Set up your Club M Saver
Highlights
- Enjoy instant access to your savings
- Set up Savings Pots for your savings goals
- Move money from your Club M Account to your linked Club M Saver in seconds
Instant access savings account
2.50%
AER1 (2.48% gross1 per annum variable) on savings balances up to £25,000, and 2.00% AER1 (1.99% gross1 per annum variable) on any balances above £25,000. Interest paid quarterly.
Protecting your money
Your deposits with Virgin Money are covered up to £85,000 per person.
View FSCS guarantee
Important
Before you apply, take a look at the other Savings accounts we offer, to make sure you end up with the one that’s right for you. Please open and read the following summary box too.
Account Summary
Account name: Club M Saver
What is the interest rate?
| Balance | Gross rate (%) | AER (%) |
|---|---|---|
| Balances up to and including £25,000 | 2.48 | 2.50 |
| Balances over £25,000 | 1.99 | 2.00 |
Interest is calculated on a daily basis and paid on the last working day of each calendar quarter.
Can Virgin Money change the interest rate?
Yes, if we decrease your rate we’ll provide at least two months’ notice as described in your Terms. We may increase your rate without giving you notice
What would the estimated balance be after 12 months based on:
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000 | £1,025.04 |
| £25,000 | £25,624.64 |
| £50,000 | £51,125.87 |
This is only an example and doesn't take into account your individual circumstances.
The example assumes that:
- no further deposits or withdrawals are made;
- any interest earned stays in the account; and
- there's no change to the interest rate.
How do I open and manage my account?
You may only open a Club M Saver if you have a Club M Account with us in the same name(s). The Club M Saver will stay open, as long as the Club M Account is maintained as described in the Terms.
The Club M Account can be opened online, virginmoney.com/current-accounts/club-m-account, or call us on 0800 678 3654.
If you already have the Club M Account but do not have the Club M Saver, then this can be opened online, virginmoney.com/club-m-saver, or call us on 0800 678 3654.
There are no minimum or maximum balance restrictions and no need to pay in on a regular basis. The Club M Account is available for anyone from the age of 18. Subject to status.
Can I withdraw money?
You may only withdraw funds by transfer to your Club M Account or any other account that we allow you to make a transfer into using online/telephone banking, the Virgin Money Mobile Banking app or in Store.
Additional Information
Interest will be paid gross.
Gross rate interest is the interest payable without taking account of any tax payable.
AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
Before you apply
Here’s a handy reminder of your existing account documents that covers both the Club M Account and the Club M Saver
Get started
What kind of Club M Account do you have?
Personal account
Set up your Club M SaverJoint account
Set up your joint Club M Saver[1] AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.
[1] AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross rate interest payable without taking account of any tax payable. Credit interest is calculated daily on the cleared credit balance in your account.