In this section

Top queries

What is my ISA allowance?

If you have subscribed to an ISA in the tax year 2016/2017 you have until the 5 April 2017 to make the most of your £15,240 ISA allowance. If you make a deposit after the 5 April 2017 the additional deposit will not be included to your tax free allowance for that year.

What are the key paying in dates?

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.

Can I open an online account in joint names?

You can only open an ISA in your name however some of our other savings accounts can accommodate joint account holders:

New accounts

When completing the online application, all joint customers must be present. Each customer will be required to register or sign in, and when doing so they should select the ‘joint’ option. View our online accounts.

Accounts already open

If you already have an account with us and would like to add someone else to make it a joint account, the person who wishes to be added should:

  1. Register online with us  Link opens in a new window
  2. Once signed in, send us a message with the Customer ID of the other party and their existing account number.

The person who holds the account should:

  1. Sign in and send us a message with the new person’s Customer ID and confirm you would like them to be added to your account.

Once we have received messages from both customers, we will contact you both back to confirm further information, before making the account a joint account. We’ll let you know once the change has been made.

How do I transfer my existing ISA to Virgin Money?

Make sure your Virgin Money Cash ISA is open and able to receive deposits (for Fixed Rate Cash ISAs we must receive all money including transfers in within 30 days of your account opening date).

You can transfer an existing Cash ISA and a Stocks & Shares ISA in to a Virgin Money Cash ISA.

If you're looking to transfer your existing ISA to a Cash ISA with us, please complete the four steps on our ISA Transfer Service page 

Once you’ve followed these steps you can sit back, relax – our ISA team will take it from here. From receiving your request we’ll contact your current provider within 5 business days, and they will send us your ISA and a transfer history form within 5 business days. Following this, within 3 business days we'll deposit the funds in to your new Virgin Money Cash ISA. Interest will be earned from the date of the cheque, from the date the funds were sent to us, or day 16 of the process if earlier. For Stocks and Shares ISAs the process may take longer.

How do I pay in to my account?

Faster Payments

We accept Faster Payments in to all of our savings accounts – simply check with the bank the payment is being made from before you arrange the transfer to see what their Faster Payment transfer limit is.

Online accounts (8 digital account numbers)

You can send a Faster Payment across to your account by using the sort code of 08-60-64 and your 8 digit account number.

Postal accounts (12 digital account numbers with a letter in the middle)

You can send a Faster Payment across to your account by using the sort code of 08-61-15, our account number of 00000515 and then your 12 digit account number as the reference.

CHAPS

You can send a CHAPS payment to your account using the sort code of 08-02-65, account number 50048407 and your 8 or 12 digit account number, using your name as the payment reference.

Cheques

Just make the cheque payable to yourself, pop your account number on the back and post it to us at Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Cash

You can pay cash or cheques in to your account by visiting one of our stores, please check that cash handling is a service available in your local store. Find your nearest store

What can I do if I’m locked out of my account?

If your password has been entered incorrectly three times you will automatically be locked out of the system. If this happens, you will be asked three security questions and as long as you correctly answer them all, a one-time password will automatically be sent out to you by email.

If you’re not sure of your password, you can still request for a new one to be sent out automatically. Just enter your Customer ID to sign in and click on the ‘Forgotten Password?’ option on the right hand side of the page.

Opening an account

What ID can I send to verify my account?

If you are opening your new account online, in most cases we can verify your identity without the need of seeing any identification. However in a small number of cases we may need to see some identification documents. If this is the case, we will tell you that you need to provide additional identification.

If you open your account in one of our Stores, please see the identification documents that you will need to bring with you (PDF, 128KB)  PDF opens in a new window

Can I open an account if I’m not a UK resident?

Our accounts are available to permanent UK residents only. Crown employees serving overseas and those married to, or in civil partnership with a crown employee serving overseas are also able to invest in a Cash ISA.

Can I open an online account in joint names?

