Great if you
- Plan to save regularly
- Might want to dip into your savings
- Like managing your money online
Just remember
You may only open a Private Savings Account if you have a Private Current Account or Current Account Tracker with us in the same name(s).
Variable rate of
4.58% to 5.09%
AER 1(4.50% to 5.00% Gross2 P.A), tiered rate of interest based on balances, interest paid quarterly.
View Summary boxSummary box
Please read the following Summary box before applying for this account
Account name: Private Savings Account
| Balance | Gross2 (%) | AER1 (%) |
|---|---|---|
| £1,000,000 and over | 5.00 | 5.09 |
| £500,000 – £999,999 | 4.75 | 4.84 |
| £0 – £499,999 | 4.50 | 4.58 |
Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter.
The gross rate of interest payable is linked to the Bank of England base rate as detailed below. This is subject to change at any time.
- 0.25% below Bank of England base rate for balances £0 – £499,999
- equal to Bank of England base rate for balances £500,000 – £999,999
- 0.25% above Bank of England base rate £1,000,000 and over
Changes in the Bank of England base rate may be made at any time, will normally be applied on the same or the next business day and will be notified in accordance with the Private Savings Account Terms. The rates will be changed on the first business day following any Bank of England base rate change.
Yes, the gross interest rate payable is linked to the Bank of England base rate. The rates will be changed on the first business day following any Bank of England base rate change. We will only give you advance warning of any rate change if we change your rate by increasing the margin above or below the Bank of England base rate. If we decrease your rate we’ll provide at least two months’ notice as described in the Private Savings Account Terms. We may increase your rate without giving you notice.
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000,000 | £1,050,945.34 |
| £500,000 | £524,176.41 |
| £1,000 | £1,045.77 |
This is only an example and does not 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 is no change to interest rate.
You may only open a Private Savings Account if you have a Private Current Account or Current Account Tracker with us in the same name(s).
The account can be opened by contacting your Private Manager.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis.
You may withdraw funds by using online/telephone banking, the Virgin Money Mobile Banking app, ATM or in Store. Withdrawals may be made from any Store, up to a maximum of £1,000 per day by presenting your card together with proof of identity showing your signature, such as a full driving licence. No notice is required.
Interest will be paid gross.
Important documents
Before applying please make sure that you have read the following. Retain copies for future reference.
How to apply
If you don’t already have Private Savings and want to open one, just get in touch with your Private Manager to chat through your needs. Or, call Private Direct team on 0800 1456 456. We're here from 8am to 9pm Monday to Saturday and 10am to 5pm Sundays.
Save with confidence
We're covered by the Financial Services Compensation Scheme. Savings with Virgin Money are covered up to £85,000 per person.
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