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 charity's money.
- Your rate is secure so you'll know exactly what return you will get.
Is this account right for you?
Just remember
- Minimum deposit of £5,000 required.
- 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 Charity 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 |
|---|---|---|
| 24 Month Charity Term Deposit | 24 months | £1070.00 |
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 Charity Term Deposit Account if:
- You are either a Registered or exempt Charity;
- Your charity is based and operates in the UK (excluding Channel Islands, Isle of Man & Northern Ireland);
- All trustees and committee members are over 18 years old;
- 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 options 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.
- Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.
Save with confidence
Your deposits with Virgin Money are covered up to £85,000 per charity.
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 charity 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 charity 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.
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