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Top 5 queries

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.

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.

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 Service 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 £75,000. 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 £75,000 each (making a total of £150,000). The £75,000 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 Link opens in a new windowwww.fscs.org.uk or call the FSCS on 0800 678 1100 or 0207 741 4100. Please note only compensation related queries should be directed to the FSCS.

Transferring your ISA

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 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 required notice, complete it within 5 business days of your notice date.

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 from 6 April 2016?

6 April 2016 sees 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.

Managing your ISA

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?

From 6 April 2016 some of the Cash ISAs we offer will be 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 will 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?

From 6 April 2016, ISA flexibility comes in to effect 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, from 6 April 2016, many ISAs will 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.

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.

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.