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Highlights

Fixed rate of:

0.35%

AER1 / Gross2 P.A.

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Summary box

Please read this information before applying for this account

Account name: 1 Year Business Fixed Rate Savings Account

IssueAnnual interest
Gross2
Annual interest
% AER1
Monthly interest
% Gross2
Monthly interest
% AER1
Maturity Date
590.350.350.350.3520/09/2022

Annual interest is paid on the 5th August and will be available the next business day. Monthly interest is paid on the 7th day of the month, and will be available the next business day.

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

IssueFixed termProjected balance
Business Fixed Rate Savings Account Issue 591 year£1,003.50

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. The projected balance is based on the annual interest rate.

Opening your account:

  • You can apply for a Business Fixed Rate Savings Account if:
    • Your business is registered in the UK;
    • All associated persons (beneficial owners, people with significant control of the business, directors, partners, senior management and account signatories), are resident in the UK and over 18;
    • You are either a sole trader or your business is a partnership, limited liability partnership, private limited company or a public limited company;
    • Your business is classed as a micro, small or medium enterprise (SME).
  • You can apply for an account by completing the online application at virginmoney.com/business.
  • Minimum deposit to open is £1.
  • Minimum additional deposit £1.
  • Minimum operating balance £1.
  • You can have a maximum of two account signatories who can operate this account online for the business. Details of how these two people can manage the account online are set out on our website and in the Business Savings Account Guide Link opens in a new window.

Depositing money:

  • This is a strictly limited issue and can be withdrawn at any time. Once withdrawn there is a very limited window to make any deposits and any deposits received after this time will be returned to you. We will not contact you to let you know when the Business Fixed Rate Savings Account is withdrawn.
  • Maximum deposit limit £2,000,000.
  • 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.
  • Each business group can save up to a maximum of £2,000,000 with Virgin Money, across all business savings accounts.
  • You can add to your account at any time by:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from your bank or building society account. Details can be found at virginmoney.com or in your welcome letter.
    • Transfer from an existing Virgin Money Business Savings Account, subject to the terms and conditions of that account.
  • If you would like to talk to us about your business account you can call us on 0345 606 7687.
  • Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
  • After the fixed rate period your account will become a variable rate account. However, we will email you before the end of the fixed rate period to let you know the options available to you, as well as advising you of the interest rate currently payable on the variable rate account.
  • This account is a non-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.
  • You will receive a Welcome Pack in the post with details of your account number and information on how to start using your account.
  • Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.
  • Your account signatories will be able to view your Business Fixed Rate Savings Account statement by logging into their account. These online statements will show the balance, details of any transactions and interest added to your account.
  • Each month that there is a transaction on your account (other than an interest payment), we may email you at least once to let you know a statement is available to view online. You can view your transactions online at any time.
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Save with confidence

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

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To get started, please select your business type:

Frequently asked questions

Our business savings accounts have been created for small and medium sized UK-based businesses that have:

  • Fewer than 250 employees.
  • A total balance sheet of less than £36.5m or a turnover of less than £42.5m.
  • All owners, directors, senior management and account signatories over 18 years old.

They're not designed for:

  • UK pension schemes
  • UK public authorities
  • Charities, church bodies and places of worship
  • Trusts and foundations
  • Clubs and societies

They're also not for businesses that:

  • Operate within sanctioned countries - Iran, Syria, North Korea or Crimea (Ukrainian territory).
  • Have an ownership structure of more than three tiers.
  • Have bearer shares within their ownership structure.
  • Are looking to use the account for money held or received for a client (often known as Client Accounts).
  • Are a Relevant Financial Institution under ring-fencing rules.
  • Are a shell bank, unlicensed bank, consumer credit agency or Scottish Limited Partnership.
  • Undertake money services business as a primary or secondary business activity.
  • Facilitate human trafficking.
  • Are known or suspected of money laundering or tax evasion.

There aren't any account fees or charges.

The minimum deposit to open this account is £1. The account will pay an interest rate of 0.10% Gross P.A.2 until the minimum amount has been paid in. The maximum deposit limit is £2,000,000.

As soon as your account is open and ready for your first deposit, we'll write to you with your account number and the sort codes you need to use to make deposits. You can also find these under 'Pay Money In' when you sign in to your account. As you're making an electronic transfer from your bank, you'll need to quote the following details:

Faster Payments / BACS (Bankers Automated Clearing Service)

  • Sort code – 08-60-64
  • Account number – your online account number

CHAPS Transfer (Clearing House Automated Payment System)

  • Sort code – 08-02-65
  • Account number – your online account number
  • Reference – the business name

The Faster Payments Service aims to transfer money in near real time, but restrictions may apply.

BACS transfers should reach your account within three business days.

CHAPS transfers should reach your online account the same day (please note, your bank may charge for this service).

We class SMEs as having fewer than 250 employees, and either a total balance sheet not exceeding £36.5 million or turnover not exceeding £42.5 million, based on your most recent annual accounts.

View all business FAQs

Not quite what you're looking for?

If you’re looking for a business savings account, but this account doesn’t seem the right fit for you, we have a range of accounts that might suit you better.

View all 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.