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Highlights

Fixed rate of:

1.91%

AER1 (1.90% Gross2 P.A.)

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Summary box

Please read this information before applying for this account

Account name: 3 Month Charity Term Deposit

% Gross2% AER1
1.901.91

Interest will be paid at maturity.

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

Account nameFixed termProjected balance
3 Month Charity Term Deposit3 months£5,023.75

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:

  • 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 options 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 charity and may change in the future.
3 Month Charity Term Deposit summary box Link opens in a new window

(PDF, 315KB)

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 account

[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.