Defined Access E-ISA

Great rates for limited withdrawals

4 or more withdrawals

per calendar year

Variable rate of

0.25% AER1

0.25% Tax-free3 P.A.

Up to 3 withdrawals

per calendar year

Variable rate of

0.81% AER1

0.81% Tax-free3 P.A.

Enjoy a better variable rate by limiting the number of withdrawals you make every year. You have the flexibilty to access your money at anytime, and will get the higher rate for making 3 or less withdrawals.

Don't need regular access your money? Lock it away for our higher rates with a Fixed Rate Cash E-ISA.

The highlights

Tax-Free

You don't pay any tax on the interest earned

Saving from £1

Open your account and start saving today with only £1.

ISA Transfer

Transfer your other ISAs to us, using our ISA transfer service.

Lounge Access

Exclusive access with free refreshments and wifi.

UK Call Centres

All of our call centres are based in the UK.

Virgin Group discounts

Virgin Group offers that could help you save money.

Summary box

Account Name

Defined Access E-ISA Issue 12

What is the interest rate?

Issue Withdrawals Annual interest
% Tax-free3
Annual interest
% AER1
Monthly interest
% Tax-free3
Monthly interest
% AER1
12 Up to 3 withdrawals 0.81 0.81 0.81 0.81
4 or more withdrawals 0.25 0.25 0.25 0.25

If four or more withdrawals are made per calendar year, interest will be paid as outlined above until the second last business day of the year when the number of withdrawals will reset to zero and the higher interest rate will resume.

Annual interest is paid on 11 March and will be available the next business day. Monthly interest is paid on the last day of the month, and will be available the next business day.

Can Virgin Money Change the interest rate?

Rates are variable. This means we may increase or decrease interest rates at any time. When we decrease interest rates we will give you at least two months notice of the reduction. Please refer to Condition 12 within the Savings Terms and Conditions for details.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Issue Withdrawals Projected balance
Defined Access E-ISA Issue 12 Up to 3 withdrawals £1,008.10
4 or more withdrawals £1,002.50

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This is based on no withdrawals or further deposits being made and interest being added to the account. The projected balance is based on the annual interest rate.

How do I open and manage my account?

  • This account can be opened online by permanent UK residents aged 16 or over.
  • Minimum to open £1.
  • Minimum additional deposit £1.
  • Each tax year you can pay in up to your annual tax-free allowance (subject to the Terms and Conditions of your account), which is £15,240 in the 2016-2017 tax year.
  • In addition to this you can also transfer previous tax years’ Cash ISA and Stocks and Shares ISA subscriptions.
  • Each customer can save up to a total of £2 million with Virgin Money, across all accounts held.
  • Deposits and instructions can be made by:
    • Arranging an electronic transfer.
    • Transfer from an existing Virgin Money account, subject to the Terms and Conditions of that account.
    • Cash – Store** only.
    • Cheque.
    • CHAPS/BACS.

Can I withdraw money?

  • Minimum withdrawal amount is £1 (or less if closing).
  • Four or more withdrawals per calendar year will result in a reduction to the interest rate payable.
  • Any transfer out will be classed as a withdrawal.
  • You can have access to your money whenever you need it. Simply log into your account and arrange to take money in the following ways:
    • Electronic transfer.
    • CHAPS.
    • Transfer to another Virgin Money account, subject to the Terms and Conditions of the account.

Additional Information

  • The automatic deduction of tax on savings interest ceased with effect from 6 April 2016.
  • Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.
  • We pay interest without deducting income tax, unless HMRC/the law requires otherwise. However, depending on your personal circumstances, you may be liable to pay income tax on the interest you have earned. Please visit www.gov.uk/hmrc/savingsallowance link opens in a new window/tab for further information. We do not issue Certificates of interest paid and tax deducted automatically. However, once you have requested and received a Certificate of interest paid and tax deducted we will provide further certificates in April each subsequent year that the account remains open and, for closed accounts, in the tax year the account is closed.
  • You will be able to view your Defined Access E-ISA statement by logging into your account. These online statements will show the balance, details of any transactions and interest added to your account. Your online transactions will help you to keep track of the number of withdrawals you have made. If you make four or more withdrawals per calendar year you will receive a letter to notify you that your interest rate has changed and your new interest rate will be displayed online.

Complaints and cancellations

We hope we can resolve any issues you may have in the first instance, but if you have a complaint, please let us know as soon as possible so that we can look into it for you. You can write the details of your complaint to the Customer Relations Team, Virgin Money plc, Gosforth, Newcastle Upon Tyne, NE3 4PL or email customerrelations@virginmoney.comEmail opens in a new window

If we cannot resolve the complaint to your satisfaction you have the right to refer your complaint to the Financial Ombudsman Service, which provides independent adjudication of complaints. A copy of our Internal Complaint Procedures leafletPDF opens in a new window(PDF, 164KB) is available on request.

If you are not happy with your choice of account within 14 days of depositing your ISA subscription, we will help you close your account and you will not lose your right to invest in another Cash ISA or Stocks and Shares ISA or Innovative Finance ISA for that tax year. If you wish to take advantage of this 14-day rule, you must send your cancellation in writing to Savings Operations, Virgin Money, Jubilee House, NE3 4PL, when you close your account we will ensure that our reports to HM Revenue & Customs reflect the correct position. If you do cancel your account, the full amount of your investment, together with any interest earned will be returned to you.

