Highlights
- A great longer-term savings option - ideal for lump sums.
- You can save up to £25 million – helping to maximise the return on your money.
- Your rate is secure so you'll know exactly what return you will get.
Is this account right for you?
Just remember
- There is a minimum deposit of £5,000.
- You can't withdraw or add to this account during the fixed rate term.
- You can't close this account early.
Summary box
Please read this information before applying for this account
Account name: 24 Month Business Term Deposit
| % Gross2 | % AER1 |
|---|---|
| 3.50 | 3.50 |
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.
| Account name | Fixed term | Projected balance |
|---|---|---|
| Business Term Deposit Account | 24 months | £5,350.00 |
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 and Northern Ireland);
- You have 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:
- Maximum deposit limit £25,000,000.
- You cannot withdraw or add to this account during the fixed rate term.
- If a deposit results in your account going over the maximum deposit limit we will return the additional money to you. If you have interest added to your account the amount of interest will count towards your deposit limit. Once you reach your maximum deposit limit interest will continue to be added to the account but you will no longer be able to add funds.
- You can open your account by:
- Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from a UK bank account
- Paying in cheques in a Virgin Money Branch.
- 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.
- We pay interest without deducting income tax, unless HMRC/the law requires otherwise. Certificates of interest paid and tax deducted are available on request.
- Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.
(PDF, 315KB)
Save with confidence
Your deposits with Virgin Money are covered up to £85,000 per business.
View the FSCS guarantee
How to apply
If you're interested in this account, get in touch and we'll help arrange an option that suits you
Get in touch if you're interested in a term deposit accountGot a question?
See the answers to the questions we get asked the most
Frequently asked questions Link opens in a new window
Which account has your name on it?
This isn't the only business savings account we can offer you. To help you decide if it's the one for your business, see how it stacks up against the others.
Compare business savings accounts[1] AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.
[2] Gross P.A. is the rate of interest paid without the deduction of tax.
Banking services built for business
Use our map to find your nearest Virgin Money Branch and the services it offers. You can book a meeting room or request an appointment online.
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Virgin StartUp
We work with Virgin StartUp to provide support, mentoring and training to our customers. They’re all about helping the founders of businesses get up and running and ultimately thriving.
There's meetup events for people thinking of starting up. Masterclasses and Scale Up events are paid for sessions that help owners navigate the trickier subjects like marketing, brand building raising finance and legal or HR challenges.
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