In this section

How can I view my account balance?

Your Current Account offers many convenient ways to keep track of your balance and spending. You can find out your balance:

* We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.

** You can only view your account online if you are resident in the UK.

I have a question about my PIN number

I have entered the wrong PIN three times in a shop. How can I unlock it?

  • If you remember your PIN, you can unlock it at any cash machine, simply choose ‘Unlock PIN’.
  • If you can't remember your PIN, you can order a PIN reminder by calling us on 0345 600 6103.*

I have entered the wrong PIN three times at a cash machine. How can I unlock it?

  • You will need to order a PIN reminder by calling us on 0345 600 6103.* Once you have received this then just visit any cash machine and choose ‘Unlock PIN’ to get your card up and running again.

Can I change my PIN?

  • Yes, you can change it at any time at most LINK cash machines. Follow the simple instructions on screen.

*We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.

What are the interest rates and charges?

Essential Current Account

Credit interest
(Payable on balances of £1 or more)

Gross1 variable rateAER2
0.75%30.75%3

We pay credit interest monthly and add this to your account on the 27th of each month or the next business day if the 27th is not a business day.

1 Gross is the rate of interest earned before income tax is deducted. Automatic deduction of tax on interest stopped on 6 April 2016. However, you may be liable to pay income tax on the interest you have earned, depending on your personal circumstances. Please contact HMRC or your applicable tax authority outside of the UK for further information or visit www.gov.uk/hmrc/savingsallowanceLink opens in a new window

2 AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest was added each year to the account balance (including any interest already earned that year).

3 Essential Current Accounts opened before 19 September 2016 will continue to pay 1.00% Gross1/AER2 (variable) interest until 28 November 2016, when this will reduce to 0.75% as above.

The current charges that apply to your account are:

We have made every aspect of the Essential Current Account as simple as possible, including our charges. Here is a list of the few things we charge for. All charges will be applied immediately.

ServiceCharge
Additional paper copy of your statement£10
Debit card purchases abroadNo charge
Cash machine withdrawals abroad£1.50 per transaction

Standard same-day transfers (by Faster Payment) are available free of charge.

We also offer some non-standard services such as same day electronic transfer for CHAPS. We will make a reasonable charge for these services but will tell you the amount before we act on your instruction.

Changes to rates and charges

The rates and charges above may change in the future. We will give you at least two months’ notice of any change in writing. However, if we reasonably believe any change we make is to your advantage we will make it immediately and tell you at the earliest opportunity after the change (e.g. in writing, statement message or publication in our Stores or on our website).


Virgin Money Current Account (previously opened with Northern Rock)

Please note, this account is closed to new applications.

The current interest rates that apply to your account are:

Credit interest
(Payable on balances of £1 or more)

Gross1 variable rateAER2
0.10%0.10%

Overdraft (debit) interest

ArrangedUnarranged
11.9% per annum18.9% per annum

We pay credit interest monthly and add this to your account on the 27th of each month or the next business day if the 27th is not a business day. We take overdraft (debit) interest monthly from your account on the 21st of each month or the next business day if the 21st is not a business day.

1Gross is the rate of interest earned before income tax is deducted. Automatic deduction of tax on interest stopped on 6 April 2016. However, you may be liable to pay income tax on the interest you have earned, depending on your personal circumstances. Please contact HMRC or your applicable tax authority outside of the UK for further information or visit www.gov.uk/hmrc/savingsallowanceLink opens in a new window

2 AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest was added each year to the account balance (including any interest already earned that year).

The charges that apply to your account are:

ServiceChargeWhen is the charge applied?
Unpaid Direct Debit, standing order or cheque (due to insufficient funds in your account)£10 per item (maximum of seven per month)See 'Charging period' below
Additional paper copy of your statement£10Straightaway
Debit card purchases abroadNo charge 
Cash machine withdrawals abroad£1.50 per transactionStraightaway
Same-day electronic transfer (CHAPS)£30 per transferStraightaway
Unarranged overdraft charge (monthly)£25See 'Charging period' below
Arranged overdraft charge (monthly)£10See 'Charging period' below
Request to stop a cheque£10 per chequeStraightaway
Copy cheques£5 per chequeStraightaway

Changes to rates and charges

The rates and charges above may change in the future. We will give you at least two months’ notice of any change in writing. However, if we reasonably believe any change we make is to your advantage we will make it immediately and tell you at the earliest opportunity after the change (e.g. in writing, statement message or publication in our Stores or on our website).