Savings calculator

Interest calculator

Use our handy calculator to work out the estimated interest you could earn on this account.

visit the calculator

Save with confidence

As we are covered by the Financial Services Compensation Scheme, savings with Virgin Money are covered up to £75,000 per person.

View the FSCS guarantee

Make sure you read and keep

As we're covered by the Financial Services Compensation Scheme, most savings with us are covered up to £75,000.

Things you may need to hand

  • Your bank or building society number if you want your interest paid to another account
  • Your National Insurance number

This is an online account.

Important notice

If you are investing in an ISA for the 2016 / 2017 tax year, deposits must be with us by Saturday 1 April 2017 for post and Wednesday 5 April 2017 for electronic payments or cash and cheque deposits in Store.

Remember, timescales for sending money vary. If the money does not reach us by the dates above it will count towards the new tax year ISA allowance.

The easiest way to open a Virgin Money savings account is online. it takes about ten minutes, and you can get started right away.

I am a new customer

Apply now

I am an existing savings or mortgage customer

Sign in and apply

Frequently asked questions

How much can you save each year?

You can add new money up to the current ISA subscription limit of £15,240 this tax year and you can also transfer in any ISAs that you have with other providers. You can transfer any previous year's ISAs but remember if you include current year subscriptions, these will count towards the £15,240 ISA limit.

You can't save more than £15,240 in this tax year, even if you withdraw some. For example, if you save £15,240 then take out £1,000, you can't make another deposit until the next tax year.

How do I pay money into this account?

You can add new money to your Defined Access E-ISA with any amount between £1 and £15,240 by:

  • Transferring money electronically to us by BACS, CHAPS, FPS or Standing Order.
  • Visiting your local Store Link opens in a new window** to make a cash or cheque deposit.
  • Transferring money from another Virgin Money account by requesting a transfer online or visiting your local Store Link opens in a new window** with ID and passbook (as long as you can withdraw from the account).

If invalid contributions are made, an ISA may become void and we may need to transfer the money to a non ISA account which may not pay the same interest rate as this Cash ISA.

For FPS, BACS and Standing Order transfers
Sort code 08-60-64
Account number Your account number
For CHAPS transfers
Sort code 08-02-65
Account number 50048407
Reference Your account number and your name
For CHAPS transfers from banks outside the UK
Sort code 40-02-50
Account number 61333372
Reference Customers Virgin Money Account Number and Name
BIC No.
NRNBGB22XXX
IBAN No.
GB07MIDL40025061333372

If you do not make any deposits into a Cash E-ISA for a full tax year (break in subscriptions), you are required to agree to the ISA Declaration again before you can add any further money to your account. To do this, simply log in to your account and follow the on screen instructions to agree to the ISA Declaration. Then you will be ready to add more money to your Cash E-ISA.

How do I take money out?

  • You can have no notice access to your money.
  • There are no limits on the amount of withdrawals, but remember four or more withdrawals per calendar year will result in a reduction in the interest rate payable until the year end.
  • The minimum amount you can withdraw is £1 (or less if closing).

Simply log on to your account and arrange to transfer money to your nominated account or to another of our accounts (subject to the terms and conditions of that account).

You can take money out by:

  • Electronic transfer – If possible, we will make your payment by FPS and we will debit your account either on the same day, or any future date. The payment should reach your nominated account within a few hours but no later than the end of the next business day.
  • If you request a CHAPS withdrawal and we receive your authority and full instructions before 4pm on a business day, the money should be credited to your bank or building society account the same day. Please note, CHAPS is a chargeable service, please refer to charges for details.

On occasion we may need to verify your identity in order to carry out any instructions you may have given us. Keeping your contact details up to date will help avoid delay.

When is interest paid, and where is it paid to?

  • This account pays a variable rate of interest
  • You can choose when and how to have your interest paid. Interest can be paid monthly to supplement your income or yearly as a lump sum – it’s entirely up to you
  • Annual interest is paid on 11 March and available on the next business day. Monthly interest is paid on the last day of each month and is available on the next business day
  • If the balance in your account falls below £1, the minimum balance, our basic savings rate of 0.10% Tax-free3 P.A applies

Interest can be;

  • Added to your account
  • Transferred into any Virgin Money account (as long as you can add to the account)
  • Paid into an account with another bank or building society

What happens if you change your mind?

If you aren't happy with your choice of account within 14 days of depositing your ISA subscription, we'll help you close your account and you’ll not lose your right to invest in another Cash ISA, Stocks and Shares ISA or Innovative Finance ISA for that tax year.

If you wish to take advantage of this 14-day rule, you must send your cancellation in writing to:

Savings Operations,
Virgin Money,
Jubilee House,
NE3 4PL

When you close your account, we will make sure that our reports to HM Revenue & Customs reflect this. If you do cancel your account, the full amount of your investment together with any interest earned, will be returned to you.

Power of Attorney

Please note: It is not possible for a Power of Attorney account to be operated online. To apply as a Power of Attorney please download an application form PDF opens in a new window (PDF, 376KB) , complete and return to the address provided on the form. Your account will then be opened and operated by post via our Main Office.