You can only open an ISA in your name however some of our other savings accounts can accommodate joint account holders:

New accounts

When completing the online application, all joint customers must be present. Each customer will be required to register or sign in, and when doing so they should select the ‘joint’ option. View our online accounts.

Accounts already open

If you already have an account with us and would like to add someone else to make it a joint account, the person who wishes to be added should:

  1. Register online with us  Link opens in a new window
  2. Once signed in, send us a message with the Customer ID of the other party and their existing account number.

The person who holds the account should:

  1. Sign in and send us a message with the new person’s Customer ID and confirm you would like them to be added to your account.

Once we have received messages from both customers, we will contact you both back to confirm further information, before making the account a joint account. We’ll let you know once the change has been made.

Are my savings covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 0345 600 1568*, ask at your local Virgin Money Store, refer to the FSCS website: www.fscs.org.uk link opens in a new window  or call the FSCS on 0800 678 1100 or 0207 741 4100. Please note only compensation related queries should be directed to the FSCS.

For more questions and answers on the FSCS, please visit our Financial Services Compensation Scheme page.

What are the changes to the Financial Services Compensation Scheme Limits (FSCS Limits)?

The amount the Financial Services Compensation Scheme (FSCS) protects for deposits will increase by £10,000 with effect from 30 January 2017.

From 30 January 2017 eligible customers will be covered for compensation by the scheme up to a limit of £85,000 per customer.

We are in the process of updating our website, literature and documentation, and this will be completed by the end of June 2017.

For more questions and answers on the FSCS, please visit our Financial Services Compensation Scheme page.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.

Cash ISAs

How do I transfer my existing ISA to Virgin Money?

Make sure your Virgin Money Cash ISA is open and able to receive deposits (for Fixed Rate Cash ISAs we must receive all money including transfers in within 30 days of your account opening date).

You can transfer an existing Cash ISA and a Stocks & Shares ISA in to a Virgin Money Cash ISA.

If you're looking to transfer your existing ISA to a Cash ISA with us, please complete the four steps on our ISA Transfer Service page 

Once you’ve followed these steps you can sit back, relax – our ISA team will take it from here. From receiving your request we’ll contact your current provider within 5 business days, and they will send us your ISA and a transfer history form within 5 business days. Following this, within 3 business days we'll deposit the funds in to your new Virgin Money Cash ISA. Interest will be earned from the date of the cheque, from the date the funds were sent to us, or day 16 of the process if earlier. For Stocks and Shares ISAs the process may take longer.

Can I transfer multiple ISAs in to one ISA with you?

Yes you can transfer as many ISAs as you like in to one ISA with us. Simply open an account with us, and once you’ve received your account number complete the four steps on our ISA Transfer Service page 

You will need to make sure your ISA is still eligible for additional deposits by checking your Terms and Conditions and Key Product Information.

Can I transfer part of my ISA to you?

Absolutely, we accept both full and partial ISA transfers. Once you've opened your account with us, simply complete the four steps on our ISA Transfer Service page and pop how much you want to transfer over on the form. Some providers don’t allow partial transfers, therefore please check with your existing provider if this is something they can do.

The important point to remember is that you can’t partially transfer any money you have deposited in the current tax year – you need to move your full subscription over in the transfer.

Can I transfer my ISA to you if I've already subscribed to another ISA for this tax year?

Yes you can transfer your ISA to us. The important thing to remember is that you can only subscribe to one Cash ISA, one Stocks and Shares ISA and one Innovative Finance ISA per tax year. But you are free to move all previous years’ subscriptions in to accounts with different providers.

If you are transferring a Flexible ISA within the current tax year and you have made a withdrawal, to make the most of your full allowance you need to replace the withdrawal amount with your current provider before you transfer to us.

How do I internally transfer my online ISA to another one with you?

If you'd like to move all of the money from your existing Virgin Money ISA to a new one with us, you can do this when completing your online application. Simply select the option to transfer in from another account and select the account you want to change over from the drop down list.

