Applying for and opening an account
We try to make everything easy to understand, with helpful guides and handy tips to help you choose the right account for you. If anything needs a bit more explanation, get in touch on 03455 28 88 52 and we'll do our best to help. Remember, we can't actually give you financial advice. If that's what you need, check out:
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No. To open an account with us, you must be a UK taxpayer or have a British Forces Overseas address. If you become non-resident for tax after you've opened your account, please let us know straightaway because you may be unable to make any more payments into it. Other providers may offer you an account if you are a non UK resident.
We try to make things quick and easy – most applications are sorted in just a few minutes.
It will help if you've got these things handy before you start.
- Your mobile phone, if you have one or be near your landline.
- Your National Insurance number.
- Your debit card – if you want to make a one-off payment.
- Your bank account details – if you want to make monthly payments.
- Details of your existing account(s) – if you want to make a transfer payment.
We usually verify your identity electronically wherever possible, using the information you gave us in your application. Sometimes we might ask you to send extra proof of your identity or your address to process your application.
This is a digital account, which means you'll need to open and manage your account online. If you need any help opening or managing your account, just get in touch on 03455 28 88 52.
If you need something explained, and you can't find the answer just get in touch on 03455 28 88 52. We can provide help and support but we can't give you financial advice. If that's what you need, check out:
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To open one of our Investment accounts, you need to make a one-off payment of at least £100 or set up a monthly payment of at least £25. The minimum payment drops to £1 once you’re up and running.
There’s no maximum limit to how much you can invest in that account.
There's no limit on the amount you can invest.
You can make payments into your investment account by:
- Debit card – if you're making a one-off payment.
- Direct debit – if you're making regular monthly payments.
- Transferring another investment account (or general investment account) to us. You'll be transferring the cash value, not the investments themselves.
You can stop, start or change your payments whenever you like.
If you change your mind within 30 days of opening your account, you can close it by writing to us at Virgin Money Investments and Pensions, PO Box 24204, Edinburgh EH3 1JP. We'll sell your units and convert them to cash – and refund any account charges of course. You'll get back whatever your investments are worth, which could be more or less than you put in.
If you change your mind after 30 days, you can close your account by withdrawing the money or transferring it to another provider.
No. An ISA can only be in one name.
The current ISA allowance is £20,000 for each tax year. You don't have to invest it all in one ISA – you can spread your money around. For example, you might put some into a cash ISA and some into a stocks and shares ISA.
You can only open one of each ISA type per tax year and invest a maximum of the ISA allowance across both of them. Remember, you're responsible for making sure you don't put more than the current allowance into your ISA(s) each year. You can keep up to date with the current allowance at gov.uk. Link opens in a new window
If you have ISAs from previous tax years, you can transfer them to a Virgin Money ISA and that value won’t count towards your annual allowance.
If your spouse or civil partner dies, you're entitled to an extra ISA allowance equal to the value of their ISA(s) – even if you don’t inherit the money or assets in the ISA. It's called the Additional Permitted Subscription (APS) allowance and it's on top of your own annual ISA allowance.
Virgin Money accepts ISA APS allowances, as long as you live in the UK and meet the eligibility criteria.
Download more information about the Additional Permitted Subscription allowance Link opens in a new window.
You can make payments into your ISA by:
- Debit card – if you're making a one-off payment.
- Direct debit – if you're making monthly payments.
- Transferring another ISA to us – you can transfer cash ISAs and stocks and shares ISAs from other providers, in part or in full. If you transfer a stocks and shares ISA you'll be transferring the cash value, not the investments themselves.
You can stop, start or change your payments whenever you like – as long as you don't go over your ISA allowance for that tax year.
If you've already used up your ISA allowance for this tax year but still have money to invest, consider our Investment Account. Remember, you might have to pay tax on any dividends or capital gains depending on your personal circumstances.
Our investment approaches (funds)
We’re not allowed to give you financial advice, but we can make things easy to understand to help you choose the approach that's right for you. There are helpful guides to help you get started – if anything needs a bit more explanation, get in touch on 03455 28 88 52 and we'll do our best to help.
Yes, you can invest in more than one fund if you wish. However, as our ready made investment approaches spread your money across a wide range of investments, you can just choose the one that gives you the mix of risk and potential reward you're happy with - and we'll do the rest
Yes. It's a good idea to review your investments regularly – and it's simple to switch all or part of your money to a new approach. Just sign in to Online Service and follow the on-screen instructions.
Follow the links from our funds page for detailed information about each investment approach and its performance.
Use our app or sign into Online Service to track the performance of your investments. We update your account balance every day and you’ll get a statement every six months.
The simple answer is yes. The value of your investments can fall as well as rise and you could get back less than you invested. That's why you should invest for the longer term (5 years or more), so you're less exposed to sudden changes in market conditions.
