain her clients a much bigger slice of the pension pie.