If you'd like to transfer part of the money from your existing ISA, apply for the new account and send us a secure message letting us know how much you'd like to move over (simply click on "messages" once you have signed in).

How do I transfer my Cash ISA to another provider?

Thinking of leaving us? Why not have a look at our ISA product range to see if there is something to suit your needs before you go.

Please also check your ‘Key Product Information’ sheet for your product before you transfer your ISA to another bank or building society. You can check the withdrawal restrictions for your account in our existing account information section of the website.

Once you’re happy, just contact your new provider, who will ask you to fill in an ISA Transfer Authority form. Once you have completed the form and returned it back to them, they will send the information on to us and we’ll start the transfer process. When we receive the form, we will endeavour to complete the ISA transfer within 5 business days, or if your account requires notice, complete it within 5 business days of your notice date.

What is an ISA break in subscription, and how does it affect me?

An ISA break in subscription happens when you don’t make a deposit in to your ISA for a whole tax year. To make another deposit, you will need to run through an ISA declaration.

If you have an online account, you can do this once you’re signed in to your account.

How much can I pay in to my Help to Buy ISA?

The maximum you can deposit in the first calendar month is £1,200. Your first calendar month is classed as the month that you make your first deposit, for example, if you transfer money in to your Help to Buy ISA on 15th August, you will have until the end of that month to top your account up to £1,200.

After that, the maximum is £200 per month.

What is the ISA allowance for this tax year?

The current ISA subscription limit is £15,240.

You can split that across one Cash ISA, one Stocks & Shares ISA and one Innovative Finance ISAs.  For example, you can invest:

£10,120 in to a Cash ISA and £5,120 in to a Stocks & Shares ISA; or

£15,240 in to a Cash ISA and £0 in to a Stocks & Shares ISA; or

£2,120 in to a Cash ISA and £13,120 in to a Stocks & Shares ISA.

In any tax year you can only subscribe to one Cash ISA, one Stocks & Shares ISA and one Innovative Finance ISA.

At Virgin Money we offer a range of Cash ISAs and Stocks and Shares ISAs for you to choose from, however we don’t currently offer an Innovative Finance ISA.

Is my ISA flexible?

Some of the Cash ISAs we now offer are fully flexible. The new rules mean you can now withdraw money from your ISA and put it back in without it counting towards your annual allowance. The money must be paid in to the account in the same tax year as the withdrawal or you will lose the ability to replace it.

The flexible ISAs which we now offer are:

  • Easy Access Cash ISAs
  • Reward Easy Access Cash ISAs

Please note that the flexibility feature does not apply to accounts with restrictions, for example:

  • Fixed Rate Cash ISAs
  • Defined Access Cash ISAs
  • Notice ISAs
  • Help to Buy: ISAs
  • APS ISAs (for Additional Permitted Subscriptions)

How does ISA flexibility work?

ISA flexibility came in to effect from 6 April 2016 and could significantly change the way you use your ISA.

Before 6 April 2016, if you withdrew any money from your ISA you couldn’t then top it back up again without it counting towards the annual allowance. However, many ISAs now allow you to withdraw money from your ISA and replace withdrawn funds within the current tax year without affecting your ISA limit of £15,240.

This flexibility is great news, because it lets you manage your tax-free savings in the way that suits you best.

How long do I have to pay in to my ISA?

If you have an Easy Access or Defined Access Cash ISA, you can deposit when you like. If your account is a Fixed Rate Cash ISA, you have 30 days from the day you open the account to both add money and send your ISA transfer form to us. Any deposits received after 30 days, may be returned to you.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.

Help to Buy: ISAs

Am I eligible?