To help manage the risk, our investment approaches spread your money across many different types of investment, and many different countries.
A fund of funds is an investment fund that invests into other funds, rather than directly into individual shares or bonds. It’s a way to lower the risk, spread your investments and give your money more ways to grow.
Transferring to us
With ISAs from previous tax years, you can transfer as little or as much as you like. If you want to transfer an ISA that you've opened and contributed to in the current tax year, you must transfer its whole value. If your ISA has been open for more than one year, you don’t have to transfer the whole value of it.
You can transfer ISAs from previous tax years to Virgin Money without affecting this year's ISA allowance. If you want to transfer an ISA that you've contributed to in the current tax year, it counts towards your annual allowance – and remember you have to transfer all of it.
That depends on the type of investments you have and who your provider is. Sometimes it can take a few weeks, but we'll make it as quick and easy as we can. Here's how it works:
You give us details of the account(s) you want to transfer – including your current provider, your plan or policy reference and the amount you want to transfer.
We'll contact your existing provider and usually get everything sorted online. Some providers won’t accept a digital signature, so we might get in touch again to ask you to sign and return a transfer form by post.
You'll be able to track the progress of your transfer in Online Service and we'll let you know when everything's complete.
You can transfer the value of existing investment accounts or general investment accounts into your Virgin Money Investment Account – when you apply or later on. Just remember, your current provider will need to sell your investments and transfer the value of them to us as cash. So you may be out of the market for a short time while the transfer is happening.
You can transfer as many ISAs as you like. Just give us the details when you apply, or transfer them one at a time once you've opened your account.
A few things to remember:
- you can't transfer a Help to Buy ISA, Innovative Finance ISA or Junior ISA.
- you can't have two stocks and shares ISAs in the same tax year.
- if you want to transfer an ISA that you've contributed to in the current tax year, you have to transfer the whole value of it.
- if your ISA had been open for more than one year, you don’t have to transfer the whole value of it.
App and security
We protect you with a security check each time you sign in.
If we have your phone number we’ll send you a security code for verification each time you sign in.
Remember, keeping your account safe is really important. Make sure you keep your security password for Online Service safe and never share it.
Our app is designed to help keep you safe when you're managing your investments online. It also keeps you up-to-date with how your investments and pensions are doing. Within our app you can check your balance, make a one-off payment, get in touch via secure messages, view and upload documents, and more.
Our app is the handy way to keep in control of your account, wherever you are.
If you don’t have a smartphone you can still sign in to Online Service to manage your account. You’ll just need to give us your phone number so we can send you a security code for verification each time you sign in.
Yes, you'll need to download the Virgin Money Investments and Pensions app too. It's separate from our mobile banking and credit card apps.
It’s quick and simple but, for security reasons, you can only link one device to your account. So, we'll first need to remove your old device. Just follow the on-screen instructions for removing your old device first, then you can download our App and register your new mobile device.
You can view your account balance and make a one-off payment in our app. Just click the Accounts tab at the bottom of the screen.
For other payment options, or to make withdrawals, just sign in to Online Service and go to your product dashboard.
No. For security reasons, you can only link one mobile device to your account.
Of course. Just go to Trouble signing in in Online Service, select I've recently changed my device then follow the on-screen instructions.
If you are using our Virgin Money Investments and Pension app, go to our Online Service and enter your username and password then select I've recently changed my device which is shown under the Trouble signing in section. Then follow the on-screen instructions. Once your old device has been removed you can download our App and register your new mobile device.
If your new device uses your old number, you'll be able to sign in as normal.
If you have a new number, or you don't have access to a new device, give us a call – we’ll get you up and running quickly.
Don’t worry, your account will still be safe and secure – and we can usually get you back up and running quickly.
You can only link one device to your account so, first you'll need to remove your old device. Just go to Trouble signing in in Online Service, select I've recently changed my device then follow the on-screen instructions.
If you usually sign in to your Online Service by text or voice message, and you're still using your old number on your new device, you'll be able to sign in as usual.
If you have a new mobile phone number and haven't updated it in Online Service, you'll need to call us on the contact number below.
Give us a call on 0345 528 88 88. We’ll get you up and running again.
For your security, we'll lock your account if there have been too many failed attempts to sign in. It will unlock automatically after 30 minutes. During that 30-minute lock, you can still retrieve your username or reset your password.
If your sign-in credentials continue to be entered incorrectly after the 30-minute lock, you'll need to contact us on the telephone number below, to unlock your account.
Call us as soon as you can on 0345 528 88 88.
Managing your account
As part of the account opening process we will set up your access to Online Service. This is where you manage your account, review performance and more.
