24 Month Business Term Deposit

Interest will be paid annually.

Rates are fixed until the maturity date. This means we cannot change the rate until after the fixed rate period.

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

Opening your account:

• You can apply for a Business Term Deposit Account if:
  • Your business is based and operates in the UK (excluding Channel Islands, Isle of Man & Northern Ireland);
  • All owners, directors, senior management and account signatories are over 18 years old;
  • You are either a Limited Company, Partnership, Limited Liability Partnership, Sole Trader, University or College.
• You can apply for an account by visiting virginmoney.com/business and following the instructions.
• Minimum deposit to open is £5,000.
• Minimum operating balance £5,000.

Depositing money:

• Funds can only be deposited when opening the account.
• Maximum deposit limit £25,000,000.

• Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
• Ahead of the fixed rate period coming to an end, we will contact you to provide you with a list of options and interest rates available to you at that time, in order for you to make an informed choice.

• This account is a non-payment account.
• We pay interest without deducting income tax, unless HMRC/the law requires otherwise. 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.
• Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.