You'll be eligible to open a Help to Buy: ISA and claim the Government bonus when buying your first home, if you:

  • Are a first time buyer, looking to buy a property in the UK
  • Are a UK resident aged 16 or over with a valid National Insurance Number
  • Have never received payment of a bonus under the Help to Buy: ISA Scheme Rules
  • Will hold only one Help to Buy: ISA, and won’t pay into that Help to Buy: ISA more than the monthly allowance, as set out in the Scheme Rules
  • Won't pay into another Cash ISA in the same tax year as you pay into this Help to Buy: ISA
  • Agree to be bound by the Scheme Rules, which may be amended and/or restated at any time. To view these rules and eligibility criteria in full, visit helptobuy.gov.uk/isa Opens in a new window

Are there anymore limitations to the scheme?

Customers must meet the eligibility criteria and accept the Scheme Rules in order to claim the Government bonus. The Scheme Rules are summarised below and can be viewed in full at helptobuy.gov.uk/isaOpens in a new window.

  • The maximum you can deposit in the first calendar month is £1,200. Your first calendar month is classed as the month that you make your first deposit, for example, if you transfer money in to your Help to Buy: ISA on 15th August, you will have until the end of that month to top your account up to £1,200. After that, the maximum is £200 per month.
  • You have 12 months from the date you close your Help to Buy: ISA to complete your house purchase using the bonus. If your house purchase falls through within this period, we can reinstate your Help to Buy: ISA.
  • HM Treasury reserve the right to terminate the Help to Buy: ISA Scheme. In this event they'll provide written notice to all ISA managers, who will in turn notify their Help to Buy: ISA customers. HM Treasury will give a date when no further bonus can be claimed. This will be at least 12 months after their notice of termination.

What if I want to save more than £200 a month?

If you can save more than the £200 monthly Help to Buy: ISA allowance – or if you already have money saved – you could open our Saving to Buy account for your extra savings, or one of our other accounts. Our savings range can be found here.

How do I close my Help to Buy: ISA and claim the bonus?

You can close your ISA by withdrawing all of the funds to your nominated account online. If there is a balance of at least £1600 in there, a closing letter will automatically be produced and should be with you within 5-7 days.

Your solicitor will then use this statement to claim the bonus on your behalf, which can go towards the purchase of the property. They must be registered as an eligible conveyancer with the Help to Buy: ISA Scheme.

The bonus will be paid to the conveyancer/solicitor. They will add these funds to pay towards your property purchase. It should not be used when exchanging contracts, to pay for solicitor fees, estate agent charges or any other indirect costs associated with buying a home.

Can I transfer my Help to Buy or Cash ISA into a Help to Buy: ISA with Virgin Money?

You can transfer from an existing Help to Buy: ISA with another provider. You will need to fill in a Help to Buy Transfer Authority Form and send it to us at Virgin Money plc, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL.

You can download the form from here Opens in a new window.

We do not accept Cash ISA transfers from another provider to be transferred to our Help to Buy: ISA. However, you can transfer an existing Virgin Money ISA into the account, as long as it doesn’t exceed the deposit limit.

How do I pay into my account?

The easiest way to deposit is by Faster Payments with the sort code 08-60-64 and your 8 digit account number. You can also deposit via CHAPS, using sort code 08-02-65 account number: 50048407 with the reference of your 8 digit account number and your full name.

Alternatively, you can deposit by cheque, by cash in a Virgin Money Store, transfer from an existing Virgin Money account or transfer of a Help to Buy: ISA.

Can I set up a standing order into this account?

You can set up a standing order from another Virgin Money account to your Help to Buy: ISA by sending us a secure message online.

You can set up a standing order with your bank by giving them your Virgin Money sort code 08-60-64 and account number, along with the date you would like the funds to be sent. Remember to allow time for the funds to reach your account, to ensure you don’t miss out on your monthly deposit.

How do I manage my account?

The Help to Buy: ISA is accessed and managed online, using your own customer ID. You can make withdrawals from there; just remember that the funds you withdraw to your nominated account will lose ISA status.

You are unable to replace any funds withdrawn in the same month if it will exceed the monthly £200 deposit limit.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.

Managing your account

How do I pay in to my account?