Charging period

We add up the debit interest, overdraft charges and charges for unpaid Direct Debits and standing orders incurred on your current account between the 28th of the previous month and the 27th of the current month (known as the 'charging period') and write to you on the 28th of the current month to tell you what these charges are. We will then apply any charges to your account on the 21st of the following month. If the 21st is not a business day, the charges are applied the next business day.

Our rates and charges leaflets

You can save or print full details of all our charges using the leaflets below:

Current Account overdraft charges and scenarios PDF opens in a new window 
(PDF, 43KB)

Our lending commitments and what we ask of you

Virgin Money adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk

This means that if we provide you with an overdraft facility on your account, we have a responsibility to act fairly. The below document sets out some of our key responsibilities and what we ask of you, to ensure that the relationship works well for both of us.

Standards of Lending Practice - key responsibilities PDF opens in a new window 
(PDF, 46KB)

How can I make sure Direct Debits*, standing orders and cheques are paid from my account?

You will need to have cleared funds in your account by 2pm on the day that a Direct Debit, standing order or cheque is due to be taken from your account, so that items can be paid.

If we are unable to make a payment because there is not enough money in your account then the item will be returned unpaid. We may also apply a charge to cover the cost of the extra administration we need to do to stop the payment.

For details of the charges that apply to your account please see the question 'What are the interest rates and charges?' of this help section or refer to your terms and conditions.

*Direct Debit is UK only service only.

What if my debit card is lost or stolen?

If you think your card has been lost or stolen, please call 0345 600 6103* straightaway, or if you are abroad, please call us on +44 191 279 4604. You can use these numbers 24/7 to report lost or stolen cards.

* Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.

Can I use my debit card abroad?

Please tell us before you travel abroad to help avoid any issues with using your card while you are away – you can call us on 0345 600 6103* or visit your local Virgin Money Store Link opens in a new window 

You can use your card for shopping and withdrawing cash overseas, wherever you see the VISA symbol. Just remember:

  • Outside the UK, you will be charged for using your card. For details of the charges that apply to your account please see the question 'What are the interest rates and charges?' of this help section or refer to your terms and conditions. The exchange rate for overseas transactions is determined by VISA on the day they receive the transaction.
  • It is sensible to take other sources of money, not just your debit card
  • From outside the UK you can call us on +44 191 279 4604* if you need to speak with us.

*We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.

Where can I use my debit card?

Your Virgin Money Debit Card offers a convenient way to access the money in your current account. With your card, you can:

  • Shop online, on the high street, over the phone and by post.
  • Withdraw up to £250 per day* at cash machines with the LINK or VISA symbol.
  • Take out up to £250 cashback per day at the till at participating retailers (cashback is part of your £250 cash machine limit – the retailer may have their own lower limit).
  • Take out an additional £250 at over 11,000 Post Office® branches nationwide.
  • Shop and withdraw cash abroad wherever you see the VISA symbol.

Remember, if you use your card for 'cash equivalent' transactions (like travellers cheques, foreign currency or gambling) this will count towards your £250 daily cash machine limit.

For further details on using your debit card, please see the leaflet below.

Guide to your Virgin Money Debit Card PDF opens in a new window 
(PDF, 1,171KB)

* Charges will apply outside of the UK.

How can I pay money into my account?

You can pay money into your account by:

Cash

  • Visiting a Virgin Money Store Link opens in a new window and paying in your cash (note: 19 of our Stores do not accept cash).
  • Visiting a Post Office® and paying in your cash – £5,000 max for large branches and £1,000 at concessions.

Cheque

Please make cheques payable to 'Virgin Money for the account of (insert account holder(s) name(s))’. Please also write your account number on the back of the cheque(s).