To keep things extra secure, each time you sign in to Online Service we'll ask you to verify it's you via a text to your phone number.
You can access all your important documents from your Documents in our Online Service.
You can also view those documents in our Virgin Money Investments and Pension app.
Access your dashboard in Online Service and select Transfer an Investment account to us, then follow the on-screen instructions. It’s simple and straightforward.
You’ll be asked to sign your form with a digital signature. In some cases, your current provider won’t accept a digital signature to allow the transfer to continue. If that happens, we’ll get back in touch with you to sign and return a transfer form by post.
You will need to tell us which funds you want to invest in and give us some basic details about the account you’re transferring. The basic details we'll ask for include your current provider’s details, your current plan / policy reference and the amount you’d like to transfer.
If you want to transfer more than one Investment Account, just start the process again from the top.
Please note that the investment account with your current provider may have another name, such as "General Investment Account" or "GIA".
When you request to close your account, you're withdrawing from all the funds you're invested in. That process can take up to five working days. During this time, you might still see some money in your account but because your account is closing no new transactions will be possible.
Your dashboard will show that we’re closing the account for you. The account status will be closed once this is finished.
You need to notify us immediately if you move abroad. Laws outside of the UK may affect your ability to continue to make payments or benefit fully from the features of your Virgin Money Investment and Pension products . We’ll give you details once you’ve told us.
Unfortunately not, unless it's a BFPO address. Please get in touch, either by phone or using the secure messaging feature in Online Service.
Adding and withdrawing money
Once we have everything we need, it takes eight working days to set up your Direct Debit. If it’s too late for your chosen date, we’ll collect your first payment the following month.
Payments into your Virgin Money Investments and Pension accounts will up show as "Virgin Money" on your bank statements.
Access your dashboard in Online Service and select Manage monthly payments. From here, you can cancel your monthly payment by following the on-screen instructions.
Please note that if you cancel your Direct Debit within three days of the collection date, the cancellation will happen after your next payment's collected.
Withdrawals from your Virgin Money Stocks and Shares ISA and Investment accounts will show as "Virgin Money" on your bank statements.
We need ten working days to set up your monthly withdrawal. If it's too late for your chosen date, we'll make the first withdrawal the following month
You can always request a one-off withdrawal online, if you need your money sooner.
When withdrawing money from one of your funds, you can request a partial amount or the full balance.
If you request a partial withdrawal, the maximum amount is 90% of your balance. It's a safety measure because, in rare cases of extreme volatility, the value of your investment may drop to less than the amount you want to withdraw, before the payment's processed. If that happened, you'd be trying to withdraw more money than you actually had.
Charges and tax
You pay two charges to hold an account with us: an Account Charge and an Annual Management Charge (or AMC for short). The first charge is for managing your account. We calculate the charge daily based on your account value, and collect it monthly by selling units proportionately across your investments.
The second charge is for managing your funds. It's a percentage based on the value of your funds and is deducted by the fund manager each day from the value of the fund.
You can see our latest charges here Funds and Charges.
We won't charge you any fees for moving to another provider
An ISA’s is a good way to save for your medium and long-term goals because it's free from income and capital gains tax, so you won't pay tax on any dividends from shares and you won’t pay capital gains tax on any profits made from the investments within your ISA.
When your investment’s in an ISA, there’s nothing to report to HMRC. This makes your life easier, and means you keep more of the money.
You can keep up-to-date by visiting our Investments fund price page.
We update the value of your funds overnight after each working day (Monday to Friday, excluding bank holidays). You can view your balance within our app and in Online Service. To help, we confirm the date your balance was last updated next to its current value.
It's the level of risk an investor is prepared to accept when investing. It differs based on the intended use of the investment funds, and when the money's needed. For example, investors tend to have a very low investment risk appetite for an investment needed in two years' time. Investors looking to grow their wealth over the longer term (10 years or more) for future quality of life reasons, such as paying regularly into a pension, tend to have a higher investment risk appetite – because there's more time for short-term dips to eventually grow back to higher value.
Possibly. The value of your investments can go down as well as up and you may get back less than you invest.
If you choose to sell when your investments go down, you will be locking in stock market falls.
Remember, investing is a medium to long-term commitment and has tended to do better than saving over five years or more. However, past performance of investments can't be used as a guide to how they'll perform in the future.
There’s always a risk with investing. The value of your investments can go down as well as up and you may get back less than you invest.
That’s why investments are a medium to long-term commitment and why you should be prepared to invest your money for at least five years – it's generally the best way of smoothing out the short term ups and downs you can get with the stock market
Yes. We believe investing responsibly will provide better returns for lower risk over the long term for you and help protect people and the planet from harm.