Faster Payments

We accept Faster Payments in to all of our savings accounts – simply check with the bank the payment is being made from before you arrange the transfer to see what their Faster Payment transfer limit is.

Online accounts (8 digital account numbers)

You can send a Faster Payment across to your account by using the sort code of 08-60-64 and your 8 digit account number.

Postal accounts (12 digital account numbers with a letter in the middle)

You can send a Faster Payment across to your account by using the sort code of 08-61-15, our account number of 00000515 and then your 12 digit account number as the reference.

CHAPS

You can send a CHAPS payment to your account using the sort code of 08-02-65, account number 50048407 and your 8 or 12 digit account number, using your name as the payment reference.

Cheques

Just make the cheque payable to yourself, pop your account number on the back and post it to us at Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Cash

You can pay cash or cheques in to your account by visiting one of our stores, please check that cash handling is a service available in your local store. Find your nearest store

How do I send money from abroad?

For CHAPS transfers from banks outside the UK, please use the following details:

Sort code: 40-02-50
Account number: 61333372
Reference: Your Virgin Money account number and your name

BIC No. NRNBGB22XXX
IBAN No. GB07MIDL40025061333372

What can I do if I’m locked out of my account?

If your password has been entered incorrectly three times you will automatically be locked out of the system. If this happens, you will be asked three security questions and as long as you correctly answer them all, a one-time password will automatically be sent out to you by email.

If you’re not sure of your password, you can still request for a new one to be sent out automatically. Just enter your Customer ID to sign in and click on the ‘Forgotten Password?’ option on the right hand side of the page.

How long does a charge free withdrawal take to reach me?

We will debit your account on the same day the request is received or on any future date for which you have authorised the payment. The payment should reach your nominated account within a few hours but no later than the end of the next business day.

How does the Personal Savings Allowance work?

6 April 2016 saw the introduction of a new Personal Savings Allowance. The Personal Savings Allowance is great news for savers as it means that basic rate tax payers won’t pay tax on the first £1,000 of interest they earn. The allowance is £500 for higher rate tax payers, and additional rate taxpayers won’t receive an allowance.

Previously tax has been charged at 20% for basic rate taxpayers. So for every £80 previously received in interest, most savers will now receive £100.

You don't need to do anything to take advantage of your Personal Savings Allowance. From the 2016/2017 tax year all banks and building societies will automatically stop deducting tax on interest earned from your savings.

Why is the interest rate on the online account I’ve just opened 0.10%?

The interest rate on your account will show as 0.10% until your deposit clears in to your account. That will usually happen overnight on the day that you transfer the money to us, so if you check again the next day, your correct interest rate should show. Payments by cheque will take longer and will show once cleared.

How do I withdraw from/close my account?

Things to think about before you go…

  • Thinking of leaving us? Why not have a look at our Savings range to see if there is something to suit your needs before you go.
  • Please also check your ‘Key Product Information’ sheet for your product before you make a withdrawal or close your account. You can check the withdrawal restrictions for your account in our existing account information section of the website.
  • If you have a non-flexible ISA, any funds that you withdraw from your Cash ISA will lose their ISA tax free status. If you’re looking to keep your money in an ISA wrapper, your funds need to be withdrawn through an ISA Transfer. Please contact your new ISA provider to start the process.

For more information on flexible ISAs, please see our “Is my ISA flexible?” question on this page.

If you’re still looking to make a withdrawal, here’s a quick guide to help:

Postal and Store accounts (12 digit account numbers with a letter in the middle)

You can send us your written request to following address, or pop it in to your nearest store.

Operations
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL

If you have a passbook based account, don’t forget to send this in with your request.

Online accounts (8 digit account numbers)

Sign in to your account, view the account that you’d like to make a withdrawal from, click on the ‘Account options’ menu on the right hand side of the page and select ‘Take money out’.

How do I find out the interest rate on my account?

You can find the interest rate for any of your Savings accounts here.

If you have an online account, you can also sign in to check your interest rate – it’ll be at the top of your online statement once you click on ‘View account’.

