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Highlights

Variable rate of:

0.10%

AER1 / Gross2 P.A.

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Summary box

Please read this information before applying for this account

Account name: Charity Instant Access Account

% Gross2% AER1
0.100.10

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 3.8.2 (b) Charity Instant Access Accounts terms and conditions for details.

Account nameProjected balance
Charity Instant Access 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 Charity Instant Access 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 virgin.com/business and following the instructions.
  • Minimum deposit to open is £1.
  • Minimum additional deposit £1.
  • Minimum operating balance £1.

Depositing money:

  • The maximum amount you can deposit in this account is £5,000,000.
  • You can add to your account at any time by:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from your charity current account.
    • Paying in cheques in a Virgin Money Store.
  • Account signatories can access the Charity Instant Access Account and can withdraw funds in the following ways:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) to your charity 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.
  • 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.

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How to apply

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Get in touch if you're interested in an instant access account

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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.