We carefully consider how to invest your money in ways that are good for our changing world. So, to grow your money over the medium to long term, we look at the influence those investments will have on people and the planet – and act in responsible ways.
Want to know more? Download info about how we invest responsibly.
Glossary and other questions
You can see the latest terms for your account in your Documents, in Online Service. You can also view our Investment Account and Stocks and Shares ISA Account Terms
We don't provide financial advice, but you could try the following:
No, we don't currently pay interest on any cash held in our Investments and Pensions accounts.
Virgin Money is covered by the Financial Services Compensation Scheme (FSCS). In the unlikely event we can’t meet our financial obligations, you may be entitled to compensation from the FSCS up to a maximum value of £85,000.
For details about what's covered, have a look at the FSCS website at FSCS.org.uk or call 0800 678 1100.
A fund is a collection of different investors’ money that's all invested in a variety of different assets, which are detailed on the fund’s factsheet.
A fund provides more diversification than investing in shares of a single company. It's a way of spreading the risk and giving your money more chances to grow.
Check out our Investment funds to see which one's right for you.
An approach is another name we use for our funds. It makes them easier to understand and helps you choose which one's right for you.
Check out all our Investment funds.
It’s like an IOU, used by companies and governments to raise money. The buyer lends money to the seller in return for regular interest with the money returned at the end of the term of the bond (maturity date). The value of a bond can rise and fall based on the attractiveness of the income and the creditworthiness of the lender.
It’s a type of bond. Instead of lending money to a company, it’s lent to the UK Government.
It’s a pool of money gathered by a company from investors. It’s used to buy, manage or invest in property and land to generate income. Whilst the value rises and falls with the stock market, over the medium to long-term it provides the benefits of owning real estate without needing millions to invest.
For new units that you bought in the tax year, part of the price you paid was for income already earned by the fund up to the date you bought the units. This isn’t income you earned, but part of the cost you paid for your initial investment.
To make sure you are not taxed twice on this value, equalisation may be paid by the fund manager. It isn’t taxed as income but is used to adjust the cost you use for working out capital gains.
Every six months, we’ll work out the total amount of income received by each fund. All of the funds below are made up of accumulation units, which means any income is paid back into the fund and reflected in the unit price.
Check out the table below to see when we work out the income.
|Fund name||Accounting period end dates||Dates income received by the fund|
|Virgin Money Defensive Fund||31 January|
|Virgin Money Growth Fund 1||31 January|
|Virgin Money Growth Fund 2||31 January|
|Virgin Money Growth Fund 3||31 January|
Net is an amount after tax has been deducted or before any tax has been added, and Gross is an amount before any tax is deducted. All investment income linked to your Virgin Money Investments will be paid on a gross basis.
A fund of funds is an investment fund that invests in other funds, rather than directly in stocks, shares, bonds, etc. It’s a good way to lower the risk through diversification, and give your money more ways to grow.
Each fund in the product you hold with us is divided into units. When you pay money in, we buy units for you. When you take money out, or when paying account charges, we sell units for you. These are known as trades. We ask the fund manager to place trades for you. The fund manager sets the fund price on each business day. The price of units will change over time, because it depends on the value of all the assets in the fund.
Dividend distributions are income from our funds which are mainly invested in stocks and shares, either paid to you or reinvested into your fund. You will be able to see your dividend received value in your Tax Certificate, if you hold an Investment Account with us.
Sorry to hear that. We will try to help if we can, just give us a call or send us a secure message.
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The Relay UK Service can help if you can't hear a voice on a phone call, if you need time to hear everything the other person is saying, or if the person you're speaking with has difficulty understanding what you're saying.
To find out more about Text Relay, visit the Relay UK Website.
Using your voice instead of a keyboard and mouse
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Have a look in your settings for voice recognition, speech recognition or dictation options. For more advanced voice recognition software, you might want to try Dragon Naturally Speaking.
You can use our online forgotten Username and forgotten Password functions to retrieve your Username and reset your Password should you forget them. Alternatively, give us a call. We understand that resetting your password is time consuming, however, it helps keep your account secure.
Let us know what you need, so we can offer you the right support.
We can also share details of appropriate organisations who may also be able to help, please get in touch.
If you need help managing your Virgin Money Investment Accounts, you might want to consider appointing someone to do that via a Power of Attorney. Have a look at the related questions and answers below, or get in touch with us.
Yes, if a Power of Attorney has been put in place to manage your affairs, they'll need to contact us. We'll explain to them what paperwork we need before they're allowed to manage your Virgin Money Investment and Pensions Accounts.
We always try to provide the highest standard of service, but sometimes things go wrong. When they do, we work hard to put them right as quickly as possible.
If you’re unhappy with something, please get in contact with us by phone, secure message (via our Online Service) or in writing.