If you receive statements through the post for your account, your interest rate is shown on the top of each statement.

Remember, we will always let you know if your rate is going to reduce by contacting you either by email or by post. Please make sure you keep your details up to date so we can contact you. If you’re looking to update your details, please see the ‘How do I change my details?’ question below.

How do I change my details?

Postal or Store accounts (12 digit account numbers with a letter in the middle)

If you’re looking to amend your name, address or the interest instructions on your account, please send a completed Account amendment form to our main office address, or pop it in to your nearest store.

Operations
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL

If you’re changing your name, please also send us a certified copy of the relevant supporting documents: marriage certificate, decree nisi, decree absolute (additional identification may be needed), deed poll, birth certificate. Please ensure you notify us at least two business days before you would like us to make the change.

Online accounts (8 digit account numbers)

If you have an online account, you’re able to change your details once you’re signed in to your profile.

To change your address or contact details by clicking on the ‘Profile’ icon at the top of the screen once you’re signed in.

If you need to amend your name or date of birth, please send us a secure message through the ‘Messages’ facility, which is also available at the top of the page. We will also require documentation to support any changes that you’re looking to make (e.g. marriage certificate, deed poll) before we can update our records. Any paperwork can be sent to the above address.

I need a Certificate of interest and tax deducted – how do I order one?

If you’ve received a Certificate of tax deducted or Certificate of interest and tax deducted for your account before, we’ll automatically send you one for every tax year that follows. The new certificate will be sent to you in April each year.

If you have a postal or Store account (12 digit account numbers with a letter in the middle), please give us a call or send us a written request and we’ll send a certificate out to you.

If you have an online account with us, you can order a Certificate of interest and tax deducted once you’re signed in to your online profile.

Once you’ve signed in, choose the account that you need a certificate for by clicking on ‘View account’. From there, click on ‘Account options’ on the right hand side, ‘Interest and tax’ and then ‘View interest and tax’. You’ll then be able to order a certificate for both the current tax year and the previous tax year.

Will I receive paper statements for my online account?

As you can view your account online, you won’t receive any paper statements for your account.

To view your balance and transactions, sign in to your online profile and click ‘View account’. From there, you’ll be able to view your transactions, as well as downloading or printing them to keep for your records.

If you have Power of Attorney on an online account, you will receive a statement within a month of a transaction; if no transactions are made we will send you a statement every 6 months or on closure of the account. If your account is a Fixed Rate product we will send you a statement following maturity.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.

Maturing online accounts

What will happen to my account as it reaches maturity?

We will send you an email about two weeks before the maturity date to remind you to submit your instructions.

When you sign in to your online profile after receiving the email, you will see a note above your account letting you know your account is approaching maturity. If you click on 'View account', you will see the alternative products we offer, and you will be able to tell us what you would like to do with your account when it matures.

If you don’t submit your instructions ahead of maturity, your account will automatically become an access product.

I only want to reinvest part of my balance, how do I do that?

If you are looking to reinvest part of your balance in to one of the Fixed Rate products that you have been offered and withdraw the remaining funds, choose the E-Saver product available, alongside the product that you would like to reinvest in to. Please note that if you have a maturing ISA, you can only select one of the ISA products that you are offered.

As you are transferring your maturing account in to more than one product, you will be asked how you would like the funds to be split. You will be asked to enter a value in to one of the 'Amount £' fields and the other will become greyed out, with the 'Remaining balance' selected automatically. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.

Once your account matures, you can then sign back in to your online profile and arrange to transfer the money in your E-Saver to your nominated bank.

If you are reinvesting in to one of our Easy Access E-Saver or Easy Access E-ISA products, you can reinvest your full balance in to that product and then sign back in to your account after the maturity date to withdraw some of your funds to your nominated bank.

How do I close my account at maturity?

If you would like to simply close the account and have the money sent to your nominated bank account, you will have to wait until the maturity date when the funds become accessible.

