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Highlights

Variable rate of:

0.01%

AER1 / Gross2 P.A.

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Summary box

Please read this information before applying for this account

Account name: Business Cash Management Account

% Gross2% AER1
0.010.01

Interest will be paid on the last business day in March, June, September and December.

Rates are variable. This means we may increase or decrease interest rates at any time. When we decrease interest rates we will give you at least two months' notice before the rate reduces. Please refer to condition 13 within the Business Current and Savings Accounts terms and conditions for details.

Account nameProjected balance
Business Cash Management Account£1,000.10

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 Cash Management Account if:
    • You are based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland);
    • You have owners, directors, senior management and account signatories over 18 years old.
  • You can apply for an account by visiting virgin.com/business and following the instructions.
  • Minimum deposit to open is £1.
  • Minimum additional deposit £1.
  • Minimum operating balance £1.

Depositing money:

  • There is no maximum deposit limit on this account.
  • You can add to your account at any time by:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from your Business Current Account.
    • Paying in cheques in a Virgin Money Store.
  • Account signatories can access the Business Cash Management Account and can withdraw funds in the following ways:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) to your Business Current Account.
    • Withdraw cash in a Virgin Money Store.
  • Minimum withdrawal amount £1 (or less if closing).
  • This account is a 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.

Save with confidence

Your deposits with Virgin Money are covered up to £85,000 per business.

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How to apply

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[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.