You can add money to this account, up to your £250 monthly limit, by:
- Transferring money electronically to us by BACS, CHAPS, FPS or standing Order.
- Sending a cheque with a transaction slip PDF (PDF, 116KB) to our Main Office - please make the cheque payable to "Virgin Money plc for the account of [insert account holders name(s)]" and crossed "A/c Payee only". Please also quote your account number on the reverse.
- Visiting your local Store opens in a new window** to make a cash or cheque deposit.
- Transferring money from another Virgin Money account either by requesting a transfer online, sending a transaction slip PDF (PDF, 116KB) to our Main Office or visiting your local Store with ID and a passbook (as long as you can withdraw from the account).
|For FPS, BACS and Standing Order transfers|
|Account number||Your account number|
|For CHAPS transfers|
|Reference||Your account number and your name|
|For CHAPS transfers from banks outside the UK|
|Reference||Customers Virgin Money Account Number and Name|
- You can have no limits on the amount of withdrawals.
- The minimum amount you can withdraw is £1 (or less if closing)
- Any funds withdrawn can only be replaced in line with the monthly allowance limit.
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.
There are charges for some standard services that we make available to you. These are detailed below:
|CHAPS Minimum withdrawal £250||£30 per transfer|
|Copy cheque||£5 per cheque|
|Copy statement||£10 per statement|
We may also make a reasonable charge for any non-standard services which we make available to you on a discretionary basis. If you request such a service, we will tell you the amount of our charges before we act on your instructions.
- This account pays a fixed 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 the 11 March and available on the next business day. Monthly interest is paid on the 10th 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% Gross2 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.