On the date of maturity you will be able to transfer the money by clicking on ‘Take Money Out’ then ‘Transfer to Nominated Account’. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.

How do I withdraw my interest at maturity?

Your interest will be automatically added to your account when it matures. If you are looking to reinvest your money in to another Fixed Rate product but withdraw the interest you have earned, you will need to choose the E-Saver product offered to you, alongside the Fixed Rate product you would like to reinvest in to.

As you are transferring your maturing account in to more than one product, you will be asked how you would like your funds to be split. Enter the amount of money that you would like to reinvest in your new Fixed Rate account in to the ‘Amount £’ field next to the product – we will then send the ‘Remaining balance’, including your interest, in to the E-Saver account on maturity.

Once your account matures, you can then sign back in to your online profile and arrange to transfer the money in your E-Saver to your nominated bank. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.

Can I transfer to a product that is not offered as part of the maturity process?

Yes. Once you are signed in to your online profile select the ‘My Accounts’ page, you will see an option to ‘Open a savings account’. Choose the account you would like from the dropdown menu and run through the application process. At the end, you will get a new 8 digit account number.

If you have a maturing ISA and have opened a new ISA, the next step is to send us a secure message to arrange for your ISA to be moved across to your new account on maturity. Click on ‘Messages’ at the top of the screen to let us know what you would like to do, making sure you clearly state the account you would like to transfer from and to.

If you are transferring from a maturing eBond, or have opened a new non-ISA product, simply sign back in to your account immediately after maturity, select ‘Virgin Money Transfer’ from the ‘Account options’ on the right hand side of the screen and arrange for your money to be moved across. Please remember, any funds withdrawn from a Cash ISA will lose their ISA tax-free status.

How do I transfer my ISA to another provider on maturity?

If you are looking to transfer your ISA to another bank or building society, just contact your new provider, who will ask you to fill in an ISA Transfer Authority form. They will then arrange the transfer on your behalf.

Make sure you let your new provider know the maturity date of your Virgin Money ISA on the form – if you transfer your ISA before it matures, there may be an early withdrawal charge.

Can I transfer another ISA in to my account once I have reinvested?

Yes. If you have chosen to reinvest in to one of our Fixed Rate Cash ISA products, you’re able to transfer another ISA in to your new account within 30 days of the date your account matured. Just send us your completed ISA Transfer Authority Form and we will arrange this on your behalf.

If you have opted to reinvest in to one of our Easy Access ISA products, you can transfer another ISA in to your account at any time.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.

Maturing postal and store accounts

How does the maturity process work?

Two weeks before maturity we will send you a maturity pack through the post. This will detail all of your reinvestment options and the products available to you in relation to your account maturity, as well as all of your withdrawal options.

Once you have decided what you would like to do you just have to complete the form, pop it in the pre-paid envelope provided and send that back to us, we then do the rest.

How do I reinvest my account but withdraw my interest?

You can reinvest the capital balance of your account and have any interest accrued sent to you. To do this you need to complete section two of the option form, indicating the balance you would like to reinvest. You then need to complete the ‘making a withdrawal’ section of the form indicating how you like the balance sent to you.

Can I split my money between more than one of the products I’ve been offered?

Non-ISA products

Yes. You can split your money between the products offered to you by completing section two of the maturity options form. You just need to indicate how much you like to put into each product and then return the form to us using the pre-paid envelope provided.

ISA products

Yes. You can split your money between the products offered to you by completing section two of the maturity options form. You just need to indicate how much you like to put into each product and then return the form to us using the pre-paid envelope provided. Please note that we will reinvest your maturing account into one of the products that you have selected, but we will send you an application form to sign and return for any additional ISA(s) you require. A signed ISA declaration is an HMRC requirement when opening a new ISA.

Can I add more money to my maturity account?