Electronic payments

If you are making an electronic transfer from another bank or building society, you will need to quote the following details:

Faster Payments / BACS (Bankers Automated Clearing Service)

Sort code: 08-60-64
Account number: your eight digit account number

Faster Payments are usually processed within a few hours, but can take up to one business day.

BACS transfers should reach your account within three business days after they are sent.

Please note, if you have a chequebook with your account, the sort code on your chequebook is different to the one on your debit card and you should not use it for other payments on your account. If you need to provide a sort code (e.g. to set up a Direct Debit or for someone to pay money into your account), please quote the one on your debit card – this is the same as the one at the top of your statement.

CHAPS transfer

Sort code: 08-02-65
Account number: 50048407
Reference: your eight digit account number and your name
CHAPS transfers should reach your account the same day they are sent.

International money transfer

Sort code: 40-02-50
Account number: 61333372
Reference: your eight digit account number and your name
BIC number: NRNBGB22XXX
IBAN number: GB07MIDL40025061333372

Other ways to pay money into your account

  • Bank Giro Credit.
  • Transfer from another account with us (subject to the terms and conditions of that account).

How can I withdraw money from my account?

You have instant access to your money with your Virgin Money Debit Card. This allows you to:

  • Withdraw up to £250 per day* at cash machines with the LINK or VISA symbol.
  • Take out up to £250 cashback per day at the till at participating retailers (cashback is part of your £250 cash machine limit – the retailer may have their own lower limit).
  • Take out an additional £250 at over 11,000 Post Office® branches nationwide.

Remember, if you use your card for 'cash equivalent' transactions (like travellers cheques, foreign currency or gambling) this will count towards your £250 daily cash machine limit.

* Charges will apply outside of the UK.

For further details on using your debit card, please see the leaflet below.

Guide to your Virgin Money Debit Card PDF opens in a new window 
(PDF, 1,171KB)

You can also take money out of your account by:

  • Visiting a Virgin Money Store Link opens in a new window (not including our 19 non-cash Stores) and withdrawing cash (£2,000 limit).
  • Cheque (if a chequebook is provided with your account).
  • Standing order or Direct Debit.
  • Electronic payment / transfer to another account (subject to the terms and conditions of that account).
  • CHAPS (Clearing House Automatic Payment System). We charge a fee for this service – please see the question 'What are the interest rates and charges?' for details.

Remember, the sort code on your new chequebook is different to the one on your debit card – if you need to provide a sort code (e.g. to set up a Direct Debit), please quote the one on your card.

How long do cheques take to clear?

When you pay a cheque into your account, it takes six business days for the cheque to fully clear, as shown below. This is standard for all banks.

Working daysProcessReal life example
Day 0We process your cheque at our Main Office before 5pm
We process your cheque in Store before 3pm
Monday
Day 2You begin to earn interest on the cheque amountWednesday
Day 4You can make withdrawals against the balance on your account, including the cheque amount.Friday
Day 6At close of business today, the cheque cannot be taken back from the account without the account holder’s consent.Tuesday

If a cheque is paid into your account by someone who has recently switched their bank account, it could take up to an extra two days to clear if the cheque came from their old account.

How can I contact Virgin Money?

If you have any questions and would like to speak to us, please call us on 0345 600 6103* or if you are outside the UK ++44 191 279 4604. Or, you can visit your local Virgin Money Store.

If you think your card has been lost or stolen, please call 0345 600 6103* straightaway. You can use this number 24/7 to report lost or stolen cards. Calls are charged at your service provider's prevailing rate and may be monitored and recorded.

*We are here from 8am to 8pm Monday to Friday, 8am to 4pm on Saturdays and 10am to 3pm on Sundays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.

I have an Essential Current Account and I’m moving outside of the UK but within the EU, can I keep my account?

Yes, we will need to know your new address and talk you through how your account features might be different in the EU.  If you move outside of the EU you will need to close your account.  You can tell us your new address by visiting your local Store, by post, or by completing a change of address form PDF link opens in a new window 

Please send it to us at Virgin Money, Jubilee House, Gosforth, Newcastle Upon Tyne NE3 4PL.