You can add more money to your new account in the following ways:

  • FPS transfer – please send your funds before the final date stipulated on the reverse of your maturity option form using sort code: 08-61-15, Account number: 00000515, Reference: Your Virgin Money Account Number.
  • Cheque – Please send a cheque with your Option form and make it payable to: ‘Virgin Money for the account of (insert account holder(s) name(s))’ and cross it ‘A/c Payee only’. For Fixed Rate Bonds, you will have a short window to deposit funds and we advise you do this as quickly as possible. For Fixed Rate Cash ISAs, you have 30 days from opening your account to make additional deposits.

If you are reinvesting in an Access account, you can add to your account at any time.

How do I withdraw my money?

If you are looking to withdraw from your account you will need to send back your maturity option form detailing your preferred method of withdrawal. These instructions can’t be given by telephone.

Alternatively, you can visit your local Virgin Money Store to make a withdrawal once your account has matured, however not all of our Stores offer a full banking service. Please refer to your local Store for further details.

Providing we receive your instructions by the response date stipulated in your maturity mailing, any funds withdrawn will be debited from your account on the day of maturity (unless your account matures on a weekend or bank holiday, in which case the funds will be debited from your account on the first business day following maturity). The payment should reach your nominated account within a few hours but no later than the end of the next business day.

Will I receive confirmation that you have received my form?

We don’t send acknowledgement that we have received your form, but you will receive confirmation once the account has matured.

Once we have received your instructions, we will complete your request and send you a statement within four weeks of the maturity.

Can I add someone else to my maturing account?

Yes. All you need to do is complete a savings amendment form and follow the instructions. You can download the form from the Virgin Money website herePDF opens in a new window or alternatively you can request one over the phone by calling us on 0345 600 7301*. When adding a person to an account, we must confirm the true identity of the new applicant in order to comply with industry regulations. Therefore please can you supply us with identification, one document from list A and one document from list B as detailed on our Confirmation of Identity PDF opens in a new window list?

My projected balance for my Fixed Rate Cash ISA looks wrong, why?

If you receive your interest monthly, this value will not include the final 15 days interest, this will be added to your account on maturity. The projected value will differ if you make transactions or changes to your account before maturity, choose to remain in the default Access ISA, or we complete your instructions after the maturity date.

If you decide to remain in the Access ISA, you will receive less than the projected value, as interest will not be added at maturity. Instead, we will pay it at your next payment date.

I have my annual interest paid to me. What happens to my final interest payment if I choose to re-invest the full balance?

If you choose a full reinvestment then the full projected value will be reinvested into the new account, this will include your final interest payment.

If you would prefer your final interest paid to you then you will need to complete section two of the maturity options form, indicating the balance you would like to reinvest and then completing the withdrawal section of the form to tell us how you would like that last month’s interest paid to you.

How do I transfer my maturity account to an account I already have with Virgin Money?

If you are looking to transfer your funds from your maturing account to an existing account you already hold with us then you need to complete the withdrawal section of the maturity option form. In this section you will see the option “transfer to an existing Virgin Money account”, simply provide us with the account number of the account you wish to transfer to, and return the form to us using the pre-paid envelope provided.

How do I move my maturity account to an online Savings account with Virgin Money?

If you are looking to transfer your funds from your maturing account to an online account then you will need to follow the online application process and open an account. Once you have got your online account number, you need to complete the withdrawal section of the maturity option form. In this section you will see the option “transfer to an existing Virgin Money account,” you will need to put your online account number in this section.

I missed my maturity date, can I still reinvest?

If you are looking to reinvest into a Reward Saver product, you can do this within the same calendar month as your product matures.

If your chosen product is one of the options offered on your maturity option form, you can reinvest into that product within 7 days of maturity providing we receive your form, you can also visit a store or contact us by phone on the number provided in your maturity pack.

If you have not provided your instructions within seven calendar days, you may need to choose an alternative product from our current range of products here.

Can't find the answer you're looking for?

If you'd like to ask us something specific about your account get in touch using our contact us page.

Or, if you've got something general to ask, why not ask us a question through web chat. Just remember that we can’t chat specifically about an account you have with us.